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<\/p>\nThe outcomes of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and changes to financial advice education standards has resulted in a slowdown across the financial advice industry. The follow on effect has been a decreased demand for business development professionals within retail funds management and retail life insurance.<\/p>\n
There has also been a reduced demand for institutional fund manager business development professionals as industry superannuation funds merge and also internalise their investment capability.<\/p>\n
Even though there are current headwinds within financial services, business development professionals salaries remain buoyant.<\/p>\n
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Successful business development professionals connect with a range of diverse personalities and build trust with their clients, therefore, the ability to build rapport is the most important skill in a sales role. Companies will generally only consider BDMs that have an existing client network, which takes a long time to establish. Lastly, it\u2019s also a given that BDM\u2019s know their product\u2019s features and benefits relative to their market competitors.<\/p>\n
There are no specific education requirements, however most fund managers, insurersand platform providers expect their BDMs to have a bachelor\u2019s degree as a minimum. Most retail fund manager BDMs are RG 146 qualified and most institutional fund manager BDMs have completed either a CFA designation or a Master\u2019s in (Applied) Finance, with some exceptional BDMs completing both.<\/p>\n
Most platform, insurance or retail funds management BDM\u2019s started off their career within financial planning, in either a client service, paraplanner or associate adviser capacity. This role is pivotal in understanding the financial planning process and understanding the expectations of the end client. Generally, after 18 months to 5 years working within a financial planning related role, the next step is to move into a business development associate (BDA) \/consultant (BDC) position to learn the tools required to become a successful business development manager. Most BDAs undertake an \u2018apprenticeship\u2019 over a period of 18 months to 3.5 years before given the opportunity to step up into a business development manager.<\/p>\n
In contrast to the above, most institutional fund manager BDMs generally come from an investment analyst background, either buy-side or sell-side. Institutional BDMs generally have more in-depth and detailed investment conversations with their clients, hence require greater market and investment knowledge. Their clients include asset consultants, superannuation funds, government organisations etc.<\/p>\n
Bonuses vary from organisation to organisation, with majority of BDMs receiving bonuses between 35% – 55% of their base salary. Due to the current market headwinds i.e. royal commission, the bonus amounts are down from previous years. Most bonuses are based on a combination of qualitative and quantitative (individual and company) factors.<\/p>\n
Salaries of head of sales\/distribution professionals can vary substantially depending on the size of organisation and how many direct reports in the sales team. A salary for a head of distribution for a fund manager can range from a low of $180k and up to a high $350k.<\/p>\n
For all client services, business development associate or business development manager roles within insurance, investment platforms or funds management, please contact Matt McGilton at Kaizen Recruitment\u00a0on\u00a0\u00a003 9095 7157<\/a>\u00a0or\u00a0info@kaizenrecruitment.com.au<\/a>.<\/p>\n <\/p>\n Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney.\u00a0<\/span>For assistance or further information please telephone our office at\u00a0+61 3 9095 7157<\/a>\u00a0or\u00a0<\/span>submit an online form<\/a>.<\/span><\/p>\n Like what you see?<\/p>\n Please feel welcome to join
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