Growth in FUA and market share
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. The Institute of Managed Accounts Professionals’ (IMAP) latest “FUM Census Report” (to 30 June 2021) shows that BT’s managed account growth has consistently outpaced industry growth in the past three years.4
Twenty-two new portfolios and four new investment managers were added to the platform’s managed account offering in the September quarter, and managed accounts FUA nearly doubled to $9.3bn, compared to September 2020.
Net flows from organic growth boosted FUA by $1.9bn in the September quarter. FUA market share increased from 6.7% to 12.9% over the June quarter1, anticipated to rise to above 13% when 30 September figures are available. BT Panorama is also helping Australians in retirement with $1.31bn in pension payments in the year to 30 September 2021.
According to Investment Trends Adviser Technology Needs Report, May 2021, BT Panorama had the highest number of adviser relationships. A net increase of 112 advisers on the platform in the September quarter takes the total number of active advisers using BT Panorama to 6,034. New adviser relationships will drive further growth.
BT has redesigned and updated its BT Panorama mobile app providing advisers and clients improved security, more intuitive navigation, and a new look interface, making it easier to access information and popular features.
The refresh is based on extensive testing and customer feedback, with new capabilities including faster navigation, handy updates and alerts, more investment detail and quick-access searches. The updated app has a phased rollout from today and will be available to all users by 25 October 2021 via Google Play and the App store.
Advisers’ need for greater administrative efficiency and the support role of platform technology became even more apparent this quarter when new regulations commenced on 1 July making it compulsory for advisers to obtain a record of consent from clients for ongoing fees. Advisers’ usage of BT Panorama’s digital consent feature grew from 2,116 in September 2020 to 30,095 in September 2021.
BT’s AI enabled virtual assistant ‘Blue’ has supported over 14,000 advisers and customers this quarter, facilitating around 48,000 sessions (up by 55% compared to the June 2021 quarter). Available 24/7, Blue helps troubleshoot common issues such as how to view statements, while providing the latest information on regulatory and product changes.
Since inception in February 2021, Blue has conducted over 150,000 conversations. As BT Panorama users continue to use Blue more frequently, and many are increasingly preferring digital service options, BT continues to refine and train Blue to understand more questions and respond more efficiently.
See the PDF download for full details including charts and tables.
1 Plan For Life Platform Wrap Admin Report, June 2021 (excluding Corporate Super)
2 Migrated FUA is the amount of FUA migrated to BT Panorama in each quarter. Note this represents a change in measure, prior quarter releases have reported the current FUA value of all historically migrated accounts.
3 Investment Trends Adviser Technology Needs Report, May 2021
4 IMAP Milliman Managed Accounts FUM Census to 30 June 2021, released on 14 September 2021
Media Relations, BT
M: 0432 933 796