A simpler, better BT

Today Westpac announced it has concluded the sales process for BT Platforms. Westpac will now retain and continue to invest in the business to aggressively compete in the platforms market.

BT is one of Australia's leading platforms providers with $131 billion funds under administration.1 It supports more than 350,000 investor accounts and has relationships with almost half of Australia’s financial advisers, with more than 7,800 active advisers using BT’s platforms.2

Following the merger of BT’s personal and corporate superannuation with Mercer earlier this year, BT is now also a simpler business focused on platforms.

Matt Rady CEO, BT said: “BT is a vibrant brand with more than 25 years of leadership in platforms and is now a simpler, better business.

“We will continue to invest in features to improve the adviser and investor experience based on feedback from dealer groups and advisers, including our leadership in digital capability and managed accounts as we transform the way we deliver service.

“To give advisers more time with their clients, delivering time-saving features for advisers and practice staff is a priority. We have already delivered initiatives including the BT Panorama Online Service Request Tracker, advice fee consent simplification, increase in client payment limits, Design Distribution Obligation (DDO) tools and a significant upgrade to the mobile app including the addition of the chat bot ‘Blue’.

“And these initiatives are being well received, for instance, BT Panorama Online Service Request Tracker has seen a strong take up and positive feedback with over 18,000 unique users and 2,800 advice practices now using the service with usage growing 34% in the last six months.3

“We are continuing to grow our broad investment propositions, including our managed accounts offering and expanding our wholesale investor fund menu.”

Mr Rady said BT offers strength, security and confidence to its advice partners. “With the market increasingly focused on data security, Westpac’s technology capability and security provides advisers and investors with additional peace of mind”.

“The BT brand is synonymous with supporting financial advice, and I am really excited to take the business into a new era, as we continue to support quality financial advice to thrive,” said Mr Rady.

Mr Rady also thanked BT Chief Strategy and Product Officer, Kathy Vincent, who has decided to take up a role outside of BT.

“Kathy has made a defining mark on our business, having led Platforms through a significant period of transformation, including the exit of financial advice, supporting our advisers and members through COVID and migrations and guiding BT through its risk maturity journey.

“Kathy will be with us for some months, and we wish her well when she leaves later this year.”

Highlights BT platforms:

  • 7,800 (unique) active adviser relationships
  • Over 350,000 investor accounts
  • $131bn in funds under administration (FUA)4
  • Number #1 platform provider by market share5
  • Number #1 for adviser relationships - BT Panorama6
  • Awarded Best Client Portal and Best Mobile App – five consecutive years7 - BT Panorama
  • Logins to the BT Panorama mobile app reaching 2.3 million in the past 12 months to May 2023, making up 44% of all logins
  • Awarded the Highest Quality Platform rating, Chant West 2022 - BT Panorama 

1 As at 31 March 2023
2 c.16,000 ASIC registered financial advisers as at 31 March 2023
3 November 2022 to May 2023
4 As at 31 March 2023
5 BT market share 17.1% - Plan For Life Platform Wrap Report, December 2022, excluding retail corporate super
6 According to advisers surveyed, Investment Trends, May 2022, Adviser Technology Needs Report: Industry Analysis
7 Investment Trends Platform Competitive Analysis and Benchmarking Report, 2022, 2021, 2020, 2019 and 2018


More Information 

Lisa Parrett
Media Relations, BT
M: 0432 933 796
E: Lisa.Parrett@btfinancialgroup.com