Managed accounts are professionally managed portfolios that let you apply investment decisions consistently across clients, with greater efficiency, clearer oversight and scalable portfolio management. On BT Panorama, you can choose from ready-made portfolios, partner with leading investment managers, or run your own discretionary portfolios - all on one platform.
Ready to explore our managed portfolios on BT Panorama?
Log into BT Panorama and browse our off-the-shelf menu by navigating to Products > Managed Portfolios > Investment Options.
Managed portfolios (SMAs)
Access professionally managed portfolios on BT Panorama, or build your own.
Used by practices looking to reduce time spent on portfolio construction and ongoing investment management.
Built for practices seeking to simplify portfolio management and free up time for advice delivery.
Key benefits
- Choose off-the-shelf portfolios from award-winning managers aligned to common objectives and risk profiles, build your own, or partner with an asset consultant or investment manager to tailor a managed portfolio suite to the needs of your business and clients
- Enhance your value proposition
- Consistent implementation, reporting and client experience
- More capacity to focus on client relationships and advice.
Adviser model portfolios
Build and manage your own model portfolios.
Designed for practices that want to create operational efficiencies while retaining investment decision making.
Built for practices who have in-house investment expertise and want to design, manage and rebalance their own portfolios and improve operational consistency.
Key benefits
- Retain control over investment decisions while simplifying execution
- Apply portfolio changes across multiple clients more efficiently
- Support consistent rebalancing workflows
- Include a broad range of asset types, including managed portfolios (SMAs)
- Improve visibility of holdings and portfolio activity.
Tailored portfolios (MDAs)
Deliver discretionary portfolio management with flexibility and scale.
Designed for practices operating with an MDA license that require configurable portfolios, rebalance control and consistent compliance oversight.
Built for practices with an MDA license and in-house investment expertise delivering discretionary advice supported by repeatable processes.
Key benefits
Create and manage tailored portfolios within a structured framework
Monitor portfolios efficiently at scale
Support ongoing oversight, reporting and administration
Deliver discretionary portfolio management more consistently.
“Clear portfolio visibility builds confidence and trust. And in fast‑moving markets, timely, consistent communication helps clients stay informed, supported and in control.”
Jason Brown
Head of Distribution, BT
What is a Separately Managed Account (SMA)?
- A non unitised Managed Investment Scheme (MIS) with a minimum investment as low as $5,000
- An account constructed on a "model portfolio" basis where each investor generally receives the same portfolio, based on a model constructed by a specialist investment manager
- Offered with respect to a range of different asset classes and investment styles, including single and multi-sector portfolios and ESG focussed portfolios
- Managed by a specialist investment manager who is responsible for the initial and ongoing asset allocation and stock selection
- an investor will invest in the same shares but will have their own individual tax and income outcomes due to the beneficial ownership of assets
What is an Individually Managed Account (IMA)?
- Bespoke portfolios constructed by a portfolio manager, generally made available to Wholesale investors, minimum investment may be as high as $500,000
- constructed individually for each investor, although each account often shares some common holdings
- for instance, If an investor wants to have greater exposure to environmentally conscious investments the IMA can be customised by the portfolio manager, specifically for the investor, to include greater weighting in those desired investments
What is a Managed Discretionary Account (MDA)?
- MDAs have a licensing structure which allows MDA providers to operate investor accounts within their discretion
- the MDA provider is required to hold an Australian Financial Service Licence (AFSL) with MDA authorisation
- an MDA can be used to run SMAs and IMAs however they operate under a different licensing regime and in order to enter into these structures, investors should receive personal advice as to their financial circumstances to ensure these are suitable
- MDAs can provide greater flexibility to allow portfolios to be constructed in accordance with personal objectives, risk tolerance, and asset preferences
What is a Unified Managed Account (UMA)?
- These types of investments are less common than the ones detailed above. It is an investment account that provides a single overview of all the investor’s investments including SMAs, IMAs, term deposits, cash, property, and a range of other assets classes.
For more information about the products offered by BT, please refer to the BT Managed Portfolios Product Disclosure Statement (PDS);
This information is current as at May 2026
1 Source: Investment Trends Managed Accounts Report 2026 (Survey conducted Nov 2025 – Jan 2026).
Awards are opinions only and are not recommendations and are only one factor to be taken into account when deciding to acquire, dispose or hold interests in BT Panorama. Awards are current at the time of publication but are subject to change.
This website has been prepared for use by financial advice professionals only. It must not be made available to any client and any information in it must not be communicated to any client. The information on this website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This information does not take into account your clients’ personal objectives, financial situation or needs and so you and your clients should consider its appropriateness, having regard to these factors before acting on it.
This information has been prepared by BT Portfolio Services Limited ABN 73 095 055 208 AFSL 233715 (BTPS), the operator of Panorama Investments; and BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) the trustee of Panorama Super, which is part of Asgard Independence Plan Division Two ABN 90 194 410 365. Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios, Wholesale Plus Funds and the BT Wellington Global Opportunistic Value Fund. 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) and target market determination (TMD) for the Panorama products can be obtained by contacting BT on 1300 784 207 or by visiting bt.com.au. A person should obtain and consider the PDS and TMD 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 transaction account 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.
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