BDMs pressured to support in-house products
More than half of business development managers (BDMs) have indicated that the size of their bonus depends on the support of in-house products and platforms.
Business Health has surveyed more than 100 BDMs for its 'Business Development Manager Research’ report, which found most had a base salary package of between $100,000 and $200,000.
However, incentive/bonus payments were much more widespread.
One fifth of managers working for a non-aligned licensee reported receiving zero bonus/incentive payments in the last financial year, while just under half of all surveyed managers received a bonus payment of between $10,000 and $50,000.
“Adviser revenue and adviser retention both figured prominently as formal determinants for success,” the report stated.
“While over half (58 per cent) of managers stated that support of in-house products/platforms is taken into account when determining their success, only one in three indicated that adviser profitability is one of their important key performance indicators.”
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