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The broker association has welcomed new members, announced new commendations, and revealed it had its best-ever financial result in the financial year 2021.
The Finance Brokers Association of Australia (FBAA) held its annual general meeting on Wednesday (3 November), at which it made changes to its board.
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Two board directors stepped down from their positions, with two new members appointed in replacement.
Gus Gilkeson, stepped down from the board “due to business needs”, while Chris Szigeti – vice-chairperson – stood down after completing his term.
FBAA managing director Peter White thanked the two outgoing board members for their service, particularly highlighting that Mr Szigeti had “served with distinction for many years and has been a great support to members and fellow board members”.
The incoming board members are Barry Honey, a chartered accountant and partner at Honey & Honey accountancy firm, and Nick Wormald, the managing director of financial services group Grow Capital and the FBAA’s former NSW state president.
New fellows and commendations
As well as confirming changes to its board, the FBAA also announced new fellow members following the AGM. These are:
- Renee Blethyn, national head of broker partnerships at NextGen.Net, in recognition of “her support and work with the FBAA’s mental health counselling program and ongoing mental health events, and for the mental health well-being of our industry and being prepared to be a voice in this space”
- David Hannah, general manager of McMillan Shakespeare Group, recognised for his “long-term support and input into the asset broking sector and to his contributions to the FBAA in that field”
- Gerald Foley, managing director of nMB, for his “very long service to the industry and support of the FBAA and its undertakings to industry”
- John Kolenda, managing director of the Finsure Group, for “his support of the directions of the FBAA and its Concierge Program and the endeavours of the strategic direction of the FBAA”
- Greg Rodgers, external legal counsel and volunteer on the DRS committee, recognised for “many years of expert service to the FBAA for legal advice”
The board also made commendations for exceptional service to the association and members. These were:
- Gus Gilkeson, a past NSW state president and former board member, for his services to the board and association
- Judith Hocking, FBAA staff member in memberships, for “constantly provid[ing] a high level of service and communications with FBAA members”
- Nick Lane, FBAA finance manager, recognised for having “taken the association’s professional reporting abilities to a higher level and embraced the association with great vigour”
- Glenn Mitchell, Vow head of commercial and leasing, for ongoing support and FBAA committee representations
- Leah Renwick, state manager - east coast, in recognition of her long service and for “always [kee[ing] members needs and understandings first and foremost in her dealings”
Mr White said: “We thank all of these members and staff for their amazing contribution to the success of not only the FBAA but the industry at large.”
Record year for FBAA
The FBAA managing director highlighted that the last financial year had been a record for the association, which also recorded “significant” member growth.
The broking association reportedly recorded net retained earnings of $769,000 over the FY20-21 and now holds net assets of $1.85 million.
The association also saw net membership growth of 10.78 per cent over the past year, passing the 9,400 mark in October.
According to the FBAA, the vast majority of these members were “customer-facing brokers”.
Mr White highlighted that the financial result was achieved with “no government COVID stimulus, no increase in membership fees for three years, no redundancies or removal of staff, and no reduction or terminations in any supplier contracts.”
He added that the result would enable the association to continue to invest in members at “even higher levels” than in the past.
The MD concluded: “We’ve always been a grass-roots organisation run by brokers for brokers, and I believe that’s why everyone within the FBAA always works tirelessly for members.
“We all know the challenges of the industry and are all directly affected by the highs and lows.”
[Related: Broker numbers are rising: FBAA]
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