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
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...