Westpac has reported a 235 per cent increase in funds under administration for BT Panorama to $105 billion compared to September 2020 as part of the bank’s full-year results.
The rise was linked to migrations from the BT Wrap platform as well as organic growth.
Net flows excluding pensions and early release super were up 134 per cent on the previous year to $3.8 billion.
Super funds under management grew by 19 per cent to $45 billion.
A total of $1.9 billion in pension payments were made during the year, along with $100 million in early release superannuation payments to individuals impacted by the COVID-19 pandemic.
More than 6,000 active advisers are using the platform, with BT holding the leading market share of 18.8 per cent according to the Plan For Life Platform Wrap Admin Report.
“I know this is a challenging time for advisers and we want to be part of solving problems as a reliable, consistent and innovative business partner,” BT Financial Group CEO Matt Rady said last month.
“As part of our ongoing investment, over the next few months we’re releasing several improvements including the addition of reduced income tax credits (RITC) on advice fees for investment clients, enhancing the advice fee process for offline consent, and beginning to facilitate in specie rollovers to Panorama Super.”
BT also reported a 16 per cent increase in the funds administered by its BT Investment Solutions (BTIS) arm to $45 billion.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
