BDM FAQ - Roles and Responsibilities
Frequently Asked Questions
IFSG Overview
What is IFSG’s value proposition to clients?
IFSG empowers clients by offering independent financial solutions, including life insurance, retirement planning, investment strategies, and mortgage insurance. We focus on providing tailored services, helping individuals and families secure their financial futures. We also partner with other businesses to expand our reach and offer customized packages that best suit the client’s needs.
Role and Structure
How does the Business Development Manager role fit within IFSG’s structure?
As a BDM, your role is crucial for driving business growth by identifying and securing new business opportunities and partnerships. You’ll be responsible for working with businesses and organizations, building strong relationships, and generating leads for financial products. Your success in managing these partnerships directly impacts IFSG’s expansion and revenue generation.
What are the growth opportunities for a BDM at IFSG?
There are ample growth opportunities at IFSG. Successful BDMs can expand their roles, take on larger partnerships, and potentially move into senior management positions. For detailed information on role progression within the BDM department, please refer to the BDM presentation.
Compensation and Expectations
What is the compensation structure for a BDM?
BDMs at IFSG are compensated on a marketing commission basis, with earning potential tied to the revenue generated through the partnerships and business you bring in. For a detailed explanation of the compensation structure, please refer to your BDM contract.
What is expected of me in terms of target setting and performance?
We expect a minimum performance of 10 hours committed each week in this role as part-time, or 40+ hours for full-time BDMs. For part-time BDMs, we expect a minimum of 1 business signed up each month, or 10 or more for full-time BDMs per month. BDMs are also expected to attend regular weekly check-ins with the team and work closely with the team lead. Regular performance reviews will be conducted to ensure alignment with IFSG’s goals.
Onboarding and Partnerships
What is the process for onboarding a new client or business partner?
The first step is for the BDM to connect with potential business partners and explain what we offer. For interested potential business partners, the next step would be to sign the partnership agreement with IFSG, which the BDM must initiate and supervise. The third step is to ensure that the business partner receives their marketing materials and answers any questions they may have on the roll-out of our partnership with their members.
What can I discuss with potential partners?
BDMs must adhere strictly to the BDM contract and the guidelines listed in the agreement. As a non-licensed BDM, it’s important to follow these guidelines to ensure compliance with the Alberta Insurance Council.
Support and Resources
How will I be supported in my role as a BDM?
As a BDM, you’ll receive training and ongoing support from the team at IFSG, including guidance from leadership, marketing materials, and tools to help you succeed. You’ll also have access to IFSG’s licensed Financial Advisors for collaboration on client education and service offerings.
How does IFSG support its partners in terms of marketing and lead generation?
IFSG provides partners with marketing materials, co-branding opportunities, and leads through our network. We also support partners with resources to help them engage their client base and expand their business.
Website and Personal Branding
Can I have a professional IFSG website?
BDMs wishing to obtain their own IFSG professional website will need to send a payment of $80 for the design and maintenance of the website. This is a yearly fee. The payment can be sent to office@ifsg-ca.com.