BT Panorama product update

BT CoreSeries managed portfolios continue to exceed their return objectives

06 December 2021

Last month the CoreSeries Portfolios celebrated their three-year anniversary. Pleasingly, all portfolios continue to exceed their CPI + return objectives since inception. This milestone coincides with an increase in demand for the portfolios, as advisers look to build efficiencies into their practices and deliver better service outcomes for their clients.

The CoreSeries portfolios are different to other managed accounts in that they do not charge a headline investment management fee and can access institutional strategies otherwise inaccessible to Australian retail investors. The BT Investment team also has the ability to transition managers off platform, which reduces transaction costs, time out of the market and potential tax consequences for customers. As managed accounts continue to grow in popularity, the design flexibility of CoreSeries will become more important in preventing liquidity events for underlying mangers and potential adverse consequences for unit holders. The portfolios are available on both the Panorama Compact and Full menus. For more information on the portfolios visit www.bt.com.au/coreseries.

Advice fee client consent updates

22 November 2021

Following adviser feedback, we’ve made further enhancements to the advice fee client consent process.

What are the changes?

We’ve made the following additional updates:

  • Overall processing times for offline consent fees will now be faster. Rather than emailing us, you can upload a client’s signed fee consent form any time following submission of the fee request, up until the consent due date. This applies to a one-off, fixed term or ongoing advice fee requests. Go to the ‘pending consent requests’ section of the Tracking>Consent Management page and watch a short video detailing this change. Please note, our digital consent process, and the processes for portfolio management and managed portfolio advice fees, remain unchanged.
  • If you submit a client transfer between advisers or a product transfer request (change of badge or menu) while there are advice fee consents pending client approval on your client’s account, the pending fee consents won’t be stopped now due to the transfer. This means the pending advice fee consents can be accepted by your clients and finalised after the transfer has been processed.
  • Digital advice fee consents can now be accepted by your clients via the BT Panorama mobile app.

Have you obtained your client’s consent for clients under the transitional arrangements?

If an ongoing advice fee was being deducted from a client’s account prior to the system changes on 5 June 2021, a new client consent must be received and processed by BT no later than 30 June 2022 (being the last day of the transition period). Otherwise, the fee will end and your last month of payment will be in June 2022 for the month of May.

For information on how to provide a client consent using our fee consent functionality, log in to your BT Panorama account then go to Help & Support > Fees.

Visit bt.com.au/advisersupport anytime, for all the latest information on these changes.

 

Reduced Input Tax Credits for BT Panorama Investments accounts

21 November 2021

From 1 December 2021, Reduced Input Tax Credits (RITC) will be automatically applied to certain fees including ongoing and one-off advice fees, adviser establishment fees and portfolio management fees for BT Panorama Investments (IDPS) accounts. This means investors get the benefit of a tax credit when the fee is deducted, with advisers still receiving the full grossed-up (GST inclusive) amount they agreed with their client.

Watch a short video explaining the new feature.

Here are two examples of how the RITC calculation works.

One-off advice fee for $4,400 (inclusive of GST)

$4,400 will be paid to the adviser, however only $4,100 will be charged to the investor after applying the RITC of $300.

Ongoing advice fee for $2,200 per annum (inclusive of GST)

Over the course of the year, $2,200 will be paid to the adviser, while $2,050 will be charged to the investor after applying the RITC of $150.

For the monthly charge of this fee in December 2021 for the month of November 2021 (30 days in a year of 365):

  • The adviser will receive $180.82 (inclusive of GST).
  • The fee charged to the investor will be$168.49 after applying the RITC of $12.33.

These calculations are based on current rate as at 19 November 2021. 

 

Purchasing of certain managed funds not available to all users

5 October 2021

There are currently approximately 90 managed funds and managed portfolios that are not available for purchase by Adviser Assistants or Paraplanners. The relevant assets are listed below, if you experience an issue purchasing one of these assets, please have a user with an Adviser role place the trade.

List of Managed Portfolios impacted

List of Managed Funds impacted

 

Design and Distribution Obligations 

28 September 2021

From 5 October 2021, issuers and distributors of financial products must comply with the new design and distribution obligations under the Corporations Act 2001 (Cth) (DDO Regime).

You’ll have access to the Target Market  Determinations (TMDs) and DDO Reporting Tool after 5 October, which may assist you in reporting certain information about financial products to product issuers. Our dedicated webpage provides information about the tool and additional DDO information including:  

  • How and when you can access the DDO Reporting Tool in readiness for 5 October 2021
  • A short video on how to use it
  • An update on our TMDs

Please note the information contained on this web page does not relate to Protection Plans life insurance products.

Find out more

 

Margin lending – direct debits now available from BT Panorama transaction accounts

27 September 2021

If your client’s BT Wrap account recently migrated to BT Panorama Investments and has a BT Margin Lending arrangement, we informed you and your clients that all direct debit payments from their transaction account would be blocked.

We’re pleased to let you know if your client’s Panorama Investments account has a BT Margin lending arrangement, we’ll now allow direct debits from their Panorama transaction account to their linked BT Margin Loan to pay their monthly variable interest charge.  However, direct debits BPAY, or Pay Anyone are still blocked to other external parties or accounts.

What do you need to do?

If your client would like to set up a direct debit from their Panorama transaction account to their linked BT Margin Loan, they’ll need to complete the BT Margin Lending Direct Debit Request form.

Please ensure their Panorama transaction account BSB and Account Number is included in section 2 and the ‘Monthly Interest Debit’ box is ticked in section 3.

You or your client can send the form to BT Margin Lending via mail or email as per the instructions on the form.

 

BT Panorama mobile app update coming soon

27 September 2021

The BT Panorama mobile app has been redesigned and refreshed.

This update will deliver improved security and a new-look user interface, making it easier to access the information and features you need most.

  • Faster navigation
  • More details on your investments
  • Updates and alerts for your accounts, all in one place, an
  • Quick-access search.

In preparation for this release, ensure you’ve updated your mobile or tablet with the latest operating system – iOS 12.1, Android 6 or greater. Updating as soon as possible will also improve the security on your device.  

The new version of the BT Panorama mobile app will be available from the App Store and Google Play from late October 2021.

 

SuperStream rollovers for SMSFs

27 September 2021

From 1 October 2021, a new government measure takes effect relating to SMSFs and rollovers. To rollover any super to or from an SMSF, SuperStream will need to be used.

What is SuperStream and what’s the benefit

SuperStream is a data and payment standard used for digital transactions within the super industry. By using SuperStream, rollovers can be administered faster and more efficiently, and with fewer errors.

What needs to be in place for the change?

For rollovers to be conducted via SuperStream, an SMSF needs to ensure:

  • it has an electronic service address (ESA) that provides rollover services
  • it has an Australian business number (ABN)
  • its details are up to date including its bank account.

More about ESAs

An ESA is a special internet address that helps SuperStream transactions get to the right destination. Most SMSFs will already have an active ESA, others may need to get one. It’s important to check that an SMSF’s current ESA provider supports SuperStream rollover services. If not, the fund may need to apply for a new ESA.

Further information about the change

For further information about this change you can visit the ATO website

 

Important changes to insurance

27 September 2021

Changes are being made to BT Protection Plans (BTPP) in relation to income protection insurance.

  • From 20 September 2021, two new product types will be added to BTPP: Income Protection Assured and Income Protection Assured as Super.
  • From 1 October 2021, BTPP Income Protection and BT Income Protection as Super will cease to be available for purchase. However, clients with existing BTPP Income Protection cover will continue to be covered and can amend or cancel their policies.
  • Also from 1 October 2021, new BTPP insurance policies will be available only through advisers. They will not be directly available to clients, including Previously Advised Clients, without personal financial advice.

Why are the changes being made?

The changes are being made to ensure a more sustainable income protection insurance offer to align with APRA directions concerning long term individual disability income insurance, and to comply with product design and distribution obligations set by the federal government.

All BTPP policies remain guaranteed renewable.

Will this affect members’ claims?

No. Current insurance claims are not affected by this change. If a member currently has a claim in progress, they should continue to contact their Case Manager. If members need to make a claim, they should contact us for help.

What do you need to do?

Many of our forms have changed including updates to the BTPP Application Form. New forms are also available to cancel and replace or reinstate a policy.

Please use the most up to date forms available on LifeCENTRAL.

Client notices

Clients have been informed of the important points via the “What’s new?” section of the Panorama investor website. Clients whose account you maintain have received this notice:

Changes to insurance
From 1 October 2021, you only be able to acquire new BT Protection Plans insurance cover through a financial adviser.

If your relationship with your adviser ends, you will not be able to acquire a new BTPP policy directly and instead will need to establish a new relationship with an adviser to acquire insurance.

What do you need to do?
You do not need to do anything in response to this change.

If you have an existing BT Protection Plans policy, this will continue as before. You can acquire more cover, as well as renew, amend and cancel your existing cover through your financial adviser or contact us.

Will this affect your claim?
No. Current insurance claims are not affected by this change. If you currently have a claim in progress, you should continue to contact your Case Manager. If you need to make a claim, you should contact us for help.

If you require more information, please speak to your financial adviser, or call us on 1300 881 716.

Clients who maintain their own account received this notice:

Important changes to insurance
New BT Protection Plan (BTPP) insurance policies will cease to be offered to non-advised investors from 1 October 2021.

If you have an existing BTPP insurance policy, you can continue to hold and access this policy via your Panorama account. You will also be able to renew, amend it or cancel your policy by contacting us on the number below.

What does the change mean for you?
If you wish to acquire a new BTPP insurance policy through your Panorama account, you will need to establish a relationship with an adviser who can service your Panorama account. If you have an adviser already linked to your account, you can speak with them about your insurance needs.

What do you need to do?
You do not need to do anything in response to this change. If you require more information, please call us on 1300 881 716.

Delay using the Panorama Document Library

15 September 2021

You may experience a delay using the Panorama Document Library. This may also impact the ability to upload offline applications and access Fee Revenue Statements. We are working hard to restore this service as soon as possible and we apologise for any inconvenience. Please contact your Business Development Manager or call us on 1300 784 207 if you need assistance.

Year-end material

9 September 2021

For clients who migrated from BT Wrap to BT Panorama during the 2021 financial year, all asset positions have been taken across to BT Panorama and reporting on those assets is now available. For this financial year only, superannuation clients will receive two periodic statement(s), each covering a different part of the financial year. One statement will be from BT Wrap which covers the period from 1 July 2020 to their migration date and the other from BT Panorama which covers the period from their migration date to 30 June 2021. For a full statement history for this financial year, they’ll need to combine the two statements.

Investment clients will receive one annual statement for the financial year, which will be issued in two parts. The first part will show all transactions which occurred on BT Wrap from 1 July 2020 to the client’s migration date and the second part will show all transactions which occurred on BT Panorama from their migration date to 30 June 2021.

All statements will be available in the Panorama document library once issued.

 

Royal Commission update

26 August 2021

As you are aware, legislative changes for existing and new advice fee arrangements took effect from 1 July 2021.

We have an obligation to provide clients with an update in writing when a disclosure change comes into effect, and in late August and early September 2021 we’ll be in touch with BT Panorama clients to explain what these changes mean for them and where to get help. A sample version of the client communication is available here.

Is your client consent current?

Effective 6 June 2021 we implemented changes to our processes which require clients to provide their consent to BT Panorama upon set-up of a new advice fee arrangement, amendment of an existing advice fee arrangement, as well as annual renewal of an ongoing fee arrangement.

If an advice fee was already being deducted from a client’s account on an ongoing basis prior to the system changes that occurred on 5 June 2021, a new client consent must be received and processed by BT, no later than 30 June 2022.

Enhancements in August

On 28 August 2021 we will be introducing enhanced functionality to improve the advice fee client consent process on BT Panorama.

These enhancements include:

New advice fee reporting functionality

New advice fee reporting on BT Panorama will enable self-serve monitoring and the management of active and scheduled advice fee arrangements across all your active client accounts. The fee types included are fixed term advice fees, ongoing advice fees and portfolio management fees.

From the Business menu, you will be able to navigate to our new Fees page, which has an Advice fees section to track:

  • Ongoing fees approaching the renewal period, due for renewal, or already actioned for renewal;
  • Fixed term fees due to end;
  • Fixed term or ongoing fees scheduled to start;
  • Accounts without fixed term or ongoing fees;
  • Ongoing fees set up on Panorama before 6 June 2021 to be consented to or already actioned for consent;
  • Fee requests submitted that are pending client consent, and
  • Portfolio management fees to be reconsented to or already reconsented to.

Filtering of advice fee arrangements to help you proactively manage client consent

From the Advice fees section you can use the filters to proactively manage your client consents by searching for clients based on the following criteria: ​

  • Fee arrangement: Fixed term, ongoing or portfolio management fee
  • Fee status: Active, scheduled or no advice fee set up
  • Fee end date: This month, next 2 months, next 3 months, next 4 months, next 5 months or next 6 months
  • Renewal period for ongoing fees: Available for renewal within 30 days, renewal due within 120, 90, 60, 30, 14 or 7 days, or fee expiring within 30 days.
  • Fee consent status​: Awaiting consent approval, or no pending consent requests.

Other improved functionality

  • Upon setting up a fixed term advice fee arrangement, you will be able to set this up to 6 months in advance (an increase from the 1 month in advance functionality previously available).
  • For new ongoing advice fee arrangements you can now nominate a Next Anniversary Day (NAD) of between 1 month and 12 months from the nominated commencement month, to assist with transition of new business.
  • The Services to be provided and Potential impact of fee deduction sections of the ongoing advice fee consent form have been removed.
  • When entering a percentage fee component for an ongoing or fixed term advice fee arrangement, the Estimated asset type value field is no longer mandatory on all asset types with a percentage fee component applied.
  • We will now accept digitally drawn and typed signatures for advice fee consents.
  • View the advice fee consent terms and conditions that your clients agreed to as part of the onboarding application via Tracking > Account applications, or through the Digital Consent post onboarding via Tracking > Consent Management > Completed consent requests, click the ‘Terms & Conditions’ link on the bottom when you expand each consented fee screen.

For information on how to provide a client consent using our fee consent functionality, log in to your BT Panorama account then go to Help & Support > Fees.

Visit bt.com.au/advisersupport anytime, for all the latest information on these changes.

Changes to Superannuation law for 1 July 2021

01 July 2021

Extension of the temporary reduction in Pension minimums

The minimum pension drawdown rates were temporarily reduced in 2019/20 and 2020/21 due to COVID-19 and have been extended for 2021/22. Members who selected the reduced minimum payment or made no election, will automatically receive this reduced minimum amount. The reduced minimum drawdown rates are as follows:

Age Reduced minimum rates for 2019/20, 2020/21 & 2021/22
   
Less than 65   
   
2%   
   
65 to 74   
   
2.5%   
   
75 to 79   
   
3%   
   
80 to 84   
   
3.5%   
   
85 to 89   
   
4.5%   
   
90 to 94   
   
5.5%   
   
95 or more   
   
7%   

Super guarantee (SG) rate changes

Employer SG contributions will increase from 9.5% to 10% on 1 July 2021, and are scheduled to gradually increase to 12% by 1 July 2025. 

Transfer balance cap

The general transfer balance cap is being increased to $1.7 million for the 2021/22 financial year.

Members may have a personal transfer balance cap which can differ from the general transfer balance cap due to timing and indexation impacts. Modifications to the transfer balance cap may also apply in certain circumstances including where personal injury contributions have been made to super or if the member is a child death benefit beneficiary.

Contribution cap increases

The contribution caps that will apply for the 2021/22 financial year are as follows:

Cap type 2020/21 Cap 2021/22 Cap
   
Concessional contributions   
   
$25,000   
   
$27,500   
   
Non-concessional contributions   
   
$100,000   
   
$110,000   
   
CGT (lifetime limit)   
   
$1,565,000   
   
$1,615,000   
   
Untaxed Plan cap amount   
   
$1,565,000   
   
$1,615,000   

Bring forward non-concessional contribution cap

The maximum bring forward cap is $330,000 for the 2021/22 financial year. This applies if the member is under age 67 and total super balance < $1.48 million at 30 June 2021.

Note: Members with total super balance below $1.4 million who triggered the bring-forward rule in 2019/20 or 2020/21 would still have a non-concessional cap of $300,000.

Change to registering a client

21 April 2021

We’ve recently made a small change in the registration process on the investor website, panoramainvestor.com.au.

For registrations on this site, we’ve replaced the postcode field in favour of the client’s date of birth. While postcodes can vary between residential and mailing addresses and create potential difficulties, date of birth is a more straightforward piece of data and helps simplify the registration process.

What you need to be aware of as an adviser?

When assisting clients in registering please do so via the panoramainvestor.com.au website, and not the adviser website, panoramaadviser.com.au.

Has anything else changed in the registration process?

Aside from the replacement of postcode with date of birth, the registration process is no different.

Royal Commission Update: BT readiness in preparation for 1 July

21 April 2021

In 2019, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) made recommendations to strengthen the financial services system. This led to legislative changes, by way of the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021 (the Act), regarding advice fee arrangements and the deduction of advice fees from superannuation accounts.

These changes aim to ensure clients are aware of and consent to all advice fees that they pay to you, or your dealer group. The Act was enacted in February 2021, with the advice fee consent changes taking effect from 1 July 2021.

Effective 6 June 2021 we will be implementing changes to our processes which will require clients to provide their consent to BT Panorama upon set-up of a new advice fee arrangement, amendment of an existing advice fee arrangement, as well as annual renewal of an ongoing fee arrangement.

It's important to note that we'll be making system changes on 5 June 2021, and as a result, any pending account applications with an advice fee that were created prior to this date, which have not been accepted by your clients by midnight on 4 June 2021, will be automatically discarded.

If an advice fee is already being deducted from a client’s account on an ongoing basis prior to the system changes on 5 June 2021, a new client consent must be received and proccessed by BT by no later than 30 June 2022.

We will apply the new process to both Super and non-Super/IDPS products to meet our Responsible Entity obligations and for consistency.

Register now for our readiness webinar

We’ll be supporting you through these changes, and warmly invite you to join one of our upcoming webinars to help you in your own compliance readiness preparation for 1 July 2021.

This webinar is titled Changes to advice fees on BT Panorama and details changes to how you will collect advice fees from your Panorama Investments and Panorama Super clients from 6 June 2021. The session considers the new processes, online screens, form completion, completion and client consent to address the requirements of the Act. 

Register here

We’ll continue to keep you informed as these changes come into effect.  
Visit bt.com.au/advisersupport anytime, for all the latest information on these changes, or to watch the webinar replay when it becomes available.

Supporting clients and advisers using BT Panorama

12 April 2021

We are pleased to announce the launch of new virtual support services, designed to help you quickly and efficiently interact with BT Panorama. Our new services nicknamed Blue, will answer your questions online and provide instructions for completing key tasks. These services are available for both advisers and clients though the responses delivered to clients are tailored to be suitable for them.

Blue delivers two different services:

  • A chatbot that will respond directly to queries entered onscreen. Blue will deliver an answer onscreen if it’s able to, or link you to relevant interactive guides or FAQs. If it can’t do either of these things it will direct you to Click2Chat to continue the conversation with our contact centre.
  • An online navigation system, like an online GPS, guiding you step-by-step through what steps need to be taken to complete an end to end task. It also delivers onscreen hints. 

Changes to the BT Indexed managed portfolio on BT Panorama

12 February 2021

As of 16 December 2020, changes were made to the following managed portfolios (Portfolios):

  • BT Indexed Conservative Portfolio (WFS0565AU)
  • BT Indexed Moderate Portfolio (WFS0566AU)
  • BT Indexed Balanced Portfolio (WFS0567AU)
  • BT Indexed Growth Portfolio (WFS0567AU)
  • BT Indexed High Growth Portfolio (WFS0569AU)

What are the changes?

The following changes were made by the investment manager of the Portfolios:

  • A change to the international property benchmark index within the Portfolios’ composite benchmark from ‘FTSE EPRA/NAREIT Developed ex Australia Rental Index, Australian Dollar Hedged’ to ‘FTSE EPRA/NAREIT Developed Net TR Index (AUD Hedged)’. This new index is considered to be a more appropriate index to use.
  • Changes to the neutral asset allocation positions to Australian property and International property within the BT Indexed High Growth Portfolio as follows:

BT Indexed High Growth Portfolio –

Neutral allocation

Before

After

Australian property

3%

5%

International property

7%

5%

Furthermore, we updated some of the Portfolios’ risk labels, also referred to as the Standard Risk Measure (SRM), in light of changing market conditions. SRM is a common risk measure that allows investors to compare managed portfolio options. Managed portfolio options with the same SRMs are expected to deliver a similar number of negative annual returns over any 20-year period.

Portfolios – Risk label

Before

After

BT Indexed Conservative Portfolio

Low (2)

Low to medium (3)

BT Indexed Moderate Portfolio

Low to medium (3)

Medium (4)

BT Indexed Balanced Portfolio

Medium (4)

Medium to high (5)

BT Indexed Growth Portfolio

Medium to high (5)

High (6)

 

The relevant Product Disclosure Statement (PDS) was updated on 16 December 2020 to reflect the changes. Refer to the BT Managed Portfolios PDS Part 2 - Investment Options Booklet for BT Investment Solutions. To access it, login to BT Panorama and navigate to Products > Managed portfolios.

Changes to the CoreSeries managed portfolios on BT Panorama

12 February 2021

As of 16 December 2020, changes were made to the following managed portfolios (Portfolios):

  • CoreSeries Defensive Portfolio (WFS7916AU)
  • CoreSeries Income Portfolio (WFS4217AU)
  • CoreSeries Moderate Portfolio (WFS9084AU)
  • CoreSeries Balanced Portfolio (WFS8074AU)

What are the changes?

Changes were made to the investment objective, benchmark index and minimum investment horizon of the CoreSeries Income Portfolio to provide for an explicit yield target and improve the description of its investment approach. The table below shows a before and after snapshot, with the actual changes highlighted in red.

 

Before

After

Investment objective

The portfolio aims to achieve an Inflation (Consumer Price Index) + 1.5% pa objective over rolling four year periods by taking exposures to a mix of growth and defensive asset classes.

The portfolio aims to achieve a total return target of inflation (Consumer Price Index) + 2.0% after fees objective over rolling five year periods and targets yield of RBA Cash Rate + 2.0% pa by taking exposures to a mix of growth and defensive asset classes.

Benchmark index

Consumer Price Index + 1.5% pa

Consumer Price Index + 2.0% pa

Minimum investment horizon

4 years

5 years

 

Furthermore, we updated the Portfolios’ risk labels, also referred to as the Standard Risk Measure (SRM), in light of changing market conditions. SRM is a common risk measure that allows investors to compare managed portfolio options. Managed portfolio options with the same SRMs are expected to deliver a similar number of negative annual returns over any 20-year period.

Portfolios – Risk label

Before

After

CoreSeries Defensive Portfolio

Medium (4)

Low to medium (3)

CoreSeries Income Portfolio

Medium to high (5)

Medium (4)

CoreSeries Moderate Portfolio

Medium to high (5)

Medium (4)

CoreSeries Balanced Portfolio

High (6)

Medium to high (5)

 

The relevant Product Disclosure Statement (PDS) was updated on 16 December 2020 to reflect the changes. Refer to the BT Managed Portfolios PDS Part 2 - Investment Options Booklet for BT Investment Solutions. To access it, login to BT Panorama and navigate to Products > Managed portfolios.

The other portfolios in the CoreSeries suite have not been impacted.

Changes to the Multi-Sector Series managed portfolios on BT Panorama

12 February 2021

As of 16 December 2020, changes were made to the following managed portfolios (Portfolios):

  • Multi-Sector Series Defensive Portfolio (WFS0571AU)
  • Multi-Sector Series Income Portfolio (WFS0576AU)
  • Multi-Sector Series Moderate Portfolio (WFS0572AU)
  • Multi-Sector Series Balanced Portfolio (WFS0573AU)
  • Multi-Sector Series Growth Portfolio (WFS0574AU)
  • Multi-Sector Series High Growth Portfolio (WFS0575AU)

What are the changes?

Changes were made to the Portfolios’ investment objectives, benchmarks, investment strategies and asset allocation ranges to more closely align with the investment manager’s market assumptions and investment approach.

Furthermore, we updated some of the Portfolios’ risk labels, also referred to as the Standard Risk Measure (SRM), in light of changing market conditions. SRM is a common risk measure that allows investors to compare managed portfolio options. Managed portfolio options with the same SRMs are expected to deliver a similar number of negative annual returns over any 20-year period.

We’ve prepared this flyer which provides before and after snapshots of the Portfolios, with the actual changes highlighted in red.

Also, the relevant Product Disclosure Statement (PDS) was updated on 16 December 2020 to reflect the changes. Refer to the BT Managed Portfolios PDS Part 2 - Investment Options Booklet for BT Investment Solutions. To access it, login to BT Panorama and navigate to Products > Managed portfolios.

New listed security holding options

12 February 2021

We have added 2 new holding options to provide choice in the way your clients hold listed securities.  In addition to the current nominee holding structure, the new options provide further choice and flexibility by allowing clients to hold securities under an individual HIN. 

We have recently updated the Product Disclosure Statement to include our Sponsored and Custodial Individual Holder Identification Number (HIN) options.

Sponsored Individual HIN – available only for Investment clients

Under a Sponsored Individual HIN the client has an Individual Holder Identification Number at the CHESS registry in their own legal name under which all of their securities are held.

Sponsored Individual HIN clients will receive all communications from the share registry in relation to any holdings on that HIN, and will usually need to communicate directly with the share registry to participate in Corporate Actions and to amend elections for dividend payments to reinvestment.

Clients can choose to amend the bank account details for cash dividend receipt if they choose not to have cash paid to their BT Panorama cash account.  BT will send bank account details and the relevant account TFN(s) to the relevant share registry on the first buy of the asset on the HIN. BT will send these details to the registries that accept these details via CHESS message. All other registries will require the client to update these details directly with the share registry.

There is no fee for customers to hold their equities under the Sponsored HIN structure.

Custodial Individual HIN – available for Investment clients and Super members

Under a Custodial Individual HIN the client has an Individual Holder Identification Number at the CHESS registry which is managed by BT on their behalf, under which all of their securities are held.

A Custodial Individual HIN is registered in the name of BT Portfolio Services with the client as the beneficial owner, and their name on the CHESS registration in the Account designation field. This provides clients benefit from the peace of mind of holding their equities under an individual HIN, access to all Corporate Actions via the BT Panorama Corporate Actions calendar and custodial services without having the management obligations of a Sponsored Individual HIN.

Advisers will receive communication from BT about their clients’ holdings via the online Corporate Actions calendar. BT will facilitate any payments for elections in Corporate Actions from the clients’ BT Panorama cash account to the share registry.  All dividend payments will be made to the clients’ BT Panorama cash account by the share registry.

There is a $300 annual fee for customers to hold equities under a Custodial Individual HIN Structure, charged monthly on a pro-rata basis.

How do I change my clients listed securities holding option?

If your client does not hold any listed securities, a HIN can be requested online via the Additional services screen with digital consent; or if the client has existing listed securities on their BT Panorama account they can complete the ‘Change in Listed Securities Holding Type’ form that is available.

Please refer to the Listed Securities section of Help & Support for information on the different holding options, and instructions on how to nominate these options for both new and existing clients.

If your customers are happy with their existing Nominee holding type, there is no need to take any action. All clients will remain within the Nominee holding type unless they elect otherwise.

If no election is made during the onboarding process for new clients, the clients default holding type will be the existing Nominee structure.

Enhancements to Managed Accounts

19 October 2020

Adviser Portfolios

In August we introduced tolerance breach reporting which identifies all accounts that have drifted away from the nominated asset tolerance ranges.

From October you can choose to apply or not apply the tolerance range when performing a rebalance. Asset tolerance will always be considered for reporting in the tolerance breach report.
Where your client has a specified ‘cash post rebalance’, the asset tolerance ranges will now be proportionally adjusted to take this into account.

Tailored Portfolios

Full redemption requests submitted for a Tailored Portfolio will now be automatically rebalanced without the need for your Dealer Group Manager or MDA provider to trigger a manual rebalance.

If a buy order that is generated from a Tailored Portfolio rebalance is queued due to insufficient cash, it will automatically be adjusted to the amount of available cash in the account then submitted. The existing Rebalance Order status report has been enhanced to show any adjustments that have been made.

Asset substitution

A client can now substitute one asset for another within Adviser Portfolios, Tailored Portfolios and Managed Portfolios. It is a new option under the Asset exclusions menu.

Margin lending with Panorama

Your investment clients can now link a BT Margin Loan to their Panorama account, allowing them to borrow against the value of assets in their Panorama account. A margin loan can offer tax benefits in certain circumstances, help with investment diversification, and can magnify investment returns under favourable market conditions. However, there are also risks that need to be considered. For further details, please refer to the user guide in the Margin lending section of Help & support.

Changes to ‘Ceasing an employment arrangement on or after age 60’ condition of release

We’ve recently changed our processes and forms relating to the ‘Ceasing an employment arrangement on or after 60’ superannuation condition of release. Now, when meeting this condition of release, only the account balance on the Date Left Employment (DLE) entered on the form can be converted to unrestricted non-preserved. Any earnings and contributions accrued after the DLE will remain preserved until the client meets another condition of release.

What do the changes mean?

By selecting ‘Ceasing an employment arrangement on or after 60’, a portion of the client’s account balance may remain preserved. This may lead to complications with the following transactions, which may not be able to be completed until another condition of release is met:

• Full cash withdrawals
• Asset transfers from accumulation to account-based pensions
• Account-based pension applications

Understanding the impact on pension applications

The ‘Ceasing an employment arrangement on or after 60’ condition of release may no longer be sufficient for pension applications.

If the client meets this condition of release, they will need to follow the steps below:

1. Update the condition of release on their accumulation account first by completing the ‘Super condition of release form’,
2. Then complete the pension application form and select ‘unrestricted non-preserved’ in the eligibility screen.
Similarly, for any external rollovers into a Panorama pension account, please ensure the funds are converted to unrestricted non-preserved at the previous super fund’s end, so we can apply them to the Panorama pension account. If we receive preserved funds and the client only meets the ‘Ceasing an employment arrangement on or after 60’ condition of release, these funds will need to sit in an accumulation or Transition To Retirement (TTR) pension account until another condition of release is met. This can lead to delays in establishing the pension account.

Why are we making the changes?

To further strengthen our compliance with superannuation legislation and process.

New Panorama training available

Access our new online training courses, a practical and engaging way to help you get the most from Panorama’s wide range of features. This training is delivered on our new interactive training portal that allows you to complete courses in a logical sequence and track your progress along the way. Register to access the portal.

Alternatively, you can register for our live webinars where you can learn from an expert and ask them questions. View the schedule.
 

You can now group more family accounts to further reduce admin fees

24 September 2020

Our related group pricing allows you to combine family accounts, to potentially reduce the asset-based administration fees paid by your clients.

We have now increased the maximum accounts you can combine into a related group from four to eight, providing the opportunity for even greater cost savings.

Accounts can be grouped across BT Panorama Investments and BT Panorama Super with both Compact and Full menus. 

How is the fee saving achieved?

An asset-based administration fee of 0.15% is charged on an investment balance up to $1M. For balances over this amount, the portion exceeding $1M is fee-free.

Combining multiple accounts allows you to pool investment balances. The more the combined balance exceeds $1M, the greater the saving, with any portion above $1M not subject to the fee.

By combining accounts, will clients save money on other fee types?

No, the fee saving relates only to the asset-based administration fee. 

More information

For a detailed guide, and to setup and manage related groups, login to Panorama and select Clients > Related groups.

Also, refer to our disclosure documents which have been updated to reflect the latest changes.

New Adviser Portfolio enhancements

You can now edit a proposed investment order created from ad-hoc rebalances before they’re placed.

Ad-hoc investments or withdrawals can also be made without triggering a rebalance and the Adviser Portfolios client list now shows client preferences and last rebalance date. 

First In First Out (FIFO) tax allocation choice new available

You can now select FIFO tax, allowing you more flexibility with your client’s account tax preferences. 

Simply go to client account details, select Edit tax preference, and choose FIFO from the options if appropriate. Then click ‘Update.’  

New reminder message for after-hours payments

We know things get busy and you won’t always have time to process investment client payments during normal business hours, when you can easily view remaining daily limits.

To help you stay within client payment limits, we’ve added new reminder messages on adviser and investor desktops that display during the week from 5pm to 9am the next day, and all day and night on weekends and public holidays.

When scheduling a payment after hours, the following message now pops up:

“Payment limits are applicable from 9am to 5pm Sydney time on business days. Visit the ‘Scheduled transactions’ page to check the value of any other payments scheduled for your intended payment date.”

Please see the screenshot below to see how this will appear on your screen:

 

BT Panorama product enhancements

17 June 2020

Over the past few months, we have released a range of new and exciting functionality into Panorama to improve the experience both you and your clients have with the platform. Some highlights include:

  • Spouse contribution splitting is now available, allowing the split of concessional contributions to an eligible spouse. A new form is now available that will assist you in implementing this strategy for clients.

  • We have introduced the ability to set end dates for ongoing advice fees, with functionality that allows multiple time-bound fees and schedule support. You will receive an email 30 days prior to the set end date of a fee, providing you with greater control and visibility over your fee arrangements with clients.

  • We’ve made a range of enhancements to further support you and your clients in relation to Protecting Your Super legislation, including automated inactivity notices where a contribution or rollover hasn’t been made for a period of time, online opt-in via Panorama’s desktop or mobile app and tools to help you keep track of clients inactivity notices.

  • Enhancements to Panorama’s Adviser Portfolios functionality, including a disclosure update to allow use with MDAs, tolerance weightings considered when a rebalance is performed and further system functionality to handle scenarios where there is insufficient cash in a client’s transaction account where a rebalance order is made.

  • New data feeds available – Panorama has expanded its integration with software used in your financial planning process, with the launch of new feeds to PlatformPlus and PlutoSoft. These integrations will enable greater efficiencies and further broaden the integrations Panorama has in place.

Stay on top of PYS requirements with our automated client notifications, adviser emails and online reporting

We’ve made it easier for your clients to opt in to keep their insurance if they wish to. We’ve also improved our reporting to help you keep track.

Automated notices from Panorama

As part of the government’s Protecting Your Super legislation, insurance policies funded through super account will be cancelled when the super account is more than 16 months inactive. We’re automatically sending 9-month, 12-month and 15-month inactivity notices to clients that haven’t made a contribution or rollover into their account over these periods. 

Online opt in now available for clients

Your clients can now elect to keep their insurance by logging into their Panorama account via their desktop or mobile app and navigating to the insurance screen.

Alternatively, they can send us a completed form via email. Your clients can also make, or we can receive, a contribution or a rollover into their account before it becomes 16 months inactive.

We’ll follow up with an insurance opt-in confirmation notice for those clients that choose to keep their insurance cover, plus an annual ‘right to cease their insurance’ notice.

Emails and online reporting to help you keep track

If any of your clients are receiving inactivity notices, we’ll send you an email alert letting you know. If you’ve linked your LifeCentral+ ID to your Panorama ID, you can access an up-to-date report by navigating to Business > Insurance accounts and selecting ‘opt in status’ in the drop-down filter. The results will be automatically sorted to list those client accounts in order of urgency, saving you time and helping you to act quickly if necessary. You can also easily save a copy of this report – just click the csv download button.

How can we help?

BT Portfolio Services Ltd ABN 73 095 055 208 AFSL 233715 (BTPS) operates Panorama Investments and administers Panorama Super. BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) is the trustee and issuer of Panorama Super, which is part of Retirement Wrap ABN 39 827 542 991. Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) is the issuer of the BT Cash Management Account (BT CMA) and the BT Cash Management Account Saver (BT CMA Saver). Together, these products are referred to as the Panorama products.

A Product Disclosure Statement or other disclosure document (PDS) for the Panorama products can be obtained by contacting BT on 1300 784 207 or logging into bt.com.au/panorama. You should obtain and consider the relevant PDS before deciding whether to acquire, continue to hold or dispose of interests in the Panorama products. Conditions, fees and charges apply for the Panorama products and may change. The Panorama products are only available in Australia.

BTPS, BTFM and WFSL are subsidiaries of Westpac. Apart from any interest investors may have in Westpac term deposits, Westpac securities, the BT CMA, the BT CMA Saver or underlying bank accounts held at Westpac through their Panorama Super acquired through the Panorama operating system, an investment acquired using the Panorama operating system is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. These investments are subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of any investments acquired through the Panorama operating system.