BDMs and Value

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Are you satisfied that the current services you receive from BDMs will remain relevant to your business needs in an evolving advice sector?
  • No (51%)
  • Yes (40%)
  • Not sure (9%)

Our latest poll seeks your opinion on the value your business will gain from ‘traditional’ BDM services in future.

This poll, in which we ask whether you think the current services you receive from BDMs will remain relevant for you in an evolving world of financial advice, is inspired by recent comments made by The 360◦ Solution’s Vicki Writer (see: Future Role of BDM in Spotlight), as well as by the release this week of Business Health’s Business Ready II white paper (see: BDMs Pressured to Perform More for Less).

Writer says that in a new or evolving advice world, one to which she says advisers, dealer groups and life companies must all adjust, BDMs must also change how they add value in order to remain relevant. In declaring she can’t see the traditional role of the BDM surviving in the new advice world, she says they will best add value in future by working with advice firms to assist them in areas such as developing more effective referral networks and potentially new revenue streams.

Does this approach accord with your thinking? We know from your feedback over the years that great BDMs are highly respected by advisers for the value they deliver to their businesses. Value varies depending on how each individual adviser defines it. But generally speaking, most advisers tell us the best value they receive from BDMs is not product related or invitations to sporting events, but rather how to help them build their business.

Vicki Writer’s point relates to business building and how BDMs can actually deliver for their advice practice ‘clients’. It’s a topic that merits reflection, as we look forward to your comments…

 

 



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4 COMMENTS

  1. Some BDMs are very helpful and a real resource in fixing issues which seemingly only they can do. But in terms of adding value, very few do, likely because the life offices/fund managers training programmes don’t focus on this. The year ahead will be an interesting one for all of us.

    • Fixing issues that should not have been an issue in the first place? ie. due to the life office poor admin department. I dont see any value they provide.

      • You’re likely right, Merv. Yes, life offices and fund managers don’t seem required to meet minimum ASIC or any standards. If they did we’d all be better off financially and we’d have far more satisfied clients. They have a role to play and haven’t done it well.

  2. They can be helpful in terms of some “eye opening” or identifying a sweet spot but I would agree that the most “help” required is in terms of someone actually helping me “fight” their systems. I know what I have recommended, the client has agreed…make it f$%$n happen. I send through SoA’s on occassion and get the same response I would expect from a trainee…

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