The 360◦ Solution’s Vicki Writer has sent a message to the industry about the future role of the business development manager and other institutional service providers to advisers.
Within the context of an evolving advice environment, driven variously by regulatory and technology changes, Writer says that business development managers will need to grow and evolve along with advisers, dealer groups and the life companies.
I don’t see the current and traditional role of the BDM surviving in this new world…
“I don’t see the current and traditional role of the BDM surviving in this new world,” says Writer. “I think the new world BDM needs to be business savvy, be educated and knowledgeable across a range of different areas and have absolutely outstanding relationship and presentation skills. It can’t be about just product anymore. No one will survive.”
Writer has told riskinfo she sees the future BDM almost becoming an extension of the adviser office and their own proposition. “I see the new world BDM being a facilitator for new referral relationships and the co-ordination of such alliances,” says Writer, where she highights two specific and related areas in which she says she sees the BDM of the future :
- Assisting advice firms to develop and maintain their trusted adviser (referral) network
- Assisting advice firms in the development of new revenue streams
“Advisers have struggled in this area previously because it’s not really their skill set and because there have been challenges in rolling out a true client service proposition. This in itself has resulted in a lack of referral relationships and or referrals from the COI into the advice practice,” concludes Writer.
“I think the referral piece and the facilitation of those relationships is going to be an integral part of the BDM offering in the future,” she added. “The BDM of the future will be a true value add to an adviser practice, a coach in many respects and will likely require a different skill set to the one many have on offer now.”
(See also Vicki Writer’s article, The Evolution of Client Advice Solutions, in the current edition of riskinfo Magazine.)
