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Definition: Broker Association
A broker association may be defined as an association of firms and individuals working on brokerage for various industries such as mergers and acquisitions, insurance, partnerships, etc. These associations are generally industry specific and may provide a variety of facilities to its members. These may be in the form of certifications, accreditations, networking opportunities, conferences, vocational trainings, knowledge sharing opportunities, publications, etc.
Broker Associations may be confined to a region or nation, or can be recognized internationally. All the associations that are spread regionally work on affiliate or chapter model wherein each city/town has a designated chapter. Although most associations operate as non-profit associations, others may charge a nominal membership fee.
For example: Insurance Brokers Association of India (IBAI) is a recognized body for licensed insurance brokers in India. International Business Brokers Association (IBBA) is an association in U.S. for business brokers specific to mergers and acquisitions.