Lam talks growth ambitions, the big SMSF lending shake-up, and why it’s business as usual despite a longer title
Them Lam's title may have changed, but it's business as usual as far as he's concerned. The 17-year AFG veteran was appointed the ASX-listed aggregator's chief distribution and marketing officer earlier this month – a role that formalises a remit he says he's already been carrying out for years.
His updated title brings distribution, marketing, and go-to-market strategy for AFG's aggregation business, its asset finance arm Fintelligence, and its retail brand Broli under a single leader.
Lam has sat on AFG's executive team since 2018 and took over as head of sales in 2023 – a role in which, he said, he was "realistically" already driving the group's go-to-market strategy.
"Honestly, it's BAU – business as usual – in terms of the way our executive team has worked," Lam said in an interview with MPA. "Being part of the executive committee for that long, the C-suite were my peers and have been for several years already. I'm pleased, and grateful."
Lam admits he's never cared too deeply about titles. "I just get on with it and do the job," he said. Still, the consolidation of his role reflects how far AFG has evolved beyond pure mortgage aggregation.
Lam sees AFG's purpose as helping already-thriving brokerages grow further still, whether through value-add broker services – its partnership with insurance firm AIA for health and life insurance solutions, for instance – or its expanding equity investments program.
AFG now counts more than 4,300 brokers nationally, including six of Australia's ten largest brokerage groups. Under general manager of aggregation Christa Malkin and Fintelligence head of sales Bianca Saccaro, the group has also pushed into asset finance – part of a broader strategy Lam sees as helping brokers "become phenomenal business people" rather than simply better brokers.
Heady ambitions
AFG is nothing if not ambitious: it's targeting 35 minority stakes in brokerage businesses by 2030, alongside lofty aspirations of admission into the prestigious ASX 200 cohort.
There is, of course, a fine line between ambition and wishful thinking. With a current market cap of around $452 million, a more than threefold jump in valuation would be the bare minimum required to make that ASX 200 goal a reality. And with a cooling economy and a housing market in a correction phase weighing on conditions, the macroeconomic backdrop isn't exactly in AFG's favour as the decade wears on. But at 31 years and counting, AFG knows how to play the long game.
The question is though: Why should a successful brokerage sell part of its business to AFG?
Lam is candid that it's not for everyone, and AFG isn't chasing volume. "We don't want to run brokerages," he said. "Ultimately we're backing the founders and owners of these businesses to continue to grow. We're in it for the long haul."
The pitch is less about the capital injection itself and more about what comes with it – systems, processes, business strategy, and access to a support infrastructure built around 4,300 members.
Lam acknowledged that the relationship runs both ways. AFG taking a minority stake isn't a passive arrangement – it comes with formal governance obligations and a set of promises AFG has to keep. "It's less about cost and more about value," he said. "And aggregation is hard because everyone is telling the same story. It's not about what you say – it's whether you actually deliver on those things."
The big SMSF lending question
Speaking of headwinds, Lam has a lot to say about the federal government's abrupt move to ban self-managed superannuation funds (SMSFs) from using limited recourse borrowing arrangements (LRBAs) to buy residential property.
The bombshell announcement came without industry consultation and carries a hard deadline of 10 August for contracts to be signed. Broking industry reactions to the ban have been nothing short of apoplectic, although Lam is taking it in his stride.
"We don't get surprised anymore with what happens in the macro environment," Lam said. "What we always do is take a measured approach and quickly try to understand what it all means, so that we can better serve our members. When the markets get complex, or there's agitation or disruption, brokers should be at the centre of all those conversations."
Lam pointed to diversification as a buffer against the shock, arguing that brokers overexposed to SMSF lending are the exception rather than the rule. "Overall, our network is quite disciplined, and they're robust in ensuring they have a diversified approach to how they serve their customers.”
Asked whether the tight deadline risks pushing clients into rushed decisions, Lam preached patience over speed. "Our advice to consumers – even my friends and family members – is, first and foremost: make sure the strategy is right for you. Speak to your accountant and planner. Then do the loan.” He added that commercial property, classified as "business property" under the LRBA rules, remains available for clients seeking SMSF lending opportunities.
Read more: SMSF lending deadline approaches amid growing uncertainty
For all the noise around SMSF changes, ASX 200 ambitions, and a title now several words longer, Lam's outlook keeps returning to the same idea: steady hands over sudden moves. Business as usual, as he'd put it. Just with a longer title attached.
