Paul Harper Search and Selection has reviewed BDM salaries over the past 15 years, first gathering data in 2000. This year’s survey, as always reflects data gathered from headhunted candidates working in intermediary sales with a variety of
The survey shows that the mean total salary for a BDM working in the UK has risen to £80,756, a massive 30% increase from the last time we conducted the survey at £61,914 in 2011 and a mere 2.1% below the peak mean totally salary of 2007 at £82,507.
In contrast, basic salaries have risen steadily since the financial crash reaching £48,332 up from £37,991 in 2011.
“These figures reflect the general trend in the market. The role of the intermediary Sales Professional is becoming increasingly complex, as well as the variety of companies they represent. Back in 2000, most Intermediary Sales Professionals were called Broker Consultants, and represented a life office. Now, intermediaries advise on products and services from a variety of companies including Asset Managers, Discretionary Fund Managers, Platform Providers as well as traditional life offices and the skills set of a BDM reflects the complexity of the role”.
For a typical BDM, the basic salary now reflects around 60% of total remuneration. Whilst in 2011 it was 57%, and less again in 2007 at 41%. “Today’s BDM bonus scheme is far more likely to include a cap and in many cases is only partly driven by sales volumes with other parts based on behaviours”. When broken down by region, the highest total earnings appear to be in London at £109,434 which does not come as a surprise, and the lowest total earnings appearing in the East Midlands with £66,000. The highest Basic earnings range from £57,750 in the North West to £36,313 in Wales.
Life office intermediary sales has been a shrinking area in the past few years. But while the big life offices employ far less BDMs than they used to, there have been a lot more market entrants. A much wider variety of companies are employing intermediary sales professionals and top quartile earnings have reached £140,000.
The survey will be available from 1st February 2016. If you would like to know more, please email email@example.com quoting: "Salary Survey 2015" in the subject.