In terms of investment products, there are plenty of options out there for advisors. While that’s undoubtedly a positive, it can make the selection process challenging. The role of the BDM or wholesaler in connecting advisors with fund providers is therefore crucial, and it’s one that has evolved greatly in recent years.
Much more than simply a salesperson, today’s BDMs and wholesalers must wear many hats. Product knowledge is a must, of course, but those who excel in the role are also highly capable when it comes to portfolio construction. Client expectations have risen for advisors in recent years; the same can be said for BDMs and wholesalers. And as with advisors and fund managers, it is commonplace for BDMs and wholesalers to obtain certifications to broaden their investment knowledge.
There are plenty of individuals who are rising to this challenge. The BDMs and wholesalers WP spoke with agreed that their job has evolved over the years, as has their relationship with advisors. Value-add is the primary consideration for those in the wealth management business, and wholesalers have to prove their worth on a consistent basis. The people highlighted here certainly realize that – they’re not just adapting to change, but thriving in it.