Broaching Pay/Raises

Was promoted not too long ago to a deeper market and bigger book to trade, and while I enjoy my role my pay has been stagnant for some time before “promotion” without clear direction on base pay or bonus structure changes. Have been reached out by headhunters since new role change and I am realizing I am really underpaid for what I do. I truly love everything except pay so wondering how to approach my manager without making it seem like I’ve got a foot out the door when I bring up the competition’s pay