16 July 2021
If you have questions as you perform certain tasks or actions on BT Panorama for the first time we have a program of help and support options available that will help you skip the call centre queue and get up and running on Panorama as quickly as possible.
12 July 2021
Watch our series of new ‘how-to’ webinars which cover a series of different topics including the key tasks you may be trying to complete as you get familiar with BT Panorama.
Following the planned outage over the past weekend, we can confirm that both Wrap and BT Panorama are now available.
If your clients have a BT SuperWrap account, requests to rollover full or partial account balances out to another super fund that are submitted between 11 June – 28 June may not be processed until after 28 June due to the completion of the migration.
We are pleased to confirm that our plans for tranche 4 continue to progress well and we are on track to migrate the remaining Wrap accounts on 19-20 June 2021.
If you have any clients migrating in tranche 4 who hold securities under a custodial HIN arrangement, it is important to note that these clients will only be permitted to participate in a voluntary corporate action (excluding dividends) where the corporate action has a final payment or settlement date at least 3 business days prior to their scheduled migration date, or by 16 June 2021. Any request to participate in a corporation action where the final payment or settlement date occurs after these respective dates will be declined.
Given the announcement of these corporate actions occurred whilst held on Wrap, your clients will not be able to participate in those specific corporate actions linked to those holdings on Wrap after they’ve migrated to BT Panorama. For any new corporate actions announced after migration, your clients will be able to participate on BT Panorama.
There will be a period before and after migration when certain transactions will either be unavailable or delayed. Do plan ahead to avoid the need to transact during this period.
For more information, please refer to the table below:
Transaction type/process | Number of calendar days before your planned migration date | Impact |
---|---|---|
Manual cash transactions (e.g. partial redemptions) | 2 days (3 for cheques) | The transaction will be delayed until migration has completed and will then be processed. |
Online cash transactions (e.g. deposits / withdraws) | 2 days | You wont be able to submit the transaction until the completion of the migration. |
Listed securities transactions (buys and sells) | 3 days | You wont be able to submit the transaction until the completion of the migration. |
Managed funds transactions (buys and sells) | 8 days | You wont be able to submit the transaction until the completion of the migration. |
Term deposit transactions (buys and sells) | 8 days | You wont be able to submit the transaction until the completion of the migration. |
Portfolio Services and Preferred Portfolio balances | 8 days | You wont be able to submit the transaction until the completion of the migration. |
If your clients hold listed securities, they will not be able to participate in any voluntary corporate actions (excluding dividends) that have a final payment or settlement date after 16 June 2021 and any request by you to participate will be rejected.
If your clients have a SuperWrap account, do note requests to rollover entire account balances to another super fund may be delayed by approximately 7 days.
For more information, please refer to the Important information guide on the migration hub.
As previously communicated, as we approach tranche 4, BT will endeavour to process any in-specie transfers, where they have been received on or before 1 May 2021. Any requests received after this date will not be processed for Super clients, and for Investment clients the transfer will be delayed and processed in Panorama after migration.
These reports are available on the Client Portal.
If you have clients scheduled to migrate in tranche 4, don’t forget to register for our final readiness webinar on 8 June and the week one in review webinar on 24 June.
For accounts migrated from Wrap in May with a regular investment plan (RIP) in place, you may notice that the date on BT Panorama is incorrect and that the expected investment for May has not yet occurred. We have resolved the problem and the monthly regular investment plans will run on Friday 28 May.
Please note, some RIPs won’t be set up on Panorama or run on 28 May where they don’t meet platform business criteria:
- If the RIP was suspended with a future restart date it will not be migrated;
- If the RIP contained assets the client no longer holds it will not be migrated;
- Half yearly or yearly RIPs will not be migrated.
The date for future regular investment plans will be set to the 28th of the month, and with the flexibility of BT Panorama, can be changed to any day of the month. To update the date, cancel the existing RIP after it runs on 28 May and set up a new one for any day of the month.
For the month of May, clients with an active monthly RIP who are not migrating in tranche 3 and remaining on Wrap until tranche 4 in June, will have their RIPs sent to market on Friday 21st May.
Monthly RIPs for clients migrating in tranche 3 will be run after migration on BT Panorama (Monday 24th May).
If you have clients included in tranche 3, partial fees and partial interest will be calculated and processed on the migration weekend for the first part of May where the account was in Wrap. Please ensure there are sufficient funds in your client’s account to allow for the deduction of partial month advice fees.
To de-risk the chance of your clients being excluded from migrating in tranche 3, please ensure that your clients have enough cash in their account to fund any regular withdrawal plans and pension payments.
As we finalise quality testing and other tasks related to the migration of over 70,000 Wrap accounts to BT Panorama over the weekend of 22-23 May, we anticipate that there will be an outage on both Wrap and BT Panorama on Monday 24 May.
We will provide updates throughout the day on Monday 24 May via our adviser migration website as new information comes to hand.
Please plan ahead and avoid planning trades on the 24 May. If you urgently need to arrange a transaction on a client’s account, please call us on 1300 784 207. We apologise for any inconvenience this outage may cause.
We are pleased to confirm that our plans for tranches 3 and 4 continue to progress well and we are on track to migrate the remaining Wrap accounts on 22-23 May and 19-20 June 2021, respectively.
If you have any clients migrating in tranches 3 or 4 who hold securities under a custodial HIN arrangement, it is important to note that these clients will only be permitted to participate in a voluntary corporate action (excluding dividends) where the corporate action has a final payment or settlement date at least 3 business days prior to their scheduled migration date. For clients in tranche 3 this means before 19 May 2021 and for clients in tranche 4 this means before 16 June 2021. Any request to participate in a corporation action where the final payment or settlement date occurs after these respective dates will be declined.
Given the announcement of these corporate actions occurred whilst held on Wrap, your clients will not be able to participate in those specific corporate actions linked to those holdings on Wrap after they’ve migrated to BT Panorama. For any new corporate actions announced after migration, your clients will be able to participate on BT Panorama.
As we approach the final migration weekends external in-specie transfers into and out of your clients’ Wrap account have processing deadlines to maximise the chance of completion prior to migration. For tranche 3 those deadlines have now passed (23 April) and for tranche 4 BT will endeavour to process, where received on or before 1 May 2021. Any requests received after these dates will not be processed for Super clients, and for Investment clients the transfer will be delayed and processed in Panorama after migration.
You can now access a list of your clients who are due to migrate in tranche 3, including their fee favourability assessment, via the Client Portal. This can be accessed by clicking on the “Visit the client portal” icon from the Wrap Desktop home page. From here you can use the tool to log in with your Adviser Number and Online User ID and access the spreadsheet.
If you have clients scheduled to migrate in tranche 3, don’t forget to register for our final readiness webinar on 11 May and the week one in review webinar on 27 May. You can view further details regarding the webinar and register here.
11 May 2021 - Tranche 3: Final BT Wrap migration readiness check-in
Join us for a live webinar briefing as we approach the tranche three BT Wrap to BT Panorama migration weekend. The webinar will include a walk-through of the key migration weekend activities, a reminder of what will happen post-migration, a reminder of how you can access support and a final opportunity to ask questions to our panel.
27 May 2021 - Tranche 3: Migration week one in review
We are holding this migration briefing session via a live webinar for advisers after the migration from BT Wrap to BT Panorama. This session will review the first week and outline any issues, challenges and solutions. We will also provide a reminder of the post migration activities and support available to you.
We are currently preparing for the fourth, and final, tranche of BT Wrap to BT Panorama migration, which we intend to take place in June 2021. Any client who holds an account in any BT Wrap badge as at the start of June 2021 is planned to migrate in tranche 4. This includes all clients in the badges listed in the table below.
Where a badge is listed as ‘non-equities customers’, this means that accounts that do not hold listed securities within their portfolio (as at 26 March 2021) will be included in tranche 4. Most clients who hold listed securities are planned to be migrated in tranche 3 in May.
If, for any unforeseen reason, accounts are excluded from tranche 3 in May 2021 then those client accounts will also be migrated as part of this fourth and final tranche in June 2021.
Please refer to the tranche 3 badge list on the migration hub, if required.
ADVICELINK | VITALITY |
---|---|
AUSTRALIAN UNITY PORTFOLIO SERVICE | SOLAR |
C-WRAP | PERSONAL FINANCIAL SERVICE |
COMET | BT PORTFOLIO WRAP / BT PORTFOLIO SUPERWRAP |
WEALTH E-ACCOUNT | ASSET MANAGER |
BT INVESTOR WRAP / BT INVESTOR SUPERWRAP | WILLIAM BUCK PORTFOLIO SERVICE |
BT COMPACT INVESTOR WRAP / BT COMPACT INVESTOR SUPERWRAP | BT COMPACT WRAP / BT COMPACT SUPERWRAP |
FORTNUM ADVICE | WEALTHWRAP |
GRANT THORNTON PORTFOLIO SERVICE | INSIGNIA (non-equities customers) |
STRATEGIC SOLUTIONS | ACUITY PORTFOLIO SERVICE (non-equities customers) |
BT WRAP / BT SUPERWRAP | ASSETLINK (non-equities customers) |
THE INVESTOR SERVICE | FINHQ PORTFOLIO SERVICE (non-equities customers) |
THE PRIVATE WEALTH SERVICE | PORTFOLIOESSENTIALS (non-equities customers) |
SWMS | MONEY MANAGEMENT SERVICE (non-equities customers) |
M WRAP / M SUPERWRAP | THE PRIVATE CLIENT SERVICE (non-equities customers) |
BT SELECT ADMINISTRATOR | INNATE PORTFOLIO INVESTMENT (non-equities customers) |
BT SELECT PORTFOLIO | ASSETCHOICE (non-equities customers) |
SELECT WRAP / SELECT SUPERWRAP | FINHQ ADMINISTRATION SERVICE (non-equities customers) |
MERIT WEALTH | PORTFOLIO ADMINISTRATOR INVESTMENT (non-equities customers) |
PORTFOLIO PLUS+ | STRATEGYONE (non-equities customers) |
ASSEMBLE | MYA (non-equities customers) |
PREMIUM ONLINE | WEALTH MANAGER (non-equities customers) |
INVESTOR PORTFOLIO SERVICE | PREMIER WEALTH (non-equities customers) |
PLATFORM2 | PRINCIPLE WEALTH (non-equities customers) |
You can now access a list of your clients who are due to migrate in tranche 3, including their fee favourability assessment, via the Client Portal. This can be accessed by clicking on the “Visit the client portal” icon from the Wrap Desktop home page. From here you can use the tool to log in with your Adviser Number and Online User ID and access the spreadsheet.
The existing "Migration Client List" which is accessible on the Wrap Desktop is currently listing your clients' migration date as "Unscheduled". We intend for this to be updated in the weeks leading up to tranche 3, but for now please use the Client Portal tool.
Please note the following:
Information regarding your clients’ fee favourability assessment lists:
If a client is not listed in the spreadsheet, they may have been allocated to a later tranche. If you have any questions regarding your clients’ fee favourability assessment please check with your Business Development Manager, contact our Customer Relations team on 1300 360 899 Monday to Friday 8:30am - 6:30pm (Sydney time) or email enquiry@adviserwrap.com.au.
Disclaimer: Please note information contained in the report is subject to change at any time. The information contained in this statement is given in good faith and has been derived from sources believed to be accurate at the report request date. However, it is general information only and should not be considered a comprehensive statement on any matter nor relied upon as such. No company in the Westpac Group nor any of their related entities, employees or directors gives any warranty of reliability or accuracy or accepts any responsibility arising in any other way including by reason of negligence for errors or omissions. This disclaimer is subject to any requirement of the law.
If you have any clients migrating in tranche 3 who hold securities under a custodial HIN arrangement, it is important to note that the clients will only be permitted to participate in a voluntary corporate action (excluding dividends) where the corporate action has a final payment or settlement date at least 3 business days prior to their scheduled migration date. For clients in tranche 3 this means before 19 May 2021. Any request to participate in a corporation action where the final payment or settlement date occurs after 19 May will be rejected. For clients in tranche 4 this same limitations will apply except that the relevant payment and settlement date will be 3 days before the tranche 4 migration date. We will update the actual dates for tranche 4 in the coming weeks.
Having now successfully delivered the second tranche of BT Wrap to BT Panorama migration, we are focussing on the delivery of tranche 3 which is currently planned for the weekend of 22-23 May 2021.
Clients who hold an account in one of the following badges are due to migrate in tranche 3*.
Where a badge is listed as ‘equities only’, this means only accounts that hold listed securities within their portfolio (as at 26 March 2021) will be included in tranche 3. We have also brought forward any account which has monthly managed fund distributions due in late June.
ACCUMULUS | ADVICELINK |
---|---|
VAURAUS | VAURAUS CORE |
ANZ PRIVATE PORTFOLIO | ANZ PRIVATE WEALTH PORTFOLIO |
ASGARD XCHANGE | AUSTRALIAN UNITY PORTFOLIO SERVICE |
AUSTRALIAN UNITY FOCUS | BT COMPACT |
CANTOR ONLINE | C-WRAP |
PERSONAL PORTFOLIO ONLINE | CITICHOICE |
COMET | WEALTH E-ACCOUNT |
PLATFORM 2 | PORTFOLIO PREFERENCE |
FORTNUM ADVICE | GRANT THORNTON PORTFOLIO SERVICE |
STRATEGIC SOLUTIONS | BT WRAP / BT SUPERWRAP |
IPAC ISELECT | THE INVESTOR SERVICE |
THE PRIVATE WEALTH SERVICE | SWMS |
M WRAP | BT SELECT ADMINISTRATOR |
BT SELECT PORTFOLIO | SELECT WRAP / SELECT SUPERWRAP |
SELECT WRAP+ / SELECT SUPERWRAP+ | MX |
MERIT WEALTH | PREMIER WEALTH (equities only) |
OZPLAN | PRINCIPLE WEALTH (equities only) |
ASSEMBLE | PREASSEMBLE |
PORTFOLIO SOLUTIONS | PREMIUM ONLINE |
INVESTOR PORTFOLIO SERVICE | BT PRIVATE |
VITALITY | SOLAR |
TOTALVIEW | PERSONAL FINANCIAL SERVICE |
BT FOUNDATION PORTFOLIO | BT PORTFOLIO WRAP+ / BT PORTFOLIO SUPERWRAP+ |
BT PRIVATE WRAP+ / BT PRIVATE SUPERWRAP+ | BT PORTFOLIO |
ASSET MANAGER | WILLIAM BUCK PORTFOLIO SERVICE |
WEALTHWRAP | INSIGNIA (equities only) |
ACUITY PORTFOLIO SERVICE (equities only) | ASSETLINK (equities only) |
FINHQ PORTFOLIO SERVICE (equities only) | PORTFOLIOESSENTIALS (equities only) |
MONEY MANAGEMENT SERVICE (equities only) | THE PRIVATE CLIENT SERVICE (equities only) |
INNATE PORTFOLIO INVESTMENT (equities only) | ASSETCHOICE (equities only) |
FINHQ ADMINISTRATION SERVICE (equities only) | PORTFOLIO ADMINISTRATOR INVESTMENT (equities only) |
STRATEGYONE (equities only) | MYA (equities only) |
WEALTH MANAGER (equities only) | DIRECT BT INVESTOR WRAP (equities only) |
* Other than any previously notified or agreed exclusions
We are pleased to confirm that we have now successfully completed our second tranche of migration, with almost 40,000 accounts migrating from Wrap to BT Panorama in one weekend. Thank you to the practices with clients in this tranche for their support in helping us achieve this important milestone. Our plans for tranches three and four are progressing well and we will be in touch with further updates shortly.
As we get closer to migrating accounts from BT Wrap to BT Panorama, we are hosting a series of interactive migration masterclasses that aim to prepare you and your business for the move to BT Panorama.
Over the next few months, these sessions will communicate what migration means for your clients and how you can support them, how to develop your migration plan and some of the features available on BT Panorama.
You will also have the opportunity to ask questions to our panel of experts.
The session outlines:
The session outlines:
The session outlines:
The session outlines:
11 May 2021
The session will outline:
24 June 2021
The session will outline:
As a reminder, these are the 3 steps to ensure you’re registered and set up on BT Panorama. These are important to complete, as they ensure that you are able to continue to access your clients' accounts once they have migrated.
Dealer groups should have registered for BT Panorama by 5 March 2021. If you believe that you or your dealer group haven’t registered, please contact your Business Development Manager immediately.
Dealer group managers can use our online onboarding tool to quickly and easily register advisers for BT Panorama.
Log in to BT Panorama using your manager access, select the “Business” menu and then select the “Users & business entities” screen.
From the Users & business entities screen you will be able to:
The last step in registering advisers for BT Panorama is to link the new Panorama ID created for each adviser with their existing Wrap F-code(s).
In some cases, we may be unable to link the new Panorama IDs to the appropriate Wrap F-code due to circumstances such as spelling discrepancies, Authorised Representatives within your dealer group having similar names, or Wrap F-codes being assigned at a practice level, rather than at an adviser level.
Once your advisers have been registered for BT Panorama, we will contact you and them to validate the mapping of their Wrap access F-codes to their new Panorama ID by 19 March 2021.
As part of the migration to BT Panorama, dealer groups and advisers must register for BT Panorama and complete their F-code mapping to ensure continued access to their client accounts. Where this is outstanding, we have been contacting dealer groups and advisers to help ensure this is completed, however if we do not receive a response by the dates outlined below, it could mean that advisers will no longer have access to their clients’ accounts, and that advice fees will be turned off.
Dealer group registrations
If a dealer group remains unregistered by 5 March 2021, their BT Wrap clients will continue to be migrated to BT Panorama, however the dealer group and their advisers will not be able to access their clients’ accounts on the new platform. Any advice fees associated with the accounts will be turned off and the clients will be able to manage their account directly on BT Panorama after their migration.
If we do not hear from dealer groups by 5 March 2021 we will contact your BT Wrap clients directly to inform them that all advice fees will be turned off, and upon the migration you and your advisers will no longer have access to their account.
Adviser registrations and F-code mapping
If any advisers remain unregistered at the time of migration, or if their Panorama IDs have not linked to their Wrap F-codes, the advice fees will be turned off for their migrating BT Wrap clients and those clients will be moved to an Adviser Setup Investor Managed (ASIM) ID on BT Panorama under their Dealer Group. This will allow the clients to be able to manage their account directly on BT Panorama after their migration.
Dealer groups will be able to reallocate clients to an adviser registered for BT Panorama as required. In this instance, we will require a new signed Ongoing Fee Arrangement (OFA) to re-establish advice fees.
If the client has engaged the services of another adviser, then we will facilitate the transfer of servicing rights to that adviser as per the client’s instructions after the migration.
If we do not hear from dealer groups / advisers by 16 March 2021, we will contact their BT Wrap clients directly to inform them that advice fees will be turned off and upon migration, advisers will no longer have access to their account.
If you have any queries, please speak to your Business Development Manager or call our Customer Relations team on 1300 784 207, Monday to Friday, 8:30am – 6:30pm (Sydney time).
You can now access a list of your clients who are due to migrate in tranche 2, including their planned migration date, via the Client Portal. This can be accessed by clicking on the “Visit the client portal” icon from the Wrap Desktop home page. From here you can use the tool to log in with your Adviser Number and Online User ID and access the spreadsheet.
If a client is not listed in the spreadsheet, they may have been allocated to a later tranche. Please check with your Business Development Manager or contact our Customer Relations team on 1300 784 207 Monday to Friday 8:30am - 6:30pm (Sydney time) or email enquiry@adviserwrap.com.au.
The existing "Migration Client List" which is also accessible on the Wrap Desktop is currently listing your clients' migration date as "Unscheduled". We intend for this to be updated in the weeks leading up to tranche 2, but for now please use the Client Portal tool.
For future tranches we plan to provide the list of your clients and their migration status on the “Migration Client List” page and make information about their fee favourability assessment accessible via the Client Portal. We will keep you informed as this information becomes available.
Disclaimer: Please note information contained in the report is subject to change at any time. The information contained in this statement is given in good faith and has been derived from sources believed to be accurate at the report request date. However, it is general information only and should not be considered a comprehensive statement on any matter nor relied upon as such. No company in the Westpac Group nor any of their related entities, employees or directors gives any warranty of reliability or accuracy or accepts any responsibility arising in any other way including by reason of negligence for errors or omissions. This disclaimer is subject to any requirement of the law.
Wrap & SuperWrap Essentials accounts will be migrated to BT Panorama - Compact menu in tranche 4, which we anticipate to occur in late May 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 31 May 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.
Registration is now open for two new webinars covering ‘Cash Investment Strategy’ and ‘Listed Security Holding Options’. Register now to secure your place.
Panorama’s Cash Investment Strategy
Panorama's cash investment strategy allows you to set up and maintain automatic investing for clients, with surplus cash invested into specific managed investments they hold. This webinar will outline how and where you can establish a Cash Investment Strategy for your clients, along with further related reporting and interaction with other Panorama functionality.
Date: Tuesday 16th February, 11:00am AEDT - Register here
Date: Thursday 25th February, 2:00pm AEDT - Register here
Panorama Listed Security Holding Options
For clients with directly held listed securities, Panorama provides the flexibility to choose how they are held – choose from Nominee, Sponsored HIN holding type (Investment accounts only), or Custodial HIN holding type. This webinar will outline each of the holding types, how and where you can set them up for a client and how the different holding types compare, allowing you to align with the needs of your clients.
Date: Tuesday 2nd March, 11:00am AEDT - Register here
Date: Thursday 11th March, 2:00pm AEDT - Register here
Wrap and SuperWrap and all badges will be closed to new investors from 1 March 2021. Any new accounts from this date should be opened directly in BT Panorama.
A short transition window for accepting in progress applications will be in place up until 8 March 2021, provided the application form is dated prior to 1 March 2021. Please note all Wrap disclosure documents will no longer be on market from 1 March and should not be provided to clients after this date.
We are pleased to confirm that after a successful pilot migration we will now continue with the migration of all Wrap and SuperWrap clients to BT Panorama.
As our master relationship agreement with IOOF has been terminated by agreement, we will now communicate with you directly in relation to the migration of your clients to BT Panorama.
We will implement the Wrap to BT Panorama migration in tranches with the next tranche due to occur in the first quarter of 2021.
Most clients who are part of the IOOF group will be transferred to BT Panorama in our fourth tranche, currently planned to be no later than June 2021. Your clients in non IOOF badges may be transferred earlier, in the second or third tranches which we are anticipating being in the first quarter 2021.
If your client currently has more than one authorised signatory (for example, joint account holders with two signatures to operate their account), they won’t be able to transact on their Panorama Investments account online once their account is migrated until they have updated the authorisations to enable one person to sign. You can do this via the ‘Account set up and permissions for migrating Wrap accounts’ form.
We are pleased to confirm that we are on track to migrate our first tranche of accounts from BT Wrap to BT Panorama in mid-December with the second tranche to occur in early 2021.
There are a number of activities you and your team could start doing now to prepare for the move to BT Panorama, including:
Speak to your BT Business Development Manager if you have any questions about what you need to do to prepare, or visit our migration hub for more information.
Ahead of our intended migration, we will be ceasing adviser-initiated transitions (in specie transfers) from BT Wrap to Panorama. This is to ensure that we have adequate time to complete the 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 exact dates ahead of each tranche. As a rough indication, we are working towards ceasing all in specie transfers by 27 November 2020, with the only exception being SMSFs on Wrap that are terminating and transitioning assets to Panorama Super. In specie transfer requests for SMSFs will continue to be supported until 26 February 2021.
To help ensure the transition is as seamless as possible, we have been busy adding and updating features in BT Panorama to make sure the key features from BT Wrap are still available to you and your clients. Here are some of our recent enhancements:
As we approach the upcoming tranches, we will be in touch with you to confirm further details, including what clients are scheduled to migrate and the communications your clients will receive. Look out for an update from us in December.
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 (204 KB)
To help your clients understand what to expect during migration, we have also created a dedicated web page just for them. The support page includes an overview of the migration journey, highlights what they can expect from BT Panorama, includes FAQs, and outlines the support available to them. View the advised investor web page.
Access how-to training and resources to help you get started on BT Panorama.
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.