Working with BDMs can bring about positive change for all

As the late Steve Jobs said, ‘great things in business are never done by one person; they’re done by a team of people.’ I agree with that entirely, and in our industry, I see us – lenders and brokers – as one team working together to achieve great things for clients.

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Jeremy Duncombe | Accord Mortgages
10th June 2022
Jeremy Duncombe Accord
"Lenders who choose to invest in them reap the rewards of their efforts, and brokers too get far more value than I think some realise, be it in person, over the phone or via webchat."

Naturally though, each party has its own team, or perhaps teams of people working behind the scenes to collectively help someone secure their first home, or support landlords to expand their portfolio for example.

For obvious reasons there’s a market consensus that underwriters are essential to the process, as are valuers and solicitors. But the role that seems to draw disagreement is that of a BDM, which is difficult to comprehend in my opinion. Their importance just keeps growing.

Looking at the last couple of years alone, they’ve been a critical pillar of support to many. During the uncertainty brought on by Covid they provided the in-depth knowledge of products, criteria and processes that brokers craved in an unpredictable environment, and today, in a post-Covid world they’re one step ahead on many of the incessant changes brought about by a rising rate environment that’s forcing lenders to price up.

When they are given the right authority and autonomy, BDMs can be pivotal. Lenders who choose to invest in them reap the rewards of their efforts, and brokers too get far more value than I think some realise, be it in person, over the phone or via webchat.

I can appreciate that brokers may become frustrated when working with BDMs who – through no fault of their own – can’t add the value that the broker needs, but my hope is that this becomes an exception to the rule rather than an expected reality.

At Accord, our BDMs are a single point of contact for many, more knowledgeable than most and not just about our criteria. They signpost advisers to other lenders they know can help if we can’t and save brokers time and effort as they try to get cases over the line when speed is of the essence.

We never underestimate the power of human touch, and deliberately have a named contact strategy so brokers know who they can lean on when the need arises. Our field-based and telephone BDMs are complimented by a BDA team and backed up by webchat facilities including advisers and chatbots, which are there to serve quick but accurate answers on a range of topics when a human isn’t needed. This strategy works for us, and from the regular broker feedback, we know it’s working for brokers too.

BDMs are a direct link between lenders and advisers, which is mutually beneficial. Conversations between BDMs and brokers can often lead to action, which in turn can drive improvements for all. For example, we’ve had many ideas for new products or propositions come through our BDMs, and where we’ve been able to act on it, such as changing criteria or launching new products to meet demand, the market has benefited.

Building on the strengths this wider teamwork yields, I hope both sides of the fence see the benefits of recognising that we’re all an extension of each other’s own teams. When we see the value that can and does create, it’s a powerful result for clients.

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