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BDMs don’t just go to lunches and conferences, they work hard to build long lasting, strong broker relationships, says Citibank’s Ross Cacozza
What are the most common misconceptions brokers have about their BDMs?
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That deals just fall into our laps. We work hard to build lasting, solid relationships that allow us to be given deals. Oh, and that we get to go to a lot of conferences and lunches.
What is the worst experience you have had in your BDM career?
The GFC brought a new complexity to the market. We saw clients embrace the major banks, moving away from the non-banks and non-majors. These decisions were previously made based on price, product and service but the GFC introduced a new element – perceived security.
This was a challenging environment for a BDM of a non-major to operate in. While Citibank kept a full complement of sales and support staff during this time, challenging the myths and explaining Citibank’s position became part of the day to day regime.
Looking back at this period of my career, it is clear that it changed the industry and it also changed my mind set.
As a result, I feel that I am now a more balanced BDM, with a deeper understanding of banking and, most importantly, third party lending.
What is the toughest thing about your job?
You are only as good as your last month, but that can be said about most jobs. As a BDM that takes responsibility for all facets of the bank’s processes, I often rely on my relationships to find solutions, whatever the issue. This is part of the service I offer those that entrust me with finding solutions for their clients, and is something that I take a great deal of pride in.
That being said, it is true that often my success – and therefore how effective I am to my clients – is reliant upon the efforts of others. Managing this on a day to day basis in a very competitive environment is always a challenge which requires commitment and a great deal of passion. While it can be tough, I understand that if I continue to find ways to add value to my relationships, my success is assured.
What causes turnaround times to blow out and how can brokers help address this problem?
Extended turnaround times are attributed to the basic concept of supply and demand. I am 100 per cent certain that no bank plans to blow out their [service level agreements].
It comes with offering such attractive offers – of course everyone wants to get on board at the same time.
The best way for brokers to make the problem better is to ensure they submit fully packaged deals so that there is lesser risk of the loan being delayed.
Most importantly, talk to your BDM. They should be well positioned to provide you with information and, most importantly, tips on how you can avoid issues and therefore get the best possible service.
If your BDM is not accessible, build a relationship with one that is.
What does a typical day for you look like?
Wake up, log on and clear emails. Dial in to the east coast sales call, hear about the successes of my colleagues, share mine and receive an update on the goings on in our industry. Hit the road, BlackBerry at hand, as I drive to my first appointment – the first of three to five for the day. Present at a PD day, workshop a couple of deals and then it’s back to the desktop to clear any emails and check on submissions and pipeline for the day. Spend some time with the family, clear a few more emails and then call it a day…
What is the one key piece of advice you have for your brokers?
Healthy competition is the key to our industry so share the love and spread your business around. It makes our industry stronger and keeps all the players honest.
