The secret is evolution

If you have strong relationships with your broking clients, I don’t really believe there are misconceptions. As a BDM, you should know what their business is about and how you can successfully work together for the right outcomes.

What is the toughest thing about your job?

This role is about creating opportunities and you must re-energise every day, every week, every month. In sales, you are only as good as your last sale, so actively being out there working with your clients, talking to them about their needs and their business, and creating activity is the only way to get business. Your clients need you on your game.

Why do turnaround times blow out and how can brokers address the problem?

Credit is a manual process, particularly document verification, so volumes, quality of applications and neglecting to forward plan would be the main [causes of]not meeting service levels – the lender really controls volumes and planning.
Brokers can assist by using the tools given to them by lenders when submitting a loan application. For example, Macquarie allows all brokers to order upfront valuations and if a broker does this at the beginning of the process it aids the turnaround timeframes – multiple credit assessments delay the process.
In addition to valuations, if the broker uses the lender guides and provides the necessary documentation, it would also help substantially.

What does a typical day for you look like?

My day really starts the night before. I look at my diary two to three days prior to see what’s planned then prepare for the next day and others if necessary. In the morning, I’m an early bird, so I try to do some exercise (not my strongest point) and always aim to have breakfast to kick start the day. Then I review emails that have come in overnight, make some proactive phone calls, head out to meetings and am back mid-afternoon to be available for my clients. Phone calls and emails close the day.

What key piece of advice would you like to communicate to your brokers?

It’s important to look at the client relationship as a whole and, to that end, explore all sales opportunities when processing a transaction. This can vary, however, if within your licence some opportunities may be financial planning services-focused, exploring a risk offering, or assessing whether the broker can assist with building/contents/landlord protection insurance.
All of these products and services are absolutely crucial and essential for a client. It’s about adding value to the client outside of the loan, saving the client time by providing an encompassing financial solution offering.

How can a BDM truly add value to a broker’s business?

Understand what the broker’s business is about and help them develop their business. By providing product or services or referring like-minded professionals that they can network with to fill the gap they may potentially have within their business.

What do you expect the BDM role to look like in the next five years?

Some things won’t change as relationships are about personal dealings, initially face-to-face. However, I believe a BDM will need to have more than one string to their bow. They will most likely need to be across multiple product lines, be very personable, possess excellent communication skills and, increasingly, become more efficient with technology.
I personally think that technology will advance, more businesses will be online and having an understanding of this, both opportunities and challenges, will be the key to success.