Business Development Managers

FY23 Survey Report

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Survey Report

Here are the results of our annual survey that reveals the top 10 frustrations Brisbane CFPs have with Business Development Managers (BDMs) from investment fund management firms. The survey revealed that the top 10 frustrations CFPs have with BDMs include unreliability, unresponsiveness, lack of knowledge, myopic perspective, inexperience, insecurity, passivity, product pushing without value-adding, and lack of empathy.

By far the biggest frustration CFPs have with BDMs is their unreliability. Many BDMs promise to provide information and solutions but fail to follow through, leaving CFPs feeling frustrated and disappointed. Additionally, some BDMs are unresponsive and fail to return calls or emails in a timely manner, making it difficult for CFPs to do their job effectively. the second biggest issue is that BDMs lack the necessary knowledge and training to answer technical questions about the funds they represent.


What CFPs Want From BDMs:

  1. Reliability: CFPs want BDMs who follow through on their promises and are responsive when needed.

  2. Knowledge: BDMs must have a thorough understanding of the products they are selling and how they compare to the alternatives in the market.

  3. Support: CFPs want BDMs who can provide technical support and training on the products they offer.

  4. Consultative Approach: BDMs should take the time to understand the CFP’s business and clients before pitching their products.

  5. Proactivity: BDMs who take the initiative to provide regular updates and industry insights are highly valued.

  6. Trustworthiness: CFPs need to trust the BDMs they work with, and this trust can only be earned through honesty and integrity.

  7. Empathy: BDMs who show empathy for the CFP’s business and clients will build stronger relationships and earn more business.


How BDMs Can Improve:

  1. Do what you say you’re going to do: BDMs must be proactive in following up on their promises and responsive to the needs of the CFPs they work with. Trust is earnt over time by making small promises and keeping them. 

  2. Improve Product Knowledge: BDMs must have a deep understanding of the products they are selling and the market in which they compete.

  3. Offer Support: BDMs should provide technical support and training to CFPs, helping them to better understand the products and services on offer.

  4. Add Value: BDMs should take the time to understand the CFP’s business and clients before pitching their products and offering value-added consultancy services.

  5. Be Proactive: BDMs should regularly provide industry insights and updates to the CFPs they work with, building trust and loyalty.

  6. Build Trust: Honesty and integrity are key to building trust with CFPs. BDMs should be transparent in their dealings and follow through on their commitments.

  7. Show Empathy: BDMs who show empathy for the CFP’s business and clients will build stronger relationships and earn more business.

CFPs want BDMs who are knowledgeable, smart, honest, humble, proactive, committed, focused, experienced, genuine, interested, trustworthy, and empathetic. BDMs who possess these qualities are more likely to establish strong relationships with CFPs and provide value-added services.

BDMs can add value by providing regular product updates, relevant industry and institutional updates, tech services, client-friendly material, and even presenting to clients on available products and their market comparisons. 

CFPs expect BDMs to put on a decent lunch, which is seen as the price of admission to the ballpark. Fancy lunches are good once in a while but not too often, otherwise, it becomes a drain on their time rather than a value-adding experience. In between lunches, CFPs are often open to a quick coffee and a chat. Above all, CFPs prefer BDMs who are genuinely helpful and provide value beyond their product offerings.


In conclusion, BDMs play an essential role in the financial services industry by keeping CFPs informed about new offerings and market trends. However, to be effective, they must be reliable, knowledgeable, and empathetic. By addressing the top frustrations identified in the survey and focusing on providing value-added services, BDMs can establish stronger relationships with CFPs and better serve their clients.

Patrick Woodcraft - Wholesale Investment Specialist Profile

About the Author: Patrick Woodcraft

I’m talking with Fund Managers about how to grow investment revenue using these insights to improve service levels to CFPs. Book a free 15-minute discovery call with me to see what value I can bring to your business and establish if we’re a good fit to work together.



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Thanks for reaching out. I’m looking forward to connecting with you to understand your needs and discover how I can serve you best. 


*Patrick Woodcraft does not provide financial advice or investment advice. Nothing on this website may be construed as financial advice or investment advice. Read the full disclaimer here.


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