According to the latest Strategic Insight data BT Panorama was the fastest growing retail platform in netflows for the 12 months to June 2019, with $8.2b generated well ahead of any competitor1.
BT has also maintained its overall number one retail platform provider in terms of market share2.
Since 1 January 2019 BT Panorama funds under administration (FUA) have increased from $13.9b to $23.4b with an average of $1.06b new flows every month3.
BT’s General Manager Platforms, Investments and Operations Kathy Vincent said the continued success of BT Panorama is based on BT’s strong relationships with advisers over decades, continuous improvement and investment in the platform and the introduction of a transparent pricing structure.
“Pressure on competitors has been significant since BT Open platform pricing was launched in July last year. The industry had never had transparent platform pricing before and this move has resonated with advisers and customers as evidenced by our remarkable and sustained growth,” Ms Vincent said.
Also contributing to the success has been the response from advisers and their clients to features such as the integration of the Record of Advice (ROA) with Xplan and the ability to provide digital consent via handheld devices, as well as investors being able to view and interact with their portfolios via the mobile app. Seventy per cent of all investor logins on BT Panorama are now via the app.
“Continuous improvement and user feedback have been at the core of BT Panorama’s development and this is ongoing,” Ms Vincent said.
In early 2020 BT will launch a dealer group self-service tool to allow dealer groups to directly onboard advisers and support staff and provide a full view of their practices. This replaces manual processes and will provide transparency and ease in managing their business on BT Panorama, and complements additional functionality released including adviser models and ‘models of models’ capability.
Additionally, there will be an update to the adviser dashboard to provide a snapshot of key events and client insights to help advisers provide timely advice to their clients.
“Migration to BT Panorama remains a key strategic priority for the business and we look forward to updating advisers and clients on the timeframes for migration in the coming months,” Ms Vincent said.
BT has remained the number one platform provider in terms of market share for more than ten years and currently holds 19.1 per cent of platform FUA4. BT Wrap, Asgard and BT Panorama platforms currently hold $125.64 billion FUA5.
1 Strategic Insight Platform Wrap Report – June quarter 2019. Figures quoted are on a retail platforms (including wraps, platforms and master trusts and excluding corporate super) basis
2 Strategic Insight Platform Wrap Report – June quarter 2019. Figures quoted are on a retail platforms (including wraps, platforms and master trusts and excluding corporate super) basis
3 BT Panorama data form 1 January 2019 to 29 September 2019
4 Strategic Insight Platform Wrap Report – June quarter 2019. Figures quoted are on a retail platforms (including wraps, platforms and master trusts and excluding corporate super) basis
5 Based on BT data as at 27 September 2019, including term deposits, managed funds, managed portfolios and equities on BT Platforms (excludes assets not under the platforms’ custody)
Media Relations, BT
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