Investec Private Bank’s BDM Peter Izard (pictured above) has stated that if you don't invest in people, you won’t get the outcomes that you need.
The bank’s mortgage intermediary team — which has been sourced from within the business and is headed up by Peter — currently works with over 1,000 individuals at more than 250 firms.
It consists of six BDMs and seven private bankers, the latter of which operate as underwriters.
Since Peter joined four years ago, the division’s lending volumes have trebled.
In an exclusive interview with Specialist Banking, Peter explained that the division’s key differentiator was that the team was trained to do more than just take an enquiry.
As a result, he spends up to a year training each new BDM to the level that he requires.
“I say it takes a year, [but] it doesn't take a year for them to be out on the road.
“It doesn't take a year for them to be structuring deals etc.
“But in my mind, it’s a year’s investment to get them to the point where I [can] turn around and say, 'They are truly free.’
“And that's an input that takes a huge amount of my time, but actually, if you don't invest in people, you don't get the outcomes that you need.”
Peter said that following six months of training, the BDMs would be doing accompanied visits, before going out solo roughly after a year.
He added that his BDM team has the ability to structure a deal, provide indicative terms and go out to see the intermediary with outlying terms before an underwriter is involved.
"Now that's pretty unique, because by this time, it has normally [long since been] handed over to a banker (underwriter).
“We hand it over when the intermediary comes back and says, 'Yes, look my client wants to proceed.’”
Investec will then formally introduce the private banker, who will take the client forward for a credit submission, credit sanction and take it all the way through to application and completion.
“All the time, my business development team, while still seeking new opportunities and new business, will be having an overview of that case.
"…Most BDMs are there to develop business, to promote the brand to the intermediary circle and to effectively discuss cases at a high level.
"We do all of that, but we take it to the next stage.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Maria Harris set to leave Atom bank
Atom bank has revealed that its director of retail mortgages Maria Harris (pictured above) is set to leave to become an independent consultant in the mortgage market...
Handelsbanken reports 6% surge in UK lending
Handelsbanken has reported a 6% increase in UK lending to £21.4bn in Q2 2019, compared with Q2 2018...
Tandem reveals development of new mortgage product
Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers...
Goldman Sachs invests €25m in Raisin
Goldman Sachs has provided €25m of funding to Raisin...
The power of partnerships
Since our launch in September 2015, we have proven our ability to innovate in the UK savings market, which has been recognised with various savings awards...
N26 rebrands premium account
Mobile bank N26 has launched a premium accounts product named N26 You...
Sesame adds Investec Private Bank to panel
Investec Private Bank has been added to Sesame’s panel...
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...
City of London Group posts £3.6m pre-tax loss after absorbing banking licence costs
City of London Group PLC (COLG) has reported a pre-tax loss of £3.6m for the year ended 31st March 2019 after absorbing £1.7m of costs associated with applying for a UK banking licence and acquisition of Acorn to Oaks Financial Services Limited...
Redwood Bank appoints two new BDMs
Redwood Bank has appointed Dan Carter (pictured above, left) and Sue Young (right) as BDMs...
Sainsbury’s Bank updates residential and BTL mortgage ranges
Sainsbury’s Bank has updated its residential and BTL mortgage ranges...