{"id":5847,"date":"2010-04-28T11:22:07","date_gmt":"2010-04-28T00:22:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=5847"},"modified":"2020-02-06T08:09:38","modified_gmt":"2020-02-05T21:09:38","slug":"bdm-of-the-future-new-approach","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/04\/28\/bdm-of-the-future-new-approach\/","title":{"rendered":"BDM of the Future &#8211; New Approach"},"content":{"rendered":"<p>The role of the Business Development Manager needs to change with the times if it is to\u00a0maintain its relevance, according to a key industry educator.<\/p>\n<p><a href=\"http:\/\/www.encoregroup.com.au\/Main.html\" target=\"_blank\" rel=\"noopener noreferrer\"><!--more-->Encore Group<\/a> Managing Director, <strong>Graham Peatey<\/strong>, believes the BDM of the future will be one who adds value to the bottom line of an advice practice.<\/p>\n<p>As the financial services industry itself moves from product-based to advice-based solutions for clients, Mr Peatey says the same principle should apply to the solutions offered by BDMs to financial advisers.\u00a0<\/p>\n<p>In order to stay relevant to their adviser clients,\u00a0Mr Peatey highlights the importance for BDMs in future to:<\/p>\n<ul>\n<li>Properly\u00a0appreciate the full spectrum of an adviser&#8217;s business<\/li>\n<li>Add value in working with the adviser to grow the size and\/or enhance the quality of their client base<\/li>\n<li>Offer meaningful feedback on processes and strategies that are proving successful in similar advice practices<\/li>\n<\/ul>\n<p>Life companies and fund managers are beginning to listen to calls to reconsider or at least update their approach as to how a business development manager adds true value to an advice practice.<\/p>\n<p>When delivering new education courses to institutions and their BDM&#8217;s Mr Peatey encapsulates the issue by quoting remarks from Nick Murray, author of &#8220;<em>On Becoming a Great Wholesaler<\/em>&#8221; (BDM):<\/p>\n<p><em>&#8220;There are only two ways to live a BDM&#8217;s life&#8230;<\/em><\/p>\n<ul>\n<li><em>You&#8217;re either a slave to your<\/em> <em>product&#8217;s \u00a0&#8216;performance&#8217;, pricing or deal features<\/em><\/li>\n<\/ul>\n<p style=\"text-align: center\"><em>or&#8230;<\/em><\/p>\n<ul>\n<li>\n<div style=\"text-align: left\"><em>YOU become the product: adding value by helping advisers do more &amp; better business than they did without you&#8221;<\/em><\/div>\n<\/li>\n<\/ul>\n<p style=\"text-align: left\">According to Mr Peatey, in a post GFC world, where advisers will be charging fee for service, it is the BDM him\/herself that must be the product.<\/p>\n<p style=\"text-align: left\">But while the BDM of the future must have the knowledge and skills needed to add value to the bottom line of an adviser&#8217;s business, Mr Peatey emphasises that a core competency of the future BDM remains relationship management:<\/p>\n<p style=\"text-align: left\">&#8220;BDMs\u00a0must still know how to properly relate with\u00a0advisers in order to be able to deliver\u00a0knowledge and solutions that will add bottom line value to the practice,&#8221; said Mr\u00a0Peatey.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The role of the Business Development Manager needs to change with the times if it is to\u00a0maintain its relevance, according to a key industry educator.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,248],"tags":[],"class_list":["post-5847","post","type-post","status-publish","format-standard","category-services","category-training"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=5847"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5847\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=5847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=5847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=5847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}