As Business Development Director at Quilter Cheviot, Allie McMahon researches and measures the marketplace, seeking new opportunities to present to her international client base. She also gets to attend some exciting client events…
Allie, Could you define your role for us?
My role as Business Development Director has a very broad scope, in essence the objective is to grow the business in line with business strategy plans and work with a client or prospective clients to guide and support them with solutions to meet their needs. A business development relationship is twofold in my opinion, it is seeking out new opportunities and maintaining and nurturing existing relationships at the same time.
Research is key to the success of a business development role, whether it’s research in understanding your clients, prospective clients, markets or products. Preparation and planning are extremely important to unlock new opportunities in new markets, client channels, partnerships and product solutions.
Measuring success is a fundamental factor in business development, reviewing management information and key performance indicators highlights trends in client requirements as well as measuring activity and conversion success rates. This helps the business adapt and change certain aspects of client engagement and or products.
Visibility and networking in the marketplace is important, attending industry events and conferences is part of the role. Interaction with others at these events helps to promote the brand, build relationships and discuss potential opportunities.
What part of your role is most enjoyable?
I enjoy the diversity my role has to offer. I deal with an international client base and with the ever changing regulatory and market conditions and clients evolving requirements, every day is interesting and a learning day. I enjoy exploring and unlocking new opportunities for the business.
An exciting part of my business development role is that on occasions I get to attend a special client events, Wimbledon being my favourite experience.
What part of your role is most challenging?
The most challenging part of my role is dealing with situations beyond my control such as changes to regulation, markets, and client requirements. That said, I enjoy the task of seeking out solutions and working together with colleagues to give clients to best possible outcome.
Would you encourage more females to seek career opportunities in wealth management?
Yes, in particular front office facing roles such as financial planning and investment management. Historically these front office roles have been male dominated. Having females in these roles creates a more diverse culture and it gives all clients alternative options to deal with either a male or female adviser. It also enables a greater balance of opinion, fresh perspectives and shared ideas and experiences.
If you were giving advice to your 16 year old self what would it be?
Never compare yourself to anyone else. We all develop at different rates of speed, whether it be through your study, career, or private life. There is no set rule that states you must qualify, get promoted or even purchase a property by a certain age. Surround yourself with people you love, trust and who support you and never ever stop learning new things. Knowledge is power!
