Login
ISCOVER
Suncorp Bank has announced that it will reduce its BDM team as part of a broader restructuring as the bank continues to expand its third party operation.
Speaking with The Adviser, Steven Heavey, general manager of intermediaries at Suncorp, said the bank had enjoyed significant growth of its broker originated business over the last few months.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
“The amount of business written thorough the broker channel is currently sitting at 65 per cent - this is significantly higher than the 58 per cent written just a few months ago,” he said.
“There’s no cap on the level of business that can be written by brokers. The executive team have set targets and they have no preference as to whether this comes via the third party or retail channels.”
But while broker volumes continue to grow, Mr Heavy said a review of the bank’s support team highlighted that structural changes were now overdue.
Suncorp Bank had been operating with a team of 30 BDMs, however, Mr Heavey said a third of this team would now be redeployed to other areas of the bank.
“We were overweight with our BDMs and we had to cut back,” he said.
“In the last few months we have had to look at what our needs are in terms of having BDMs in the frontline. And we don’t need as many as what we had.
“We’re in the process of determining what other roles are available in the business, however, I can guarantee there will be in 20 broker focussed BDMs representing Suncorp Bank.”
