Boutique advice practice Provident Advisory has launched a range of tailored managed investment accounts on BT Panorama, as part of its business strategy to achieve greater efficiency and focus on client-facing activities.
The new managed portfolios invest in defensive and growth asset classes, including international and Australian equities.
Currently there are over 375 managed portfolios on BT Panorama. Funds under administration in managed portfolios have increased by 33% in the past 12 months, and comprise 14% of total FUA of $108.9bn on the platform.1
Jason Brown, Head of Distribution at BT, said: “We aim to be advisers’ platform provider of choice, and are pleased that Provident Advisory have chosen BT Panorama for their managed accounts suite.”
Mr Brown said that the potential time savings from using managed accounts will help Provident Advisory increase its focus on client-facing activities, citing the latest Investment Trends research which indicates that advisers and support staff save around 17 hours per week on average.2
“Managed accounts continue to be in high demand because they can drive business efficiencies, resulting in time savings, and freeing up advisers so they can spend more time with clients,” Mr Brown said.
Provident Advisory is a boutique financial advice and wealth management practice catering to Queensland-based clients. Bruce Gorry, Managing Director, said they recently established their own Australian Financial Services Licence, and a key priority was to adopt smart technology to streamline their investment and research processes, saving time and reducing administrative burden.
Mr Gorry said: “It’s been a great journey, and now watching the plans come together is immensely satisfying. The transition proved to be swift – we obtained our AFSL in September 2023 and the managed accounts launched in December 2023. It’s exciting to embrace technology which is tailored to our business needs, and the productivity increase we are seeing now is pleasing.”
Matthew Malhi, Investment Director of Provident Advisory, said the new managed portfolios allow Provident Advisory to meet the diverse needs of its clients, and can make intergenerational planning more efficient. “The evolution of technology in the advice profession has transformed how financial advice is delivered. We can be more attentive to clients, especially families where the client base spans multiple generations, each with distinct and varying needs.”
DNR Capital and Morningstar are the investment managers of the Provident Advisory managed accounts.
1. As of 1 February 2024. Managed accounts FUA excludes Adviser Portfolios and Tailored Portfolios.
2. According to Investment Trends, 63% of advisers surveyed said that managed accounts help them save 17.1 hours on average in a typical work week. SPDR/ETFs / Investment Trends Managed Accounts Report 2023.
More Information
Lisa Parrett
Media Relations, BT
M: 0432 933 796
E: Lisa.Parrett@btfinancialgroup.com
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