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In conversation with Broker Daily, Bendigo and Adelaide Bank’s regional manager, broker distribution NSW/ACT/Queensland, Christopher Boutros, delved into what he expects from his team of BDMs to support their broker networks effectively.
He broke it down into three key attributes: responsiveness, time management, and the ability to build relationships.
“Driving sales and growth is key but this needs to be balanced with having the capacity to manage their pipeline and maintain responsiveness with their brokers. If the support begins to fade the brokers’ confidence will also,” said Boutros.
He said the relationship between brokers and BDMs is “very simple.” So long as BDMs are available and responsive and can confidently give a yes or no, brokers are likely to remain happy.
How tech is transforming this relationship
As with every aspect of the industry, tech is shifting the way brokers and BDMs interact. Boutros urged both brokers and BDMs to embrace this change, rather than push against it.
AI and automation are helping drive efficiencies, and this is only going to continue. This frees up time for both brokers and BDMs to engage with the more fulfilling and relationship-driving face-to-face interactions.
The constant emergence of tools that help improve productivity is going to continue to allow BDMs to “refine their craft,” Boutros said, allowing greater support for their broker networks.
How many brokers should a BDM be responsible for?
The answer to this question doesn’t come down to a figure, said Boutros. There are many factors that need to be taken into consideration.
He said that he takes a three-step approach with his team of BDMs:
- Understanding the current opportunity versus future opportunity in combination with the number of brokers in a portfolio.
- Determine the strategy and what volume can be accommodated at an organisational level, and then break it right down to a number of applications per BDM per week.
- The application number will then determine the activity required to drive the result.
“The above clarity has enabled my BDM team to balance their time between driving new business and servicing their brokers. It’s crucial BDMs have the capacity to work through any issues that can arise throughout the process,” Boutros explained.
The critical factor is whether the BDM can effectively support their broker network. Generating high volumes of business is pointless if the BDM can’t service it, leading to frustration and a damaged reputation.
How often should BDMs be in contact with their brokers?
Once again, there is no definitive answer to this. Contact with brokers shouldn’t be based on a rigid schedule. The focus should be on the value of the interaction, Boutros said.
BDMs should build relationships and only contact brokers when they have something relevant and valuable to share, so as not to waste the brokers’ time.
On top of that, training is critical. Boutros stressed the importance of lenders offering varied training (webinars, face-to-face sessions, guidelines) to support brokers and ensure quality applications.
This isn’t restricted to new brokers, either. Even elite, experienced brokers need ongoing education. Boutros said they generally ask more precise questions and are always looking for information that gives them a competitive edge.
A good BDM seeks to understand a broker’s specific business model and target clientele. This allows them to determine if and how their lender’s products can best support that broker.
[Related: Beyond policy: BDMs urged to reclaim their true role]
