Time for BDMs to broaden skills
The changes taking place in the industry mean business development managers (BDMs) will need to be able to talk about more than just product to add value to advisers’ practices, according to ING Australia.
The group is sending its insurance and wealth management BDMs through a training program that will see them attain a certificate in practice management by September this year. The group said the course includes both the theory and practical elements of business and practice management.
ING Australia general manager, advice and distribution, Ross Barnwell said BDMs remained the “key link” between the ING business and advisers. Barnwell said BDMs must have the skills necessary to support advisers as the “financial advice industry moves from product-based to advice-based solutions for clients”.
Barnwell described the training program as a “significant investment”, which the group hoped would allow its BDMs to add value to advisers’ practices.
The Certificate IV in Practice Management is a new course that has been developed by the Australian Institute of Financial Services and Accounting in association with The Encore Group. ING said the course would give BDMs knowledge in all functions of an advice practice, from marketing through to back-office efficiency. ING said it was the first company to undertake the course.
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