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What is the Business Development Director (BDD) responsible for?

The Business Development Director (BDD) for Defined Contribution Plans is responsible for driving growth and expanding the company’s business within the defined contribution space, focusing specifically on retirement focused advisors and clients (mid-market companies with defined contribution retirement plans). The BDD identifies new business opportunities, cultivates relationships with key decision-makers, and develops strategic solutions to meet client’s retirement plan needs. Ideal candidates will have a deep understanding of defined contribution (DC) plans, including 401(k) and other retirement plan products, and a proven track record of success in business development within financial services.

Location: ideal candidates will be located in the Northeast region specifically Boston, MA.

What are the key responsibilities of a Business Development Director (BDD)?

Client Acquisition and Relationship Management:

• Identify new business opportunities with retirement focused advisors and clients, including mid-sized companies (typically 100 to 500 employees) with defined contribution plans

• Develop relationships with key decision makers such as HR directors, CFOs, and benefits managers

• Serve as the point of contact for clients, providing ongoing service to ensure retention and satisfaction

Sales Strategy & Execution:

• Develop a comprehensive business development strategy for defined contribution plans to win new business

• Create tailored presentations and value propositions, addressing the needs of retirement focused advisors

• Present retirement plan solutions, including 401(k), 403(b), profit-sharing, and other retirement plans to prospective clients

• Engage in prospecting and closing of new business to meet or exceed sales targets

• Provide consultative services to clients, offering insights on plan design, investment options, and plan participant engagement strategies

• Track sales pipeline, forecast revenue, and report progress to leadership

• Monitor client satisfaction and retention metrics

Cross-Functional Collaboration:

• Partner with internal teams, including product managers, compliance, marketing, and client service teams

• Collaborate with leadership to refine the business development strategy

What ideal qualifications, skills and experience would help someone be successful?

• Bachelor’s degree in business, finance, economics or a related field

• 7+ years of experience in business development, sales, or account management, with a strong focus on defined contribution retirement plans

• Proven track record of successfully selling retirement plan solutions (i.e. 401(k), 403(b), profit-sharing) to mid-sized businesses

• In-depth knowledge of defined contribution plan design, compliance, and investment strategies

• Experience with Tier II clients (100-500 employees) and an understanding of their unique retirement plan needs

• Strong communication, negotiation, and presentation skills with the ability to develop compelling proposals tailored to client needs

• Deep understanding of financial services, employee benefits, and retirement planning

• FINRA Series 7 and 63 licenses required

Personal Attributes Desired:

• Strong business acumen with the ability to identify opportunities and deliver customized solutions

• Self-motivated and goal-oriented, with a passion for driving business growth

  • Excellent interpersonal skills, with the ability to build and maintain relationships at all levels

  • Ability to work independently and manage a pipeline of opportunities effectively

  • Ability to travel (related to client engagement and business development effor