The rise of online application portals may be changing their role
The rise of lender technology and online applications has decreased the need for interaction with BDMs for some advisers, but others say their role is still extremely important when it comes to advocating in front of lenders.
Twine Financial Advisers managing director Eugene Bartsaikin (pictured) said that he maintains an active working relationship with lender BDMs, and that he doesn’t see that changing with the rise of online platforms. He said that advisers are essentially a BDM’s client, and will therefore advocate for their clients at the bank or alternative lender when needed.
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“I personally lean on my BDMs every day,” Barsaikin said.
“They’re my colleagues who just happen to be employed by the banks or lenders, and, as advisers, we are effectively their clients. So, in that sense, we’re really comfortable doing regular catchups, phone calls and meetings to maintain that relationship.”
“I think the role of a BDM is likely to continue to effectively be the adviser’s advocate at the bank, and I don’t think that’s going to go away,” he explained. “If anything, I think that will continue to be a core component of that role.”
Bartsaikin said that the rise of flexible working and remote technology had not got in the way of his relationships with BDMs, and that, ultimately, all an adviser looks for is the right lender support.
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“When it comes to my work, all I want from my BDMs is that they are available, and for them to care about the work that we do,” Bartsaikin said.
“If that means that they want to work flexibly or resolving questions over the phone because that’s easier for them, then that’s fine - and at the end of the day, we don’t necessarily need any fluff. I just want to make sure that the BDMs still support us.
“If that’s the case, then we can continue to support our clients and have confidence that we know which product and which lender makes the most sense for them.”
