These changes are being made to support ongoing investment, to enable a more competitive offer to meet the evolving needs of advisers and their clients.
This page contains information about the changes – including the launch of our new investment menu - Focus, common client scenarios, a fee calculator and answers to frequently asked questions.
Focus — BT Panorama’s new investment menu
We’re introducing a new investment menu option — Focus.
Focus is designed for clients whose investment needs can be met by a limited menu with a lower platform administration fee. With the addition of Focus, alongside the Compact and Full investment menu options, clients now have more choice as their investment needs may change over their lifetime.
The menu offers a selection of managed portfolios and managed funds – which are also currently available on the Full and Compact menus.
The administration fees will comprise:
- an account based administration fee of $60 p.a.;
- an asset based administration fee of 0.15% p.a. up to balances of $1m (excluding the balance in the transaction account); and,
- a minimum asset based administration fee of $50 p.a. (including accounts with only a transaction account balance).
All other platform fees and costs will be the same as the Full and Compact menu options. Clients will be able to transfer between the Focus, Compact and Full menus as their investment needs change, provided they continue to hold the same investments.
The Focus menu will be available from 1 October 2025. You can read more about the new investment menu, and compare it with our Compact and Full menus, in the updated disclosure document for your product, once it’s available on 31 July 2025.
Timelines
31 July 2025 |
Our updated disclosure documents will be available. |
|---|---|
August 2025 |
We’ll be sending your clients a Significant Event Notice (SEN) between 31 July — 8 August 2025, letting them know what the changes are, and what this means for them — including an individual fee estimation (where available), from 1 October 2025. |
1 October 2025 |
Changes to take effect. |
Fee calculators
Not sure how the new pricing impacts your clients?
Use the BT Panorama administration fee calculator as a guide to estimate fees based on the new pricing and different menu options, including applying account grouping.
You can also refer to the email from us in July 2025, if you had clients on BT Panorama, which contained a link to view a list of your clients, the estimated changes to their fees (where available) and minimum transaction account balances, from 1 October 2025. If you didn’t receive this email, you can call us on 1300 784 207 from Monday to Friday, 8:30am to 6:30pm (Sydney time).
To support client conversations ahead of your clients receiving their Significant Event Notices (SEN) between 31 July — 8 August 2025 an email template has been prepared to assist you with informing them in advance.
- Refreshing our pricing
- Changes to our Compact offer
- Changing fees for related groups
- Updated disclosure about expense recovery
- Other changes from 1 October 2025
Expanding our Compact menu
Given the continued growth in managed portfolios, from 1 October 2025, we’re expanding the number of managed portfolios available on the Compact menu, to approximately 130.
The new managed portfolios will be listed in the Investment Options Booklet — Compact and Focus menus, available from 1 October 2025.
Compact menu fees
We’re making changes to the administration fees that apply to the Compact menu as follows:
- the account based administration fee will increase from $180 p.a. to $240 p.a.
- a minimum asset based administration fee of $150 p.a. will also now apply (including accounts with only a transaction account balance).
Your clients have the opportunity to group related accounts to reduce fees, as in the case of a couple or family – sometimes known as ‘aggregation’.
The updated administration fees, for new and existing related groups are outlined below.
Account based administration fee for each grouped account
- Full menu - $400 p.a.
- Compact menu - $240 p.a.
Asset based administration fee for grouped accounts
|
Investment balance (excl. transaction account) |
Fee rate (p.a.) |
|---|---|
|
$0 to $500,000 |
0.15% |
|
Over $500,000 to $1,000,000 |
0.10% |
|
Over $1,000,000 to $2,500,000 |
0.03% |
|
Over $2,500,000 |
Nil |
The minimum asset based administration fee of $150 p.a. per account will apply, for accounts with the Compact menu.
To help you understand how these changes to grouping related accounts may impact your clients' fees, there are examples below.
Currently, expense recovery is disclosed as amounts of up to $80 p.a. for BT Panorama Investments and up to $95 p.a. plus 0.03% p.a. of the account balance for Panorama Super.
From 1 October 2025, we’ll be updating our Product Disclosure Statement (PDS) to remove the capped dollar-based expense recovery fee for Panorama Super accounts. Instead, we’ll disclose an estimate using the amount charged for the previous financial year.
For Panorama Investments accounts, we’ll be removing the dollar-based expense recovery fee, from 1 October 2025.
Product |
Current disclosure of expense recovery |
Disclosure of expense recovery from 1 October 2025 (EXAMPLE) |
|---|---|---|
|
Panorama Investments |
Up to $80 p.a. per account. |
Dollar-based expense recovery fee will be removed. |
|
Panorama Super |
Up to $95 p.a. per account, plus 0.03% of the account balance for the Operational Risk Financial Requirement (ORFR), capped at a maximum of $300 per account. |
Expense recovery charged for the financial year ended 30 June 2024 was $15.07 per account, plus 0.0135% p.a. of the account balance for the Operational Risk Financial Requirement (ORFR), capped at a maximum of $300 per account. |
Minimum transaction account balance requirement
Scheduled pension payments for clients often rely on the sale of investments. In the event of delays to investment redemptions, particularly during the end of financial year period, pension payments can be delayed.
To reduce the likelihood of these delays, from October 2025, the minimum transaction account balance for pension accounts will increase from $2,000 to $4,000.
The $2,000 minimum transaction account balance requirement will apply from October 2025 for non-pension accounts.
If the transaction account balance is below $4,000 for pension accounts, or $2,000 for non-pension accounts, from October 2025, a drawdown may occur, where investments held in the account will be sold (in accordance with the account's drawdown strategy) to increase the transaction account to the account’s minimum transaction account balance requirement.
If automatic reinvestments have been set up on your client’s account, we recommend you review the details, to check the cash levels set compared to the new minimum transaction account balance requirements.
More choice for beneficiary nominations
To provide your clients with more flexibility when nominating a beneficiary, and in addition to the options already available, we’re adding a lapsing 3-year binding death benefit nomination to BT Panorama.
The nomination is valid for a maximum of three years and lapses if it’s not renewed, which gives your clients the chance to regularly review and consider their nomination. A binding nomination binds us to make a death benefit payment according to your client’s instructions, if it’s valid and hasn’t lapsed at the date of their death. Any change in circumstances since making the nomination, won’t be considered — such as marriage, divorce, or having a child.
We’re also updating the conditions for a valid non-lapsing beneficiary nomination, to ensure that if your clients marry a nominated beneficiary, the nomination remains valid.
These changes will take effect from 1 October 2025.
All other fees in the standard pricing schedule will stay the same and we’ll continue to exclude transaction account balances in calculating asset based administration fees (except a minimum asset based administration fee will now apply to the Compact and Focus menus, including accounts with only a transaction account balance).
Frequently asked questions
Overview
Why are we making these changes?
These changes are being made to support ongoing investment, to enable a more competitive offer to meet the evolving needs of advisers and their clients. These changes also enable a simpler fee arrangement and fairer contribution to the cost of providing our platform services.
What do clients need to do?
We’ll be sending your clients a Significant Event Notice (SEN) between 31 July — 8 August 2025, letting them know what the changes are, and what this means for them — including an individual fee estimation (where available), from 1 October 2025.
What do I need to do to prepare?
We sent an email to you in July 2025 explaining the changes. This email also contained a link to view a list of your clients (if you have clients on BT Panorama), and the estimated changes to their fees (where available) and minimum transaction account balances, from 1 October 2025.
You may wish to also consider whether your clients would benefit from making other changes, such as changing their investment menu or being grouped with other related accounts.
You can always call us on 1300 784 207 from Monday to Friday, 8:30am to 6:30pm (Sydney time), if you need help with understanding how these changes impact your clients.
What happens if my clients and I do nothing?
The changes will be automatically applied to accounts from 1 October 2025.
What communication will my clients receive?
Between 31 July — 8 August 2025, we’ll send clients a Significant Event Notice (SEN) outlining the pricing and menu changes, information about the additional Compact menu investment options and BT Panorama’s new investment menu – Focus and including an individual fee estimation (where available), from 1 October 2025.
Refreshing our pricing
How will I be able to understand how this impacts my clients?
You can view a list of your clients, and the estimated changes to their fees (where available) and other features, in the ‘What does this mean for your clients’ section of the email we sent to you in July 2025. You can also read the example scenarios available on this page or use our fee our fee calculator.
Changes to our Compact offer and the new Focus menu
When will the updated Compact menu be available? And what’s changed?
From 1 October 2025, we’re expanding the number of managed portfolios available on the Compact menu, to approximately 130.
The new managed portfolios will be listed in the Investment Options Booklet — Compact and Focus menus, available from 1 October 2025.
When will the Focus menu be available?
The new Focus menu will be available from 1 October 2025.
Why are we introducing Focus?
The Focus menu is designed for clients whose investment needs can be met by a limited menu with lower administration fees.
What assets are available on the Focus menu?
The menu will offer a limited selection of managed portfolios and managed funds, which are also currently available on both the Compact and Full menus. Term deposits, listed securities and tailored portfolios aren’t available on Focus.
Can my clients change their menu?
Your clients can request to change their menu at any time. From 1 October 2025, they will also be able to change their menu to the Focus menu .
How do I change clients to a different menu?
To change a client between menus, complete and submit the ‘Change of account menu or badge’ form. This form is available when you login to the BT Panorama website via Service requests > Submit new request > Account maintenance and can be submitted online and tracked on the ‘Request status’ page. This form allows you to use digital signatures and client digital consent.
If my client wants to change their menu, but they hold an asset that is not part of the target menu — can those assets be retained?
If a client holds assets that aren’t on the target menu, they’ll need to be sold prior to changing menus (which may incur transaction costs and have tax implications).
Changing fees for related groups
Will the updated account grouping fees from 1 October 2025 apply to existing related groups?
Yes, the updated account grouping fees will automatically apply to all existing related groups from 1 October 2025.
How can I calculate the difference in fees for my client by grouping their related accounts?
You can use the BT Panorama administration fee calculator to estimate the fees by grouping multiple accounts.
How do I set up a new related group or view/edit an existing related group?
Once logged in to the BT Panorama website, select Clients > Related groups. Here you can create a related group or use the dropdown menu options to view/edit existing groups.
Can I include accounts on the Focus menu in a related group for fees?
Accounts on the Focus menu won’t be eligible to be grouped with other related accounts, for fee reductions. You can include Focus menu accounts in related groups for reporting only.
Other changes from 1 October 2025
What if my client’s pension transaction account balance is below the new $4,000 minimum requirement?
Your clients can voluntarily increase the transaction account balance at any time by selling investments held in the account. From 1 October 2025, if the transaction account balance for pension accounts is below $4,000, a drawdown may occur, where investments held in the account will be sold (in accordance with the account's drawdown strategy) to increase the transaction account balance to $4,000.
My client’s minimum transaction account balance is increasing. What happens if my clients and I do nothing?
If you do nothing and the transaction account balance for a pension account is below $4,000, or $2,000 for non-pension accounts, a drawdown may occur after October 2025, where investments held in the account will be sold (in accordance with the account's drawdown strategy) to increase the transaction account to the account’s minimum transaction account balance requirement.
How do I view an account's drawdown strategy?
Once logged in to the BT Panorama website, select the client’s account > Transacting > Cash management.
What if my client’s cash investment strategy trigger is below the new minimum transaction account balance?
If the cash investment strategy trigger is below the minimum transaction account balance, the next scheduled cash investment will fail. The account’s cash investment strategy ‘Maximum cash target’ will need to be updated so that it is above the new minimum transaction account balance.
How do I view and edit an account's cash investment strategy?
Once logged in to the BT Panorama website, select the client’s account > Transacting > Cash management.
How do I view or manage my client’s current beneficiaries?
Once logged in to the BT Panorama website, select the client’s account > Account details > Beneficiaries.
Client scenarios
Grouping accounts for a couple on the Full menu from 1 October 2025
Let’s look at the fees for a couple from 1 October 2025, each with an account on the Full menu, on an individual basis compared to fees when the accounts are grouped:
| Mr. Singh (Husband) |
Mrs. Singh (Wife) |
|---|---|
| Panorama Super (Full menu) $400,000 |
Panorama Investments (Full menu) $940,000 |
| Administration fees for each account individually from 1 October 2025 | |
| $1,137 p.a. | $1,947 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $802 p.a. | $1,348 p.a. |
| Annual saving | |
| $335 p.a. | $599 p.a. |
This results in a saving of $934 per annum for the couple.
Grouping accounts for a couple on the Full menu today compared to October 2025
Let’s look at the fees for a couple, each with an account on the Full menu, when the accounts are grouped today, compared to when the accounts are grouped from October 2025:
| Mr. Kim (Husband) |
Mrs. Kim (Wife) |
|---|---|
| Panorama Super (Full menu) $400,000 |
Panorama Investments (Full menu) $940,000 |
| Administration fees for each account if accounts are grouped together today | |
| $987 p.a. | $1,593 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $802 p.a. | $1,348 p.a. |
| Annual saving | |
| $185 p.a. | $245 p.a. |
This results in a saving of $430 per annum for the couple.
Grouping accounts for a family from 1 October 2025
Let’s look at the fees for a family group from 1 October 2025, with a combination of accounts on the Full and Compact menus, on an individual basis compared to fees when the accounts are grouped:
| Mr. Campbell (Husband) |
Mrs. Campbell (Wife) |
Ryan Campbell (Son) |
Campbell Trust (Their children’s trust fund) |
|---|---|---|---|
| Panorama Super (Full menu) $400,000 |
Panorama Investments (Full menu) $940,000 |
Panorama Super (Compact menu) $100,000 |
Panorama Investments (Compact menu) $300,000 |
| Administration fees for each account individually from 1 October 2025 | |||
| $1,137 p.a. | $1,947 p.a. | $390 p.a. | $687 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |||
| $738 p.a. | $1,196 p.a. | $390 p.a. | $493 p.a. |
| Annual saving | |||
| $399 p.a. | $751 p.a. | $0 | $194 p.a. |
This results in a saving of $1,344 per annum for the family.
An existing group of 2 Compact accounts
Let’s look at the current fees for an existing related group with 2 Compact accounts and compare the fees for this group from 1 October 2025:
| Mr. Garcia (Husband) |
Mrs. Garcia (Wife) |
|---|---|
| Panorama Super (Compact menu) $100,000 |
Panorama Investments (Compact menu) $300,000 |
| Administration fees for each account if accounts are grouped together today | |
| $327 p.a. | $627 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $390 p.a. | $687 p.a. |
| Difference in administration fee | |
| $63 p.a. increase | $60 p.a. increase |
This results in an increase of Administration Fees of $123 per annum for the couple.
A couple on different menus from 1 October 2025
Let’s look at the fees for a Full menu account and a Compact menu account, individually from 1 October 2025 and compare the fees as a related group from 1 October 2025:
| Mr. Haddad (Husband) |
Mrs. Haddad (Wife) |
|---|---|
| Panorama Super (Compact menu) $75,000 |
Panorama Investments (Full menu) $800,000 |
| Administration fees for each account individually from 1 October 2025 | |
| $390 p.a. | $1,737 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $390 p.a. | $1,427 p.a. |
| Annual saving | |
| $0 p.a. | $310 p.a. |
This results in a saving of $310 per annum for the couple.
Moving from the Full menu to the Compact or Focus menu
Let’s look at how a client’s fees can be reduced by moving from the Full menu to the Compact menu or Focus menu, from 1 October 2025 (assuming their existing investments are available on the target menu):
| Full menu (Current menu) |
Compact menu (Option 1) |
Focus menu (Option 2) |
|---|---|---|
| Panorama Investments $250,000 |
Panorama Investments $250,000 |
Panorama Investments $250,000 |
| Administration fees for each menu individually from 1 October 2025 | ||
| $912 p.a. | $612 p.a. | $432 p.a. |
Moving from the Compact menu to the Focus menu from 1 October 2025
Let’s look at how a client’s fees can be reduced by moving from the Compact menu to the Focus menu (assuming their existing investments are available on the Focus menu):
| Compact menu (Today) |
Compact menu (From 1 October 2025) |
Focus menu (From 1 October 2025) |
|---|---|---|
| Panorama Super $50,000 |
Panorama Super $50,000 |
Panorama Super $50,000 |
| Administration fees for each menu individually | ||
| $252 p.a. | $390 p.a. | $132 p.a. |
Important Note
Values in the above examples are rounded to the nearest whole dollar. The examples assume the daily balance has not changed during the year. Administration fees are calculated based on the average daily account balances and assumes $2,000 is held in the transaction account. Fees before October 2025, are based on the administration fee schedule set out in the relevant disclosure documents dated 10 January 2025 or 1 April 2025. Fees from October 2025, are based on the updated fee schedule set out in the relevant supplementary disclosure document dated 31 July 2025. The administration fees in the examples include both the account-based fee and the asset-based fee. The examples do not include expense recovery or any other fees, such as advice fees, transaction fees, transaction costs, external broker fees, transaction account fees, other indirect costs, investment management fees and any applicable buy/sell spread charges.
Help and Support
If you have any questions, please speak to your BDM, email professional@panorama.com.au or phone 1300 784 207 from Monday to Friday, 8:30am to 6:30pm (Sydney time).
1 Excluding a limited number of guaranteed fee waivers
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