A leading light in 2007

Russell Hannah

The role of a business development manager (BDM) allows that person the unique opportunity to make a real difference during someone’s darkest hour, according to Money Management/ Tribeca BDM of the Year Russell Hannah.

In Hannah’s opinion, the value of advice is fully realised when a client receives their claims cheque.

“I am passionate about what I do because of what a client’s risk protection portfolio actually does when they need it most,” he says.

“Having the opportunity to help promote and educate the broader adviser community as to the genuine and real needs for adequate provisions to be made within the advice process is by far the most rewarding, satisfying and enjoyable part of my role.”

A job well done

Hannah operates as a BDM for ING Australia across Victoria and Tasmania.

He believes his most significant career achievement has been his role in driving and managing the successful return of ING as the pre-eminent provider of personal risk products to the Victorian and Tasmanian independent financial adviser market.

“In late 2003 I was targeted by ING to relocate from my base in Brisbane, where I was a specialist risk BDM with Aviva, to take up the challenge of rebuilding the local risk sales team and, in turn, ING’s presence in the local market,” Hannah says.

“Upon reviewing the situation and getting a better understanding about some of the legacy issues, I was able to map out a three-year strategic plan to address this alarming historical trend of underperformance and return ING to a position of prominence in the local market.

“This experience has by far been the highlight of my professional career to date and I have personally and professionally grown as a result of both the successes and mistakes experienced along the journey.”

On the right track

With a positive attitude towards the financial planning industry, Hannah believes it is heading down the right path in terms of legislation.

“I am very upbeat about the financial planning industry and the outlook for the future,” he says.

“It is my opinion that the increased regulatory changes in the industry have seen a real shift in the level of professionalism, evidenced by the quality of advice being provided to clients.

“This has certainly helped ‘raise the bar’ with respect to the perception and regard in which the industry and those operating in it are viewed by the broader community.”

Hannah adds that these positive steps combined with the increased level of client education, awareness and sophistication gives him the confidence to believe that the outlook is both healthy and robust.

The evolution of the BDM

Hannah holds the same positive views for the role of the BDM, suggesting that the more successful BDMs are those who can adapt to change.

“Much like the industry, the role of the BDM has also evolved, matured and changed significantly,” he explains.

“No longer can a BDM be one dimensional and solely product focused — the industry and clients alike have an expectation that advice is based upon strategy and solution rather than being product driven.

“Therefore, in my opinion the role of the BDM is to work with the advice network to educate and up-skill to ensure advice is strategy and solutions-based.”

As such, Hannah believes his responsibility as a specialist risk BDM is to raise the level of awareness and understanding among the advice network about the need for protection to be adequately addressed within a client’s overall financial plan.