Episode 9 | From Banking to Broking – Smarter Commercial Lending Strategies with Pip Stork from Millennial Finance Group.
In this episode of the Enriched Wealth Podcast, host Kris Tatt sits down with commercial finance expert Pip Stork to break down the key strategies business owners need to access funding, scale their operations, and make smarter financial decisions.
With over 15 years in the banking industry and now a commercial broker at Millennial Finance Group, Pip has seen firsthand what it takes to secure the right finance solutions for business success. She shares insights into how businesses can leverage commercial loans, structure debt effectively, and navigate the finance world with confidence.
Key topics include:
In this episode, we discuss:
The biggest mistakes business owners make when seeking finance
How to secure funding for expansion, property investment, and business growth
The role of a commercial broker and why having one on your side can be a game-changer
How to structure debt for maximum flexibility and efficiency
Pip’s transition from banking to broking and what she’s learned along the way
If you’re a business owner looking to scale or just want a better understanding of commercial finance, this episode is packed with valuable insights to help you make informed decisions.
Tune in now and start unlocking smarter financial strategies for your business!
Transcript
Kris Tatt
Hi, everyone.
Welcome to the Enriched Wealth Podcast.
Today we're joined by Pip, our commercial broker from Millennial Finance, and so we're excited to have her on board today.
Welcome, Pip.
Thanks.
Pip Stork
Chris, I'm really good.
Thank you.
Thanks for having me.
Kris Tatt
No, no.
Thank you for coming on.
This is great.
So let's start off Pip, who are you?
What, what's your role of said commercial broker?
But people probably don't know exactly what that is.
And then we want to wind back and sort of find out a bit of the journey of how someone might get to that position.
Pip Stork
Yeah.
So Pip from Millennial Finance joined Millennial Finance in June of 2023, OK.
Before that I was a career banker and spent my career almost exclusively in business banking, 16 years with Bendigo Bank across a number of roles.
So started off, I actually started off in a branch network OK doing a teller position back in 2007.
Kris Tatt
So what did you what did you study to get to?
Pip Stork
Well, I was at university and I was just looking for a job, so I thought I was going to be an accountant actually.
So I'm from Bendigo originally.
Nothing.
Kris Tatt
Wrong with being.
Pip Stork
An accountant.
Nothing wrong with being an accountant.
So that that was the plan.
I went away to university, enrolled in a Bachelor of Commerce at Deakin University and moved to Geelong and was just really looking for a job where I didn't have to work nights.
So I started with the bank and.
Kris Tatt
So in Geelong, OR.
Pip Stork
In Geelong, yeah, in Torquay branch and just part time doing my studies and then somebody one day said to me, oh, have you heard of business banking?
Which I hadn't.
And basically I haunted the senior banker at the time down wow, until he gave me a job, which so you about six months.
Kris Tatt
So when you heard about business banking, you're like this is this is what I wanna do.
This is the application of that accounting degree I.
Pip Stork
Don't think I actually really knew what I was getting myself into.
I think I just looked at it and went well, well, you know, it'll be something different.
They were telling me that it was something where I could apply my degree basically.
Yeah.
Nice.
And so that was that was what I did.
I really did you enjoy?
Kris Tatt
Your accounting degree it took.
Pip Stork
Me, just be honest, it took me 10 years to complete it.
So no, I was a terrible student.
I think one of the I did really enjoy the finance subjects and I actually enjoyed I did some property subjects towards the end of my degree because part of my banking career was around property.
I'll cover that later.
But so yeah, there were components of it that I liked, but I'm someone where if I don't love what I'm learning, I do really struggle.
And so my brain just presses delete on the information once it goes right, you don't need that anymore.
Kris Tatt
But I think that's the thing people forget, like accounting is quite a broad degree.
Like you've got law, you've got all these.
Pip Stork
Different.
Kris Tatt
Components to it, and I think like I saw a few people drop out and was like, oh, you're probably missing the point.
There's so many places you can go with this.
You don't have to be a typical accountant.
At the end of the day, there's all these other.
Pip Stork
And when you speak to young accountants as well, they always say, oh, you know, it's a bit of a slog in those early days.
Even once you complete your degree.
It's the good stuff that comes, you know, as you're progressing your career.
Correct?
Which is probably most careers, yes.
Kris Tatt
So anyone out there listening?
Accounting isn't the worst thing and it does lead to other areas.
Pip Stork
It does.
And it's such a, it's a, it's an area which is so diverse.
And that was the thing for me, you know, I, I really did think that that's what I was going to do.
And banking was going supposed to be a stop gap.
It was really just supposed to be a job.
And I'm.
Kris Tatt
Still on the right house?
Pip Stork
Yeah, At least I can go into a role in the branch.
I wasn't using my degree.
And then when I heard about business banking, I thought, all right, well, this is how I can get some on the job training.
I can use a little bit of what I'm learning at school and then quit the bank once I'm done and and go back and be an accountant.
And that was genuinely what I what I thought was going to happen, but it was just as I progressed.
So I got into business banking in June of 2008, in July.
Kris Tatt
So you didn't take long after getting in, so you would.
Pip Stork
Have no, it was about you just start.
Kris Tatt
Off ground floor.
Pip Stork
Teller, yeah, ground floor.
So Teller and they came in as at the time what was called a business banking assistant and it was basically just I mean I remember spending times in the basement doing archiving because.
