Multi award-winning broker and CAFBA board member on why the organisation is reaching out to commercial brokers
Multi award-winning broker and CAFBA board member on why the organisation is reaching out to commercial brokers
For a long time, I’ve been envious of the professional body representation that asset finance brokers have enjoyed. It’s now a great honour for me to be a board member and to expand the Commercial & Asset Finance Brokers Association of Australia’s mandate which now represents all commercial finance brokers, and not just asset finance brokers.
CAFBA is an organisation whose board is comprised of career asset finance brokers that have skin in the game, which has grown to be the peak industry body that represented an agenda common to all asset finance brokers. There is a respectful and productive relationship between the brokers, the board and the lenders. Indeed, lenders and banks have not come to dominate the board or to hijack its position or agenda and it has remained steadfastly focused on representing its members.
Being specific to the asset finance industry also meant that it could have very particular views on some issues without alienating its wider member base. This value proposition is one that appeals to me and in fact, is exactly how I run my own business. I want to be as relevant to the industries I choose to service as I can rather than servicing as many industries as I can.
Last year, CAFBA undertook a strategic review of the industry. Late last year, the board took the strategic decision that it wanted to be the peak industry body that represents all commercial finance brokers, and not just asset finance brokers. Needless to say, it would not lose its asset finance heritage, but it did realise that there was an under-representation of specialist commercial finance brokers. Brokers, just like me! Importantly, CAFBA does not seek to be the largest industry body, just the most relevant for its members.
CAFBA’s strategy to ensure the sustainability and vibrancy of the association is built around 4 main pillars:
1. To professionalise commercial finance broking
2. To develop CAFBA’s education program
3. To expand CAFBA to represent all commercial finance brokers
4. To attract more diverse entrants into the profession
Eventually, it is intended that members will attain the status of a ‘Certified Commercial Broker’ which recognises and promotes commercial finance broking as a profession. Through education, various tiers of qualification and professional designation can be achieved, much like CPA accountants. Multiple credentials will be developed to create pathways into and through commercial finance broking.
I’ve been a commercial broker for over 18 years and I’ve never been so optimistic about the industry. Certainly the industry as a whole is getting noticed at the very highest levels of government, and can no longer be ignored.
George Karam is the founder of BF Money and director of CAFBA. He topped MPA’s Top 10 Commercial Brokers Report in 2015 and 2016 and also won the Australian Mortgage Award for ANZ Broker of the Year – Commercial in 2016.
For a long time, I’ve been envious of the professional body representation that asset finance brokers have enjoyed. It’s now a great honour for me to be a board member and to expand the Commercial & Asset Finance Brokers Association of Australia’s mandate which now represents all commercial finance brokers, and not just asset finance brokers.
CAFBA is an organisation whose board is comprised of career asset finance brokers that have skin in the game, which has grown to be the peak industry body that represented an agenda common to all asset finance brokers. There is a respectful and productive relationship between the brokers, the board and the lenders. Indeed, lenders and banks have not come to dominate the board or to hijack its position or agenda and it has remained steadfastly focused on representing its members.
Being specific to the asset finance industry also meant that it could have very particular views on some issues without alienating its wider member base. This value proposition is one that appeals to me and in fact, is exactly how I run my own business. I want to be as relevant to the industries I choose to service as I can rather than servicing as many industries as I can.
Last year, CAFBA undertook a strategic review of the industry. Late last year, the board took the strategic decision that it wanted to be the peak industry body that represents all commercial finance brokers, and not just asset finance brokers. Needless to say, it would not lose its asset finance heritage, but it did realise that there was an under-representation of specialist commercial finance brokers. Brokers, just like me! Importantly, CAFBA does not seek to be the largest industry body, just the most relevant for its members.
CAFBA’s strategy to ensure the sustainability and vibrancy of the association is built around 4 main pillars:
1. To professionalise commercial finance broking
2. To develop CAFBA’s education program
3. To expand CAFBA to represent all commercial finance brokers
4. To attract more diverse entrants into the profession
Eventually, it is intended that members will attain the status of a ‘Certified Commercial Broker’ which recognises and promotes commercial finance broking as a profession. Through education, various tiers of qualification and professional designation can be achieved, much like CPA accountants. Multiple credentials will be developed to create pathways into and through commercial finance broking.
I’ve been a commercial broker for over 18 years and I’ve never been so optimistic about the industry. Certainly the industry as a whole is getting noticed at the very highest levels of government, and can no longer be ignored.
George Karam is the founder of BF Money and director of CAFBA. He topped MPA’s Top 10 Commercial Brokers Report in 2015 and 2016 and also won the Australian Mortgage Award for ANZ Broker of the Year – Commercial in 2016. 
