In the battle to raise assets and expand their client base, some advisory firms particularly larger ones are turning to business development officers.
About 15% of the 436 firms that participated in the study reported having a dedicated BDO to help with rainmaking. The survey also found that firms with BDOs added twice as many new clients last year and three times the amount of new assets from new clients.
Larger firms are the most likely to have BDOs, with 34% of firms bringing in at least $3 million in revenue having this position, according to the survey. And these firms attribute double the amount of new business to the BDO role, 10%, as opposed to 5% for all firms with the position.
The most effective way to use a BDO is to have the person work with the firm's relationship managers on sales training and other practices that create a culture of growth, Mr. Tibergien said.
It's like having a fitness coach, he said.