Traditional face-to-face business development managers (BDM) may be in decline in recent years as providers switch to cheaper online support hubs, but 90% of advisers still use them, according to a survey. Here they rate the company reps...
About 90% of advisers use field-based BDMs at least once a month, according to a survey from recruitment agency BWD Search & Selection, while about 83% use telephone-based BDMs.
Advisers seek BDMs predominantly for support on individual cases and technical help, the consultancy said.
The firm asked about 300 advisers in November and December 2015 to assess the way product providers worked with them through their BDMs.
It found 55% of advisers rated BDMs as important or very important, but overall, field-based BDMs fared better than their telephone-based counterparts.
Advisers told the consultancy they were looking predominantly for qualities such as expertise; reliability; experience; someone they get on with; and enthusiasm. They also wanted their BDMs to be contactable.
Some of the frustrations advisers pointed out in working with BDMs were the contact changed too often; BDMs were hard to get hold of; they didn't offer support when required; did not do what they said they would; paid too many visits; showed a lack of sales ideas; and a lack of technical knowledge.
Alongside feedback, BWD asked advisers to give individual providers' BDMs a score from one to five, five being ‘best' in quality. They divided providers into sectors and their BDMs into field- and telephone-based.
Here's how advisers scored finance companies based on their reps:
Life and insurance providers - Field-based
1 Royal London
2 Prudential
3 Aviva
Life and insurance providers - Telephone-based
1 Prudential
2 Royal London
3 Aviva
Investment providers - Field-based
1 Octopus
2 Invesco Perpetual
3 Old Mutual
Investment providers - Telephone-based
1 Octopus
2 M&G
3 Old Mutual
Platform providers - Field-based
1 Old Mutual
2 Transact
3 AXA Elevate
Platform providers - Telephone-based
1 Old Mutual
2 Aviva
3 AXA Elevate
DFM providers - Field-based
1 Quilter Cheviot
2 Brewin Dolphin
3 Brooks Macdonald
DFM Providers - Telephone-based
1 Quilter Cheviot
2 Rathbones
3 Brewin Dolphin
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