The Business Development Officer (BDO) is responsible for cultivating relationships with prospects and generating new clients for Business Banking and Bank of America Merrill Lynch. The BDO prospects and networks in larger metropolitan markets to identify and develop new Business Banking client relationships with operating companies for the bank. The BDO maintains and builds a network of prospects by working with internal and external centers of influence, commercial referral sources, and prospect lists provided by marketing intelligence. Once a relationship is established and the initial transaction is complete, the BDO transfers the client to a Business Banking Client Manager or Relationship Manager to deepen and expand the long term banking relationship, allowing the BDO to focus on primary role to acquire new relationships. The BDO's primary sales focus includes operating accounts, cash management and other payments services, Business Loans, Lines of Credit, Commercial Real Estate Loans, and various other Business Banking products and services offered across the bank.
- Create and execute an annual business plan to grow the client portfolio through new client acquisition, with focus on profitable revenue growth and the overall financial plan for the business
- Acquire new client relationships; find business relationships with operating companies
- Develop and maintain a referral and prospecting network with customers/clients, peers, Enterprise Business Specialists/Merrill Lynch financial advisors, and other external centers of influence, spending approximately 75% of time in the field
- Identify opportunities to solve client problems through disciplined, high-quality contact activities, fully leveraging available marketing resources and tools
- Analyze prospect needs and design solutions, working with internal product partners and client team members, that match those needs and maximize Bank of America profitability and shareholder value
- Evaluate each prospect’s resources and capabilities in light of current industry dynamics and evaluate risk-return potential against BofAML’s risk framework and client selectivity criteria
- Complete required documentation to support products and services offered to prospect
- Expertly handle and negotiate the client relationships and consummate the transaction arriving at agreements satisfactory to all parties both internally and externally to the bank
- Work with client manager/relationship manager and client team to effectively transition new client for on-going relationship management
Qualifications, Skills, Capabilities
• Resourceful, consistently and effectively networks within the community and centers of influence
• Applies business analysis expertise, financial analysis skills, and applies product , industry and market knowledge
• Builds relationships and operates as a trusted partner; knows how to navigate the organization and leverage internal teammates
• Communicates effectively, both orally and in writing
• Demonstrates sales ability; influences with impact
• Develops new client relationships and new business
• Demonstrates initiative and manages multiple priorities
• Manages risk
• Adaptable, resilient, flexible, operates effectively in competitive situations
• Undergraduate degree in business, finance or economics preferred.
• Completion of formal credit training strongly preferred.
• Familiarity with sales force automation, smart technology, Microsoft Office, a plus.
• Should have an existing COI network and knowledge in the market with proven track record of prospecting new business and exceptional sales skills
• 5-10 years experience in commercial banking and/or business lending
Critical Success Measures
Closed revenue, including credit for closed credit revenue, credit fees, treasury PXV, and merchant revenue