Tada Souvannavong: why brokers win where the major banks say no

When a hospitality-linked business client of Tada Souvannavong (pictured) came out of COVID with a strong rebound in trade, it hit a wall. The business needed finance to bridge a large cashflow gap, but every major lender turned it away because its pandemic-era accounts showed little profit.

For Souvannavong, a partner at Iconic Financial Services, it became a memorable case.

Finding finance when the major banks say no

He sourced a working capital facility from a non-major lender, which allowed the business to take on multiple blue-chip clients.

“Their business is now thriving and major banks are fighting for their lending needs,” he said.

Souvannavong sees it as a clear example of the value brokers bring, where they can “take a long-term holistic view and provide a lender-agnostic tailored solution”.

From banker to broker

That perspective is shaped by experience on both sides of the desk. Souvannavong spent 10 years in business and commercial banking at Westpac and NAB before becoming a broker in March 2017. He is now an MFAA-approved credit adviser.

He counts the introduction of Best Interest Duty as the most positive development in broking since he made the move, giving brokers a clear point of difference from bank lenders by putting clients’ interests first. Borrowers appear to agree: brokers facilitated a record 81.6% of new residential home loans in the June 2026 quarter, according to MFAA data compiled by Cotality.

Navigating the property market slowdown

Souvannavong is watching the current market closely, saying legislation and the recent rate rise have dented confidence, slowing investment purchases and property development.

Having seen similar cycles through the GFC and COVID, he has a clear view of what brokers need to do.

“Brokers will need to be a trusted advisor to their clients and be a sounding board to their concerns,” Souvannavong said.

Advice for new brokers: relationships, not rates

For those starting out, Souvannavong’s first piece of advice is simple: “Never stop learning.” He also recommends hiring an associate as early as possible. That advice tracks with the wider industry: broker numbers in multi-broker offices rose 17%, according to the MFAA’s latest State of Broking report, while sole operators held steady.

But Souvannavong’s core message centres on people. “Relationship not rates; broking is all about relationships with clients, referrals, lenders, aggregators, associations,” he said.

Souvannavong also urges new brokers to stay humble and never take for granted the responsibility they carry for their clients’ lives.

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