Lenders could move towards having dedicated online BDMs as the lockdown and social distancing restrictions become longer term, Mortgage Solutions Television in association with Skipton Building Society heard.
Speaking in the discussion, Legal and General Mortgage Club director Kevin Roberts noted BDMs will need to raise their game and show how they stand out from the crowd as interactions have increasingly moved online.
“I think the challenge for our BDM community is how do you raise your game, how do you make yourself unique?” he said.
“How are you going to reach everybody in the advice firm and how are you going to stand out?
“So I don’t envy the task of our lender BDMs, I think it’s going to be really tough, but speaking to advisers, they absolutely need it at the moment.”
Discussing how the role will change, Roberts emphasised that brokers “absolutely valued” BDMs, but that there would be an evolution of how they operated, and lenders were already talking about dedicated “Teams BDMs”.
“It needs to be tailored. Some firms may not want lenders coming into their office, they will have their secure bubbles,” he said.
“So BDMs need to take a very tailored approach to each firm and think of what they want. They need to take a creative approach and tailor messages.”
‘Determined by the market’
This was echoed by Skipton Building Society director of business development Paul Fenn who agreed: “It will absolutely be determined by the market.
“Brokers and introducers out there will determine to what degree we move back to face-to-face or we move back to a virtual environment.
“I think it’ll be a mixture, some virtual, some field. Whether you have a complete virtual team, well let’s see where the next few months goes.”
And Skipton Building Society BDM Rachel Hunnisett added: “The BDM position has always been about building relationships and that hasn’t changed. What has changed is the way we do it.
“How much of that do we carry forward – that will be driven by brokers, driven by demand and what the market needs from us.”