Demand grows for BDMs

Specialised knowledge

By Christine St Anne
Fri 11 Jun 2010

BDMs with adviser contacts and a life insurance background are among the winners of the GFC, according to Profusion.

Business development managers (BDMs) in the funds management sector face greater job opportunities post the global financial crisis (GFC), according to recruitment firm Profusion.

"We are definitely seeing a boost in sales-related roles in the market," Profusion director Ashton Bilbie said.

In particular, BDMs with adviser contacts and a life insurance background are among the winners of the GFC, experiencing growth in numbers of around 30 per cent, he said.

Bilbie said the surge in rehiring was not a factor of the redundancies that took place before the GFC.

"More it is a reflection of expectations of continued strong industry performance and the advent of a new sophistication in the market," he said.

As such, BDMs with specialist knowledge will be in demand.

"The market wants BDMs with specialised knowledge and who can develop closer relationships between fund managers and advisers," Bilbie said. 

The boost in demand for BDMs was also a result of new products entering the market and the surge in popularity among some products such as index funds and exchange-raded funds (ETFs).

"Big name players such as Vanguard are growing their sales teams in response to increased demand for products like ETFs," Bilbie said.

However, some job roles are diminishing.

"Consolidation has seen roles for platform and superannuation sales specialists continue to wane," he said.

Bilbie also said he couldn't see a change in demand for BDMs despite the industry's move to a fee-for-service model.

"None of my clients have indicated that such a change will affect their sales forces. It will just mean that the relationship between the adviser and BDM will be more important," he said.

Go to today's InvestorDaily news

More stories by this author