New role to help 3,000 brokers with business lending
The Finance Brokers Association of Australia (FBAA) has appointed finance broker Renee Tocco as its first national commercial and asset manager.
Tocco said her appointment “will send a decisive message to the market that the FBAA is the voice for all brokers”.
“Almost a third of brokers are now writing business lending products of some sort,” Tocco said. “Many are diversified brokers, and some are resolute and focused on commercial or asset finance.”
“I am proud to not only represent and advocate for them but as part of the FBAA, to help other brokers futureproof their businesses by offering diversified products.”
Many FBAA members work in business lending
FBAA managing director Peter White AM (pictured below) said the association had around 3,000 current members that dealt in various forms of business lending.
He said the FBAA could now claim to be the leading national association representing commercial and asset finance brokers.
“It’s time commercial and asset brokers had a choice of an association that can better meet their needs,” White said.
He said Tocco was well regarded across the sector and would bring the expertise needed to expand the range of professional development initiatives, education and support offered by the FBAA.
“Renee is passionate about commercial and asset finance and will be a great mentor to many emerging brokers in this market.”
FBAA is looking for new opportunities for its brokers
White said the appointment was part of the FBAA’s objective to be always looking for new pathways and opportunities for members in an ever-changing market.
“We will be working closely with lenders and aggregators in this area of finance to help them understand the highest level of training we already have (and will further develop) and to ensure that our members have full access to all products.”
Tocco said many commercial and asset brokers she had spoken to felt neglected.
“They need an association where they are embraced and supported through education and ethics, and I am excited not only be helping with this but joining an industry association with such a member-focused strategic direction.”
White said the appointment was partially in response to feedback from members, however the FBAA had been planning to appoint someone to focus on this area for some time and it coincided with the organisation’s period of growth.
Education in commercial and asset finance a key focus for FBAA
According to White, education is a fundamental necessity for all brokers, but in this sector good quality relevant education is paramount to ensure the complexities of the style of lending in the commercial and asset space is well understood in the minds of brokers.
He said it was also crucial brokers “understand financial statements in the manner needed, to understand the style of business their customers are operating in”.
“So we at the FBAA have the best educational course in the market (Advanced Certificate in Commercial and Asset Finance) as developed by the CFMIA (Certified Finance and Mortgage Institute of Australasia), and this is not only a fantastic course but it’s a fraction of the cost of other lesser courses,” White said.
“So once again it is the brokers that win from this and the lenders who will engage ‘best of breed’ brokers in this space.”
White said one of the areas Tocco would initially focus on was to ensure brokers are “skilling themselves in the best possible manner”, through specialised educational training days and courses.
Tocco will also be speaking with key lenders in the commercial and asset sector.
“There are [also] some regulatory matters that need proper and transparent engagement,” White said.
Earlier this year, the FBAA was named one of the best mortgage companies to work for in Australia according to the MPA Top Mortgage Employers for 2023 report.
Last month the FBAA announced plans to expand its operations into New Zealand.
What do you think of the FBAA’s decision to expand its offering in the commercial and asset finance space? Share your thoughts below.