BT Panorama migration: FAQs

View frequently asked questions about the migration to BT Panorama below.

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Background

What will happen to my BT Wrap clients?

When the migration occurs for each tranche, the existing BT Wrap products will be transitioned to the purpose-built BT Panorama operating system and your BT Wrap clients will gain access to the features available on BT Panorama. While there will be some new features, it’s important to note that certain features will change as they’ll be delivered in a different way on BT Panorama, and others will no longer be supported.

In relation to BT Investment Wrap, the terms and conditions applying to a client’s account will also be updated however clients will technically remain in the same Investor Directed Portfolio Service.

In relation to BT SuperWrap, clients will remain a member of the same superannuation fund but will be subject to the terms of the Panorama Super plan rather than the terms of the SuperWrap plan.

Additional information about product feature changes will be made available on our website.

Migration process

Will I need to produce an SOA or ROA for my clients as part of the migration to BT Panorama?

The proposed migration of Wrap to Panorama Investments and SuperWrap to Panorama Super involves moving clients from the Wrap technology system to the Panorama technology system. While the terms and conditions applying to Wrap accounts and SuperWrap will be varied and updated at the time of migration to reflect those applying to Panorama Investments and Panorama Super, a client will technically remain in the same Investor Directed Portfolio Service (in the case of Wrap) and the same superannuation fund (in the case of SuperWrap). Therefore, at this stage, migration to Panorama of itself is not expected to trigger a requirement for advisers to produce SOAs or ROAs for their migrating clients.

However, in view of the changes to features and functions of client accounts that will follow from the migration of a client’s account to the Panorama technology system, clients might request advice from their advisers, or the basis on which advice has previously been given to clients by their advisers may have changed.  Whether or not advisers are required to produce SOAs or ROAs in relation to any personal advice that is provided to their clients regarding their IDPS and superannuation accounts will ultimately depend on (among other factors) the adviser’s agreement with their client, the advice that is provided to the client by the adviser, any previous advice provided by the adviser to the client, and any changes relating to the client’s relevant personal circumstances.

If your clients have provided certain instructions in relation to the Wrap Preferred Portfolio Facility, Portfolio Service Facility or Managed Fund Drawdowns, your client may need to provide us with new instructions if they utilise similar features on Panorama. We will be in touch if your client is impacted by this or we identify other circumstances where your client needs to provide new instructions in relation to their account.

You will need to consider your own compliance requirements for producing a regulated advice document, having regard to your usual decision making framework and regulatory obligations (including the internal standards of your authorising Australian financial services licensee).  

Download the PDF (204KB)

On migration will my clients be issued with new account numbers?

Clients will be issued with new account numbers and login details as part of the migration to BT Panorama.

Will the web address that I use to login to view my clients’ accounts change on migration?

Yes, you and your clients will use the BT Panorama website and mobile app after migration and will be issued with new login details.

You will retain access to BT Wrap for a period of time after the migration, and those BT Wrap login details will remain the same as you may need to access historical information.

How will my Wrap Essentials clients be migrated?

Wrap & SuperWrap Essentials accounts will be migrated to BT Panorama - Compact menu in tranche 4, which we anticipate to occur in June 2021. In order to give you time to review the implications of this change for your individual clients, we will continue charging nil administration fees until 30 June 2022. After this date, the usual Panorama Compact administration fees will apply. The minimum cash balance for the transaction account will be set at $500 for all migrated Essentials accounts which is lower than the standard cash minimum of $2,000 in BT Panorama (until further notice).

The existing investment options currently held by your Essentials clients will be transferred to BT Panorama Compact. After the migration is complete, clients can continue to invest into their existing investment options as long as they retain a holding in the option and they will also be provided with access to BT Panorama Compact’s investment menu. BT Panorama Compact’s investment menu will provide clients with access to around 61 managed funds, 30 Managed Portfolios and term deposits.

For more information you can view a copy of the Panorama Super Product Disclosure StatementPanorama Investments Investor Guide and Managed Fund List on the migration hub here

Does this include migration of Asgard Infinity, eWrap Super and Pension clients? If not when will the Asgard migration be completed?

At this stage our intention is to migrate Wrap to Panorama by mid 2021, after which we intend to commence planning for the migration of Asgard to Panorama.

BT Panorama seems to require a mix of digital instructions and paper based instructions. Will this continue to be the case?

BT Panorama has been designed to deliver the best experience through digital channels. Paper based alternatives have been introduced only where customer feedback is clear that a manual alternative is required (for example certain paper forms will be introduced for customers unable to have a mobile number or email on their account).

What is the Significant Event Notice?

The Significant Event Notice is the communication we will send directly to migrating clients, providing them with information on migration and the changes that will occur.

How much notice will we have of any transaction delays (e.g. asset transfers) and transaction freezes?

In the lead up to each migration weekend there will be varying transaction freeze periods and we will confirm these with you ahead of your client receiving their Significant Event Notice (SEN). You can check the dates on this website, and there will also be warning notices on the BT Wrap desktop transaction screens. Here are the expected freeze periods per transaction type (please note these are subject to change).

Transaction             type/process # days impacted
ahead of migration date*
Impact
Online cash
transactions
(e.g. deposits
/withdrawals)
2 days You will not be able to
submit the transaction
and will need to wait until
migrated onto BT Panorama.
Manual cash
transactions
(e.g. partial 
redemptions)
2 days
Cheques: 3 days
The transaction will be
delayed until migration has
completed and then it will
be processed in BT Panorama.
Managed Fund
transactions
(buys and sells)
8 days You will not be able to submit the transaction and will need to wait
until migrated onto BT Panorama.
Term Deposits
transactions
(buys and sells)
8 days You will not be able to submit the
transaction and will need to wait 
until migrated onto BT Panorama.
Listed Securities
transactions
(buys and sells)
3 days You will not be able to submit the
transaction and will need to wait 
until migrated onto BT Panorama.
Model and
Preferred
Portfolio
rebalances
8 days You will not be able to submit the
transaction and will need to wait 
until migrated onto BT Panorama.
External in-specie asset transfer ins/outs Case-by-case from 30 days Each request will be reviewed and
determined whether there is time
to process the transaction or if it
will have to wait to be facilitated in
BT Panorama after migration.

Please note that other amendments to your clients’ accounts will be assessed on a case-by-case basis to ensure that they can be completed prior to migration. If not, they will be completed once the account has been moved onto BT Panorama.

* Migration date will be on a weekend. These are the number of calendar days ahead of migration, not business days.

How will clients without an email or mobile phone number be supported?

Where migrated clients do not have an email or valid Australian mobile phone number, they will not have online access to their account. Where they have elected to receive paper reports in BT Wrap, they will continue to receive paper reports after migration to BT Panorama.

As a key benefit of the migration, we recommend that all clients engage digitally with BT Panorama by providing their email and valid Australian mobile number and accessing both the website and mobile app.

In addition to being able to login to their account online, there are three processes in BT Panorama that currently require email or mobile, and we have designed alternative processes for migrated clients that do not have an email or mobile.
 

Process Current
requirement in Panorama
Solution where migrated
client does not
have an email/mobile*
1. Amending payment
details, including Linked
Bank Accounts, Pay Anyone Accounts, and BPAY Billers.

- Client wants to add or remove payment details
- Client wants to amend the daily limit for Pay Anyone account or BPAY biller.
Panorama uses 2 factor authentication (requiring email/mobile) to validate these amendments. Migrated clients without email/mobile can complete a “Manage Accounts & Billers” form and send to BT.
2. Certain manual payments

Client is trying to make a payment to an existing account listed on file and:
- The payment is more than the daily limit allowed online
=>$200K.
- The payment may be under
special circumstances: Permanent Incapacity (Tax uplift required) or RTGS (Require immediate settlement).
Panorama uses 2 factor authentication (requiring email/mobile) to validate these payments. Clients can use an
exceptions process through
our Customer Relations team
i.e. clients call Customer Relations and follow existing manual payment request process; however,
as opposed to the email validation, an additional Customer Relations member will join the call to validate the request. 

Investment account clients will also have the option to
complete an “Investment Partial Withdrawal” form, and send to BT.
3. Pension payment changes

Client is looking to amend their Pension details - might include
the amount, frequency, or the receiving account.
Panorama uses 2 factor authentication (requiring email/mobile) to validate these changes. Clients will need to fill out a
“Pension Amendment” form and send to BT. 

BT is also in the process of
updating the "Super Partial
Withdrawal" form to
include categorisations for lump sum and income
payments.

* An adviser with the appropriate permissions can make this request on the client’s behalf.

What happens if dealer groups are not registered by 5 March 2021?

If we do not hear from dealer groups by 5 March 2021, we will be un­able to link cus­tomers to their ad­vis­ers or dealer groups upon mi­gra­tion, and so clients will be mi­grated to in­vestor-man­aged ac­counts on BT Panorama. Where this oc­curs, we will con­tact clients di­rectly to in­form them that all ad­vice fees will be turned off, and upon the mi­gra­tion of their ac­count to BT Panorama their ad­viser will no longer have ac­cess to their ac­count.

What happens if advisers are not registered by 16 March 2021?

If the ad­viser reg­is­tra­tion is still out­stand­ing by 16 March 2021, clients will still mi­grate to BT Panorama un­der your dealer group how­ever their cur­rent ad­viser will not have ac­cess to their ac­count, and ad­vice fees will be turned off. They will be set up as an Ad­viser Setup In­vestor Man­aged (ASIM) client un­der your dealer group. Dealer groups will be able to re­as­sign them to an ad­viser reg­is­tered for BT Panorama. In this in­stance, we will re­quire a new signed On­go­ing Fee Arrange­ment (OFA) to re-es­tab­lish ad­vice fees.

What happens if Wrap F-codes haven't been validated by 19 March?

If the ad­viser F-codes haven't been linked to the new Panorama ID by 19 March 2021, clients will still mi­grate to BT Panorama un­der your dealer group how­ever their cur­rent ad­viser will not have ac­cess to their ac­count, and ad­vice fees will be turned off. They will be set up as an Ad­viser Setup In­vestor Man­aged (ASIM) client un­der your dealer group. Dealer groups will be able to re­as­sign them to an ad­viser reg­is­tered for BT Panorama. In this in­stance, we will re­quire a new signed On­go­ing Fee Arrange­ment (OFA) to re-es­tab­lish ad­vice fees.

Pricing

How will my clients’ pricing change as a result of migration?

Existing pricing arrangements for Wrap clients will be assessed ahead of the intended migration of their account. These pricing arrangements will either be maintained, or clients may be reduced to BT Panorama Open pricing if this represents a lower administration fee at the time of our assessment. More information on pricing will be provided over the coming months.

Will clients be provided with information comparing pricing on Wrap and BT Panorama?

Clients will receive a Significant Event Notice detailing the exact changes occurring on migration and summary information of the changes will be provided to advisers (through the migration hub) before each migration tranche.

Reporting and historical information

What information will be available on closed BT Wrap accounts after migration?

BT Wrap desktop access will remain available for read only access for approximately 12 months after the migration.

What transaction history/data will be available after the migration (e.g. will I be able to access historical data and cost base)?

We are working to provide access to important BT Wrap transaction history data via BT Panorama. We are also getting feedback from a representative group of advisers about the type and extent of historical data required after the transfer and how we can provide this data access. All asset positions (for example number of investments held, acquisition dates etc) held on BT Wrap will be migrated across to BT Panorama with a complete cost base of open positions carried forward for CGT purposes.

Will paper reporting be available when BT Wrap accounts migrate to BT Panorama?

We will be carrying across the reporting preference (i.e. paper based or electronic statements) that each client has selected on their BT Wrap account to BT Panorama on migration. So, where a client has elected to receive paper statements on BT Wrap, this election will come across and they will continue to receive these paper statements on BT Panorama after migration.

This option for paper-based reporting only applies to migrated clients, as any new clients joining Panorama will receive electronic statements.

What screens and reports can be saved as a PDF on BT Panorama?

All client reports available on Panorama can be saved as a PDF i.e. Portfolio Value, Asset allocation, Account performance, Portfolio performance, Periodic performance, Portfolio movement, Cash movements, Transaction history, Cash statement, Fee summary, Income received, Income accrued, Realised capital gains, Unrealised capital gains, Beneficiary report (super), Contribution summary report (super).

There are also PDFs for transaction confirmations (orders) and statements in the document library.

How will the differences in the way Xplan data feeds work be dealt with for migration?

We are working closely with Xplan to ensure all transactions including return are correctly calculated.

Will dealership commission files come through as one file after migration?

Dealer group commission files are loaded to the desktop under the dealer group (DG) manager's access. This upload is specific to the product, so in a sense, it would be by badge. However, changes in the August Panorama IT release will allow for multiple product sets under the same ID so you’ll be able to access both from the one DG manager permission.

Supporting members without email or a mobile phone

How will clients without an email or mobile phone number be supported?

Where migrated clients do not have an email or valid Australian mobile phone number, they will not have online access to their account. Where they have elected to receive paper reports in BT Wrap, they will continue to receive paper reports after migration to BT Panorama.

As a key benefit of the migration, we recommend that all clients engage digitally with BT Panorama by providing their email and valid Australian mobile number and accessing both the website and mobile app.

In addition to being able to login to their account online, there are three processes in BT Panorama that currently require email or mobile, and we have designed alternative processes for migrated clients that do not have an email or mobile.

Process Current
requirement in Panorama
Solution where migrated
client does not
have an email/mobile*
1. Amending payment
details, including Linked
Bank Accounts, Pay Anyone Accounts, and BPAY Billers.

- Client wants to add or remove payment details
- Client wants to amend the daily limit for Pay Anyone account or BPAY biller.
Panorama uses 2 factor authentication (requiring email/mobile) to validate these amendments. Migrated clients without email/mobile can complete a “Manage Accounts & Billers” form and send to BT.
2. Certain manual payments

Client is trying to make a payment to an existing account listed on file and:
- The payment is more than the daily limit allowed online
=>$200K.
- The payment may be under
special circumstances: Permanent Incapacity (Tax uplift required) or RTGS (Require immediate settlement).
Panorama uses 2 factor authentication (requiring email/mobile) to validate these payments. Clients can use an
exceptions process through
our Customer Relations team
i.e. clients call Customer Relations and follow existing manual payment request process; however,
as opposed to the email validation, an additional Customer Relations member will join the call to validate the request. 

Investment account clients will also have the option to
complete an “Investment Partial Withdrawal” form, and send to BT.
3. Pension payment changes

Client is looking to amend their Pension details - might include
the amount, frequency, or the receiving account.
Panorama uses 2 factor authentication (requiring email/mobile) to validate these changes. Clients will need to fill out a
“Pension Amendment” form and send to BT. 

BT is also in the process of
updating the "Super Partial
Withdrawal" form to
include categorisations for lump sum and income
payments.

* An adviser with the appropriate permissions can make this request on the client’s behalf.

Can the adviser be the contact if clients do not have an email?

Unfortunately for security reasons, client email details are required. We do have new processes to support clients without email/mobile.

If a client is overseas and does not have a valid Australian mobile phone number, is this going to cause issues on migration?

BT Panorama's security requires clients to have an Australian mobile number. However, we have designed additional manual processes to cater for clients without a valid Australian mobile number. 

Taxation

What tax implications will be involved with the migration?

The move from BT Wrap to BT Panorama does not affect the beneficial ownership of assets held in clients’ accounts. Accordingly, no CGT events will be triggered or recorded as a result of the transfer. In particular, existing cost bases and acquisition histories of migrated assets will be retained, ensuring no changes to the tax profiles of clients’ portfolios. 

For SuperWrap assets migrated to BT Panorama Super, this also ensures that the values of members’ benefits are correctly retained on transfer.

Note: references to BT Wrap clients do not include clients with BT Wrap Essentials accounts (Super and Investments) as the migration path for these clients is being finalised.

Super, pension and insurance

My client's pension payment is set up to be paid monthly – will those dates remain the same when my client moves to BT Panorama?

Yes. All regular payment dates including pension payments will remain the same following the migration to BT Panorama. BT Panorama offers the flexibility to pay pensions on any day of the month, therefore after migration you can amend the pension payment date if you wish.

Will my client still receive a Centrelink Schedule when changes are made to their pension account?

Centrelink Schedules will be added to the BT Panorama document library but will no longer be mailed to clients.

Are there any changes to insurance features or premiums for migrating clients?

Insurance features and premiums for policies held by migrating clients will not change as a result of the migration.

Will we have to manually transfer beneficiaries as part of the migration to BT Panorama?

No, beneficiaries will automatically be moved across with migration to the equivalent Panorama Super nomination. On BT Panorama Super, your clients will also have the option to add a secondary nomination.

Will BT inform Centrelink of the account changes?

Yes. We will inform Centrelink to avoid commencement of a new pension on migration.

If a client needs to make a contribution during migration can they do this?

Yes. Although certain transactions undertaken during a freeze period may result in clients being excluded from a migration tranche.

Will clients still be able to make end of financial year contributions if they are in a tranche that takes until June 2021 to migrate?

Yes, we have processes to track contributions for the full financial year regardless of which system the client is on during the year.

Will we need to provide clients new SuperChoice forms for their employers?

Yes, new account numbers will require new forms with employers. We are redirecting for 12 months to allow time for this change to be made.

Will clients who have transferred UK pensions be able to migrate to BT Panorama Super, as BT Panorama did not appear on the UKs list of QROPS providers?

HMRC has granted BT relief for migrating clients holding UK funds from SuperWrap to Panorama Super.

As part of this relief they have confirmed that there will be no UK tax liability that arises as part of the planned migration and allowed us to discontinue the reporting to them post the migration which means that there will no longer be additional information captured for these clients when a withdrawal or rollover request is received.

Will the social security asset test exemption be maintained for pensions/income streams commenced before 20 September 2007?

BT has previously confirmed with the DHS/Centrelink and the DVA that an income stream/pension migrated in this manner will be treated as a continuation of the member’s existing pension/income stream for social security purposes and grandfathering provisions would continue to apply. As a result, on migration, there will be no change in pension commencement date and no impact on the asset test exempt status of these pensions.

What will happen to Enduring Rollovers (where a regular rollover is made from your client’s SuperWrap account to another super fund to, for example, pay the premiums for insurance cover held through that fund)?

Because your client’s account number will change on migration, we suggest that you or your client contact the other super provider to let them know that the client’s account number and product name is changing (but not the super fund, which will still be Retirement Wrap). They may require a new ongoing rollover authority form to be completed to continue requesting a regular rollover of funds from the BT Panorama Super account after migration.

Will regular super contributions from employers continue after migration?

Where your clients are making regular Super Guarantee contributions, after migration your clients will need to notify employers of their new account details. BT will redirect payments for up to 12 months to allow clients time to update these details with their employer.

If my client has applied for an insurance policy and requested their Wrap account details to be used to pay for their insurance premiums, what will happen if their Wrap account is migrated to Panorama before the policy is completed?

Where an application is received for BT Protection Plans insurance cover and by the time the application is completed, the nominated Wrap account is migrated to Panorama, the Panorama account will be debited to pay the future premiums.  

Will my client’s insurance arrangements be impacted?

If your client has a BT insurance policy linked to their SuperWrap account, their insurance policy number, policy terms, type of cover and payment authority (except as set out below) won’t change as a result of migration to Panorama Super.

There may be a temporary disruption to insurance premium deductions during the month of migration and the month following migration as follows:

  • If premiums are paid monthly, there’ll be no premium deduction in the month of the migration, but two months’ premium will be deducted in the following month.
  • If premiums are paid quarterly, half-yearly or yearly and the premium is due in the month of migration, this premium will be deducted in the month following migration.

Insurance cover will continue throughout the migration provided that we’re able to deduct the required insurance premiums from the Panorama Super transaction account after the migration has been completed.

Also, after migration, there may be changes to the timing of the insurance premium deductions. Once an account has been migrated, insurance premiums will be deducted from the Panorama Super transaction account between the 22nd to 28th day of the month in which they’re due (currently these are deducted from their SuperWrap transaction account on the last business day of the month).

Will my client still be able to alter their insurance cover?

Clients can still apply to change their insurance cover at any time.

Will my client’s Income Protection claim be impacted?

If your client is receiving an income protection benefit, the migration will not impact their claim or how the claim is paid.

The Income Protection PAYG payment summary will be consolidated for the year of migration. The payment summaries will provide clients with the same information they’re used to receiving in their preferred communication format – paper or online.

You’ll be able to find their statements in the Document Library on Panorama Super. Should you need to, you’ll be able to log onto Wrap online for 12 months after migration.

In-specie transfer

Will estimated capital gains for asset sales be added to BT Panorama in a similar way to how it is currently provided on Wrap?

Estimated capital gains are available for some transactions in BT Panorama but not currently for individual trades. We are investigating whether this can be added after migration.

When will manual transfers from BT Wrap to BT Panorama cease?

Ahead of our intended migration we will no longer accept any new requests for adviser-initiated transitions (in specie transfers) from Wrap to Panorama that are received from 27 November 2020. The only exception to this is SMSFs that are terminating and transitioning assets to Panorama Super in which case we will continue to accept these requests up until 26 February 2021.

We are ceasing these transfers to ensure that we have adequate time to complete each transition before a migration, with most transitions taking up to 3 months. This will help to support a more effective adviser and client experience.

We are intending for all tranches of the migration to be completed by end of June 2021 and will confirm the exact dates over the next couple of months.

Why is in-specie transfer available during migration when it hasn't been available to date?

The bulk nature of the migration enables us to invest in automated process to align menu's between platforms and then allow for the bulk transfer of those investments with fund managers over a weekend as part of each migration tranche.

Features available on BT Panorama

Can I settle to any broker in BT Panorama?

The list of brokers available on Panorama is being extended based on those currently used in Wrap. Please confirm with your BT Business Development Manager if there is a particular broker that you want to confirm this for.

Will there be a comparison of features between Wrap and BT Panorama made available?

A feature comparison will be made available on the migration hub which will include any remaining gaps at the time of migration.

Is the HIN allocated to each client account and therefore the client is able to receive all corporate action offers to them as an individual client? Is there any issue with SPP allocations?

Yes. Sponsored and Custodial HIN will be available on Panorama Investment from February 2021 for all existing and new accounts, and Custodial HIN will be available on Panorama Super. These features include enhancements to the way stock from a Share Purchase Plan are allocated, particularly where the SPP is subject to a scale back.

Will I be able to link a client's margin lending account to their BT Panorama account?

Yes margin lending accounts will be migrated to BT Panorama.

What will happen to accounts where the client is invested in an asset type such as margin loans, share warrants or derivatives that have not to date been available on BT Panorama?

Margin loans are in the process of being added to BT Panorama to enable the migration of these accounts. Certain less frequently used investments (such as warrants) will not be supported on BT Panorama and we have already contacted the small number of advisers impacted by this.

Will my clients have to authorise corporate action transactions on BT Panorama?

You can submit instructions on behalf of your clients to participate in corporate actions. You should ensure you have the appropriate authorisation from the client prior to submitting any instruction.

On BT Panorama there are three options on the corporate actions calendar. You will have the ability to either create an ROA and request digital consent from clients, or you can upload your own ROA, or continue without an ROA generated on Panorama where you already have obtained client consent for the corporate action.

Will you be decommissioning certain features/functionality on migration to BT Panorama?

Certain infrequently used features are being removed on or before migration. This includes:

  • Cheque and deposit books
  • Warrants
  • Capital protection.

Investment menu and transfer of assets

My client holds a managed fund on BT Wrap which is not on the BT Panorama menu, how will it be treated on migration?

We are adding on all the funds to BT Panorama to enable investments to be migrated. Some of these funds currently open on BT Wrap, may not be open to new investment after migration (e.g. suspended funds).

Please also refer to other questions in this section for information on assets that may be sold down.

Will all assets be moved on migration to BT Panorama?

We are intending to align investment menus to minimise the impact on existing investments on migration, although clients will not be able to make further investments in some assets. We are currently working closely with dealer groups to ensure this alignment of menus.

What term deposits will my clients and I be able to access after migration?

All existing term deposits held on BT Wrap will be brought across to the new BT Panorama account. After migration, you and your clients will have access to all Westpac Group branded term deposits including Westpac, St.George, BT and Bank of Melbourne.

Will you be introducing the capability to hold direct international equities?

Not in the short term. We are monitoring demand for this feature and will consider adding after migration if there is sufficient demand.

Will the managed fund asset transfer turn around time still come into affect for account transfers?

Because the migration is occurring in bulk, the managed funds will be transferred over each migration weekend and should be available on the first business day after migration.

Will clients retain their HIN?

There will be no change to the client’s HIN on migration to BT Panorama.

Will you issue a final statement on assets once we move from BT Wrap?

All asset positions will be taken across to BT Panorama and reporting on those assets will be available through BT Panorama immediately after the migration. In the year of migration, we will issue an annual report that is made up of two parts, one part is for the period that clients held assets which were administered on the BT Wrap system and the other part is for the period from when the assets are migrated to BT Panorama. All statements will be available in the Panorama document library once issued.

The transaction account

Will transaction account interest rates remain the same upon migration?

Transaction account interest rates are currently aligned across BT Wrap and BT Panorama and will not change as a result of migration. However, interest rates are subject to change in accordance with the relevant disclosure.

Will my clients need to do the 1 cent verification?

On migration, accounts already linked for direct debit in BT Wrap will be migrated across to BT Panorama. These accounts won’t be subject to the 1c verification process because the direct debit bank account has already been set up in BT Wrap and will not need to be re-verified. Any new accounts added for direct debits after migration will need to be verified through the 1c verification process.

Note that the 1c verification is only required if there are direct debits set up, i.e. not for linked accounts where there is only money pushed to them, not pulled.

Will BPAY details change?

As account numbers are expected to change as part of the migration, BPAY details will also change. We will work closely with you to help minimise the impact of this.

To ensure customers do not miss out on any payments, we will automatically redirect payments from their closed BT Wrap account to their new BT Panorama account, for a period of time after migration. However, where there are arrangements set up with an external provider, you or your client will need to contact those third parties to ensure payment details are updated. 

What will happen to existing Direct Debits set up on BT Wrap?

Existing Direct Debits set up in BT Wrap will automatically be updated to the new account details upon migration. Where your client has set up direct debit arrangements with third parties, you or your client will need to contact those third parties to ensure those arrangements are updated.  

After migration

How can I see the migration status for each of my clients?

Following the migration weekend, you will be able to access your 'Migration Client List' via the Wrap Desktop. Your clients' migration status should be updated to “Complete”. If your clients’ migration status is listed as “Unscheduled” they either have been excluded from their allocated tranche or are scheduled for a later tranche.

What communications will my clients receive following the migration of their account?

Following the migration weekend we will be sending a confirmation notification to all clients to notify them of the status of the migration. If they have an email address on file with us and their account migrated successfully, we will provide them with details on how they can access their account via Panorama online. They will either need to register for online access, login via Westpac Online Banking or via their existing Panorama login where relevant. If your client doesn't have an email address on file with us, we will send their notification via post. You can view sample communications on the adviser migration hub.

What if my client has more than one Wrap account, will they receive multiple confirmation emails?

In the majority of cases clients should only receive one confirmation notification which will reference each of their accounts. When they register for online access they will be able to see all accounts migrated to BT Panorama. For step-by-step instructions on how to register, your clients can reference this registration guide

Training and support

What training will be provided to me and my clients before the migration?

We are building training on BT Panorama for both clients and advisers. A key component will be on the ability to effectively compare and contrast the BT Wrap and BT Panorama experiences.

Our aim is that you, your clients and your support teams find the system intuitive and easy to use, and our training will ensure that where your practice processes are embedded in BT Wrap, you will have clear guidance on how to maintain this experience through the transition to BT Panorama.

What support will I receive after migration?

BT Panorama provides a number of support avenues to ensure you and your clients have access to help and guidance including phone support, email, online and a click-to-chat feature. 

Our new virtual assistant ‘Blue’ is also on standby 24/7 to help answer your common queries, or you can click-to-chat with our Customer Relations team during business hours (Monday to Friday, 8:00am – 6:30pm, Sydney time). Also look out for the ‘Guide me’ buttons on the BT Panorama platform for step-by-step instructions for completing certain tasks.

Following your migration to BT Panorama we will also be hosting a week one in review webinar where you can come and ask questions of our panel. View the Events & webinars section for more details and to register. 

What support is available for my clients following the migration of their account?

For help and support following the move to BT Panorama, you can refer your clients to our migration hub which provides support materials including FAQs. The hub also includes a step-by-step guide to registering for online access, links to login to Panorama online, an investor checklist and how-to videos.


Information current as at July 2021.

This information has been prepared by BT Portfolio Services Limited ABN 73 095 055 208 AFSL 233715 (BTPS), the operator of BT Wrap and Panorama Investments; and BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) the trustee of SuperWrap and Panorama Super, which are part of Retirement Wrap ABN 39 827 542 991. It is current as at July 2020. This information does not take into account your or your clients’ personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it.

A Product Disclosure Statement or other disclosure document (PDS) for the above-mentioned products (the BT platform products) can be obtained by contacting BT on 1300 360 899 or by visiting bt.com.au/professional. Your clients should obtain and consider the relevant PDS before deciding whether to acquire, continue to hold or dispose of interests in the BT platform products.

BTPS and BTFM are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac). Apart from any interest investors may have in the BT Cash Management Account, the BT Cash Management Account Saver (both of which are issued by Westpac), Westpac term deposits, Westpac securities or underlying bank accounts held at Westpac through their BT Wrap, BT SuperWrap or Panorama Super cash account, an investment acquired using the Wrap or Panorama operating systems 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 in or acquired through the products.

This content has been prepared for use by advisers only.  It must not be made available to any client and any information in it must not be communicated to any client. The information provided is factual only and does not constitute financial product advice. 

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