A BDM should know how to structure a deal to escalate credit approval
BDM in the Spotlight and State Manager in the Spotlight is a regular series, giving brokers insight into the lives of some of the country’s leading relationship managers.
MPA spoke to Richard Planca (pictured above) Aquamore’s NSW-based business development manager about how he supports brokers, what sets successful brokers apart and what brokers should expect from a BDM and lender relationship.
Planca has always loved working in sales, so has used his people skills to help him foster relationships with the brokers he works with.
He says one of the favourite parts of his job is when he works with a broker and, after examining all of the options available, they settle their first deal together.
Name: Richard Planca
Title: Business development manager, NSW
Time in the industry: Three years in private lending
Company: Aquamore
Location: Sydney
What was your first job out of school or university?
I’m a people-person and sales has always been in my blood. I signed up as a sales clerk for Betts Shoes straight out of school, which was a great opportunity to start to develop my sales and customer service skills.
What attracted you to the mortgage and finance industry?
I love meeting new people, extending my network and supporting brokers to deliver game-changing commercial finance solutions to benefit business borrowers.
Briefly describe your role and how you support brokers?
My role revolves around fostering strong relationships with brokers and providing crucial product support. I work to understand their needs, offer guidance, and facilitate training and education to help brokers better understand the private-lending sector and write more commercial finance loans.
Also my role is to actively develop new broker relationships and nurture existing broker relationships to help facilitate fast, aligned commercial finance facilities for SME clients. I also firmly believe that a ‘sum is greater than its part’ and actively collaborate with alternative finance lenders to upskill brokers via in-person broker educational events in metro and regional NSW.
A goal that you aim to achieve in your role this year
My goals are to be the first point of contact for ‘larger ticket’ secured commercial finance in the private lending space, to deepen my broker partnerships and to help extend Aquamore’s footprint in metro and regional NSW.
What’s your favourite part of the job?
My favourite part of the job is when you meet a new broker and settle your first deal together – particularly after all the hours spent on workshopping scenarios, developing the most aligned structure and facilitating the settlement process.
What sets successful brokers apart?
We’re seeing a lot of success come to brokers who are proactively upskilling to get a deeper understanding of the different types of facilities available from alternative finance providers, and who aren’t afraid to pick up the phone and workshop a scenario. There’s also a lot to be said for brokers who make the effort to meet with their clients face-to-face to build and sustain rapport.
What should brokers be demanding from a BDM and lender relationship?
A BDM should be able to deliver deep product knowledge and have a sound understanding of how to structure the deal to escalate credit approval. In addition, it’s expected that a BDM should be accessible in real-time. It goes a long way to answer phone calls, respond to emails in a timely manner, and provide an enthusiastic, positive, and respectful attitude in all dealings.
Describe your ideal weekend.
Easy. A barbecue at the beach with family and friends and a game of footy on the sand.
BDM in the Spotlight features a range of relationship managers and BDMs within the mortgage and finance industry. Among those recently featured: Resimac’s Stefanie O’Connell, Bendigo and Adelaide Bank’s Julie Saliba, AFG’s Scott Chandler, Suncorp Bank’s Zach Metaxotos, AMP Bank’s Laura Downer, RedZed business development manager Joel Reid, Aquamore’s Brett Winzer, Commonwealth Bank relationship manager third party banking Jessica Matthews and Suncorp Bank business development manager, small business and commercial Ash Fernando.
What sort of attributes do you think a good BDM should have? Share your thoughts below
