Westpac has touted its commitment to the third party channel by investing in a huge education push for its national network of BDMs.
Westpac’s general manager for broker distribution Tony MacRae told Australian Broker
that the major bank has partnered with a leading university to up skill and educate its BDMs.
“We’ve partnered with Deakin University and so [our BDMs] are going through both classroom plus practical style education,” he said.
“It has been a two year journey, so it isn’t just this year but it will culminate with professional qualifications for all our BDMs by the end of the year. This will give them the skillsets and the ability to stand out as real growth consultant experts in the market place.”
BDMs can’t just be transactors anymore, says MacRae, they need to be true business consultants and business partners with brokers.
“We believe that the industry is evolving. The industry is changing and the level of skill and knowledge that is needed is just stepping up and expectations are stepping up more and more,” he told Australian Broker
“We want our BDMS to move from just being pure transactors to being true business consultants, and really focusing on working with the broker to help them look for further growth opportunities and expand their business, beyond just helping them solve transactional issues. We want our BDMs to be real business partners with brokers.”
Last year, the major bank increased its BDM network by 33% nationally. However, MacRae says this year will focus on education and increasing their capacity to get out and about in front of brokers.