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An independent asset finance aggregation company has launched in a bid to provide “whole-of-business support” to asset finance brokers.
Compass Aggregation, a new asset finance aggregator, has officially launched to market to provide specialist asset finance support to brokers.
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The independent aggregation model has been in development over the past year after the team “identified a gap in the market to provide whole-of-business support to asset finance brokers and create a community of leading industry professionals”.
At a launch event held at Hickson House Distillery in Sydney yesterday (18 October), Compass Finance Australia unveiled that Compass Aggregation offers:
- A panel of over 40 lenders, reportedly including several exclusive to Compass.
- Deal workshopping support.
- A proprietary client relationship management (CRM) platform ‘Navigate’.
- Access to an end-to-end processing team.
- Succession planning support.
- “Industry-leading” commission splits.
- CBD office space.
Developed “by brokers, for brokers”, the management team behind Compass Aggregation so far includes:
- Finance & compliance manager Mark Beavis – who had worked as a director and operations manager of car finance company Platinum Direct Finance (part of the Consolidated Operations Group).
- National sales manager Alex Brydges – director of finance brokerage Saltbush Capital and a former director of distribution at ALTITUDE Funds Management and digital lender SME Cash.
- Strategic adviser, growth (consulting) Robert Grul – broker manager of asset finance brokerage G&H Financial and chief operating officer of ECOWASH.
- Strategic adviser, operations (consulting) Greg Malone – managing director of G&H Financial and board advisor of ECOWASH.
The group flagged that the aggregator was unusual in having “a leadership team of people that write business for the SME market on a daily basis”.
Speaking to The Adviser, Mr Brydges said: “Not only are our management team recognised as industry leaders by the best asset financiers in the industry but our founding members are also key players in the business and equipment finance arena…
“We are exclusively a team of asset finance brokers with relationships across Australia both on the ground and in senior positions all through the industry.”
According to the national sales manager, Compass Aggregation has been so named to reflect the company’s ambition to help brokers navigate the asset finance space.
“It represents our commitment to working with all broker businesses in the industry and guiding the existing and new generation of brokers through the challenges that many of them will find themselves dealing with,” he said.
“Our business not only focuses on the education piece but also offers a full-service operation that provides same-day answers to difficult deals, processes and resolutions…
“We want all these businesses that are looking for answers to know that we are not only there for them when they’re deciding who to partner with, but we propose to be there with them for the journey also. Everyone needs a Compass on a journey.”
The aggregation company said it built its own proprietary CRM Navigate after finding that the technology in the asset finance space “has left a lot of the industry frustrated”.
“Our custom-built platform has been created specifically with asset finance brokers in mind. It allows our broker partners to provide benchmark service to consumer and commercial asset finance customers – from their first interaction through to well beyond settlement. Mr Brydges said.
“Far more than just a CRM tool, the platform houses and centralises many essential functions, subscriptions and add-on products within one advanced yet accessible ecosystem.
“Compass Aggregation aims to be identified as a company of the highest standards, never trading growth over quality and offering our members and stakeholders a better and truly independent alternative that considers our partner business to be as valuable as our own.
“Our launch night officially announces us as a rapidly scaling and viable aggregation business and gives us a chance to celebrate our success with our lenders, brokers and industry partners, from whom we have received brilliant support during our early growth.”
Compass Aggregation is the latest in a growing group to offer specialised support to asset finance brokers.
Major aggregation brands such as Connective and LMG both have asset finance arms, while COG Aggregation recently expanded after acquiring NFC and United Financial Services from McMillan Shakespeare earlier this year in a bid to “fast-track the expansion of its auto and lifestyle asset finance segment”, which it sees as a rapidly growing area.
[Related: 2 asset finance aggregators acquired by COG]
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