Over a third felt their lenders did not provide sufficient BDM support
More than four in five brokers acknowledge that the role of business development managers (BDMs) is crucial in the industry today, research from financial services review site Smart Money People has revealed.
According to the results of the website’s H2 2023 Mortgage Lender Benchmark, 83.7% of brokers either agreed or strongly agreed with the statement that BDMs play a vital role, while only 5.5% disagreed or strongly disagreed.
The research also found that almost a third of brokers, or 32.2%, typically first learn about a lender and its offerings from BDMs, with product sourcing slightly edging ahead at 35%.
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When brokers were questioned about their most valued form of support service for effectively serving clients, 37.3% cited BDMs, surpassing options such as dedicated phone lines, training programmes or webinars, and live chat.
While 43.3% of brokers expressed satisfaction, 36.4% felt that their lenders did not provide sufficient BDM support.
A key focus in the study was the transition from in-person to telephone-based BDMs, with reduced availability on the road. While some brokers appeared comfortable with this shift, many attributed the perceived issues with availability and accessibility to the absence of in-person support.
“It’s clear that brokers still value the role of BDMs, and although they understand the need for lenders to evolve, moving too quickly to a hybrid approach is a concern and can damage that lender’s relationship with its brokers,” commented Jacqueline Dewey (pictured), chief executive at Smart Money People.
“Lenders who can excel in providing superior BDM support with BDMs who have good case knowledge, along with being readily available and accessible, will stand out from the crowd.”
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