What is a BDM in finance, and should you use one?

Business development managers (BDMs) hold a crucial role in any organisation. Where a company wants to expand and better support their clientele, it’ll primarily be up to BDMs to get this done. Often, this is no easy task. Especially in a competitive market such as our own. This leads us to the question of what is a BDM in finance? More specifically, how do they operate in the specialist finance market? What exactly is it that they bring to the table, and how can you as a broker and your clients benefit from them?

To answer these questions and more, we’ve put together this blog, breaking down everything you need to know.

What is a BDM or business development manager?

According to the government’s own definition: “BDMs build relationships with customers, suppliers, and partners. They help businesses grow and improve.” Typically, BDMs are some of the busiest employees you’ll find in any firm!

In many industries, customers and consumers will only go so far in seeking out the best options for them. This is especially true in our digital age. Especially in finance, there’s simply so much information out there that brokers may not understand just how much is available to them. So, what is a BDM in finance or bridging going to do? They’ll need to get out there, sharing their business with those who haven’t discovered it themselves, or may not have a complete picture.

To get more insight into just how useful BDMs could be for you and your clients, we turned to our Regional Sales Manager. Zahira Fayyaz manages a team of BDMs, spread across southern England.

Zahira broke down how BDMs can assist with the actual lending process: “BDMs can help structure a deal, which aids the underwriting procedure.

“Going through BDMs can also allow brokers and their borrowers to have easier access to upper management. Where cases get particularly complicated, this can allow them to be escalated and resolved quickly.

“BDMs can provide a crucial inroad to the market for new entrants. They can help educate newbie brokers on the industry, while being a friendly face for the business.”

Source: National Careers Service, Totaljobs

What does a BDM in finance do day-to-day?

A lot. In the most basic terms, a BDM shares how their business’ goods and services can support their market, while maintaining a strong network of contacts. On a daily basis, this will typically involve, setting up meetings, prepping presentations, sharing new developments with clients, attending networking events, and more.

Their work isn’t just focused on the external either. They’ll also likely be expected to collaborate with internal design, marketing, and sales teams, and work with management to make sure their partners have everything they need to progress.

As to be expected, good BDMs tend to understand the importance of the human touch. They value maintaining relationships and are typically very personable. Although, the question of what is a BDM in finance’s day-to-day will likely differ from those in other industries.

Zahira recognises how this personable approach is invaluable in the specialist scene: “Having that face-to-face interaction is so important. Especially with those really complex cases.

“In the current market, pessimism is rife. That’s why having our affable, knowledgeable BDMs at hand is crucial. We hear all kinds of stories from brokers who have struggled with other lenders. By showing we understand what they’ve gone through, it builds confidence.

“Lack of communication is one of the key problems brokers come up against. Which is why we place so much emphasis on getting our BDMs in the room with them. No other effort comes close to hashing through the details in person.”

Source: Totaljobs, Indeed

What makes a good BDM?

Unlike many other roles, there are no set requirements or qualifications needed to be a BDM. While preferences will vary between companies, the BDM role offers a rare position where talent can be recognised over pedigree. It’s a role that is well suited to those who can effectively communicate with people from all walks of life.

This ability is clearly recognised by employers. So far in 2023, BDMs in the UK have seen their basic salaries rise by 3%, with total earnings rising 18%, according to a recent survey. These rises have emerged despite all the challenges our economy is facing.

Even the most organised of brokers could benefit from the helping hand of a BDM. Twenty7tec, whose technology is used by thousands of wealth and mortgage advisers, tallied its most requested mortgage criteria searches for February 2023. These searches included:

• Can applicants with satisfied Defaults be considered and what is acceptable?
• Are applications from Non-EU, EEA Non-UK Foreign Nationals accepted and under what conditions?
• Can applicants on a VISA be considered and what are the acceptable requirements?
• Are self-employed applicants with 1 Years Accounts acceptable?

Similar results were found in Knowledge Bank’s latest data. Its most common broker searches for February concerned employment issues, first-time landlords, and missed or late payments.

Source: Twenty7tec, Mortgage Solutions, Money Marketing

How can a BDM in finance help brokers and borrowers?

These are all issues specialist finance can help with. And it’s BDMs that can bring this news to brokers and their clients. They may even be able to guide you through your first steps into the bespoke financial world.

At MFS, we have BDMs spread across the country, who are always ready and willing to support your end goals. If you’re still unsure of what is a BDM in finance’s responsibilities, feel free to reach out to our team of BDMs for help. They’ll happily answer any questions you may have.

Source: Twenty7tec, Mortgage Solutions, Money Marketing