Let’s talk “business development” with Tim Lane, Director at ANZ Private Bank.

Tim, what’s the hardest part of running a successful Business Development strategy?  Is there a particular hurdle that needs to be overcome?

From my view point given the many areas the business covers, it is keeping the team focussed on the 3 or 4 key areas of the strategy and letting all the little stuff be dealt with, but not consume the focus or effort of the team. Linked to this is the belief in the value of what the team has to offer clients because Private Banking is not about products but strategy.  Clients will see it in the banker if they do not believe or understand the strategies.

It’s been a tough market over the last 18 months.  What’s been the best business development strategy you have seen or used over that period?

The market of the past 18 months has highlighted to many clients that they did not have well thought out plans and now there is a higher focus on risk (credit, investment, asset protections etc). This has been a growth phase for our business where direct, open and honest conversations really have delivered value to both parties.

Do you belong to any networking groups or attend regular business networking functions?  How successful are these events or what makes them successful?

Given the ANZ organisation I find more than enough opportunities within the group by networking among other business units like commercial and corporate bank. I do attend external functions but more so with a view to see who else is doing what.  It can also be a good place to identify possible new staff.

You would have the opportunity to work with a lot of internal referral partners (other divisions at the bank).  Do you have any tips on how to make cross-referrals among your internal partners succeed?

Open communication is the key. Consistently deliver the message of the business you are looking for. Be open to discuss client needs and upon completion of a meeting provide feedback at each stage. Many other divisions do not fully appreciate the time it can take to get execution on a strategy so keeping them appraised of the status of the relationship etc is very important, subject to internal information controls of course. Lastly is the recognition of a job well done at conclusion.

Do you track your business development activities and outcomes?  Any tips in this area – what makes this process easier, more effective or more useful?

Yes I have a referrals and prospects list and folder which I review monthly. As information comes to hand that I think is relevant I will forward this to prospects and follow up with a call. My approach is a bit ad hoc in that I do not set a time period to follow up, more as I review the pipeline and consider what has happened in various markets and does this provide a catalyst to make a contact worthwhile.

What’s your #1 business development tip?

Identify your target market and keep consistent with the message to all other referral sources. If they understand what you are seeking there is a better chance it can be identified to you.   For example, If you are in the +$2.5M investment bracket it’s no point talking about $20K investments etc...

Time for your “stadium pitch”.  You are standing before 30,000 people and have 30 seconds to get them to come and have a coffee with ANZ Private Bank.  You step up and say…

1% of people would have the potential to be a client of ANZ Private. If you are worried about: who will control your wealth, when to transition it to others, how to successfully exit your business and concerned about managing larger sums of money, you need to have a coffee with me. My whole business and the 70 people within, backed by the ANZ brand, are assisting over 1,000 similar clients today and providing piece of mind to these issues for business owners and investors.