With the migration of BT Wrap customers to BT Panorama completed in the June
quarter, FUA growth in the September quarter was largely due to adviser demand for
managed account solutions on a contemporary platform.
Among the top five questions that advisers have asked BT’s technical team in the September quarter, two are related to Covid: the re-contributions of early release of super amounts and the extension of Covid relief for SMSFs.
Matthew Rady has today been announced Chief Executive Officer, BT Financial Group (BTFG).
This newly created role leads a combined business that includes BT Platforms, including BT Panorama, BT’s Personal and Corporate Super, and Investments.
BT’s 500,000 MySuper members have seen record returns for most members in the twelve months to 30 June, with returns as high as 25.6%, the strongest 12 month returns since BT’s MySuper options were launched in 2014.
With the end of the financial year just around the corner, top of mind for many financial advisers is the indexation of superannuation caps and thresholds, which includes an increase to the ‘preservation age’ relating to when Australians can access their super, as well as the qualifying age for the age pension.
The 2021 end of the financial (EOFY) will be nothing like previous financial years for many Australians with potential Government stimulus payments, early release of super withdrawals, change in working hours and working from a home office all impacting financial goals and tax time preparations.
BT Panorama is now Australia’s largest contemporary investment platform with $49 billion of funds under administration (FUA). More than 38,000 BT Wrap client accounts have been transferred to BT Panorama in the last week, increasing FUA by 30%. Once all BT Wrap accounts have been transferred (completion is expected by the middle of this year), BT Panorama will have around $90 billion FUA.
For the third year running BT Panorama has been awarded ‘Best Mobile Platform”, ‘Best Client Portal’ and “Best Online Business Management’, in the latest Platform Competitive Analysis and Benchmarking Report from Investment Trends.
COVID-19 continued to be a dominant theme in Australians’ conversations with their financial advisers in the final quarter of 2020, as clients realise their plans to downsize for lifestyle or health reasons.