What's happening?

We are pleased to confirm that we have commenced the migration of BT Wrap clients to our newer technology platform, BT Panorama. The migration will occur in tranches over the course of many months, from late 2020 to mid-2021.

Migration status update:

  • Tranche 3: on schedule to migrate 22-23 May 2021

  • Tranche 2: complete

  • Tranche 1: complete

View all updates here


Help your clients

To help your clients understand what to expect during migration, we have created a support page so they can prepare and get familiar with BT Panorama. 

View the advised investor web page

We have outlined some of the steps involved in the migration journey and highlighted key actions required from you and your clients. 
View the journey.

The timing and tranche approach to migration is subject to change as there are certain approvals required prior to the implementation of each tranche. We will confirm exact timing for each tranche after we have obtained those approvals.

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.

BT Panorama is the fastest growing platform in Australia1. Its architecture is flexible and supports a range of different client needs, all from one platform. 

Key features

  • Efficient portfolio design

  • Online consent

  • Award-winning2  mobile app

  • Visible ESG ratings to support sustainable investment decisions 

Introducing BT Panorama

Ensuring we have the correct data for your clients not only assists us in providing their existing services but is especially important to help with a smooth transition to the new operating system. Please check we have the most up-to-date information, and update details within BT Wrap where necessary.

There are 3 steps to registering for 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.

It may be helpful to nominate one person in your practice to lead your migration activities and ensure that all migration communications are sent to that person, enabling a more efficient process.

Register to access BT Panorama training courses delivered on our new interactive training portal.

Our courses are designed with you in mind. Our aim is to  show you how to maximise the benefits you receive from BT Panorama’s great functionality in a way that is easy to follow. The short courses are made up of sequential modules that build upon each other. You can enrol in courses or simply search for topics that are relevant for you.

Here are some examples of the courses you will have access to:
• Navigation for Panorama
• Opening new accounts
• Transactions and Investments
• Panorama for Business

Register now for BT Panorama training 
or access additional BT Panorama video tutorials here.

BT Wrap migration masterclasses

The session outlines:

  • What are the benefits for your clients
  • What will change for you and your clients and
  • What key communications will your client receive?

Watch now

The session outlines:

  • Who is your practice champion
  • What are the key tasks you need to undertake (checklist)
  • What is your communication plan for your clients
  • Managing for freeze periods and
  • Support available to you.

Watch now

The session outlines:

  • The registration process for migrated clients
  • Explaining the benefits of Panorama to your clients and
  • What support is available for you and your clients.

Watch now

The session outlines:

  • How to access reporting post-migration
  • Training for Panorama and
  • Adding new clients to Panorama / digital consent.

Watch now

The session outlines:

  • Preparing for your Tranche 2 migration
  • Support available to you.

Watch now

The session outlines:

  • Migration weekend review
  • Key issues/challenges/solutions
  • Post migration activities
  • Support model

Watch now

Other webinars:

Why are you proposing the migration to BT Panorama?

BT has developed BT Panorama as a contemporary platform delivering to the needs of modern advice businesses and the evolving needs of their clients.

Our goals are to ensure our customers have access to the best platform experience we can provide and to simplify the platform environment, allowing us to be more efficient.

Will the migration happen as a 'big bang' or as a series of smaller tranches?

We are planning to migrate in a number of smaller tranches, with each tranche
occurring over a specific weekend. We’ll select these weekends with the aim of
minimising the impact on you and your clients, and other scheduled activities like
pension payments, dividend/distribution periods and rebalance processes.

It is expected that Tranche 1 will occur in December 2020 and will primarily include non-advised clients. Tranche 2 is expected to occur in late January 2021 and will include advised clients. Details for the remaining tranches are currently being
finalised, however we are planning to have these complete by mid-2021*.

* The timing and tranche approach to migration is subject to change as there are certain approvals required prior to the
implementation of each tranche. We will confirm exact timing for each tranche after we have obtained those approvals.

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.

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.

Some features and processes will work differently after migration. The following table provides a checklist of actions you should consider taking to prepare for or respond to these differences.

You can also download a PDF version of the checklist here.

Review your client’s pricing after migration

Existing administration fee pricing arrangements for Wrap clients will be assessed ahead of the intended migration of their account. These pricing arrangements will either be maintained, or a client may be moved to Panorama Open pricing on migration if this represents a lower administration fee for the client at the time of our assessment.

You can move clients to Panorama Open pricing at any time by completing the ‘Change administration fee rates’ form available on the Panorama desktop in the ‘Help and Support’ section.

Familiarise yourself (and your clients if appropriate) with the removal of infrequently used adviser fees 

We will no longer be facilitating or charging the following fees:

  • Adviser contribution fees
  • Managed Fund transaction fees 

Time transactions to account for limitations applying to some transaction types in the lead up to each migration weekend

The table below summarises the temporary transaction freeze periods that will apply in the lead up to each migration tranche.

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 transaction
(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 and be facilitated in BT Panorama post-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.

Plan your client’s transactions to occur in advance of these freeze periods if you want to avoid them being excluded from their planned tranche. However, if the transaction must occur during the freeze period, your client will be moved to a later tranche.

Notify clients with outstanding transactions at time of migration of the potential for a delayed migration

If certain transactions are still being processed at the time of the migration, your client may be excluded from their scheduled tranche and migrated at a later date. These include;

  • super to pension transfer clients where there are dividends outstanding
  • shares with outstanding corporate actions
  • deceased estates

A migration status report on the BT Wrap desktop homepage will show the migration date of each client (where possible) and will be updated if clients are removed from the migration.

Notify external parties of the changes to clients’ account details

Where your clients are making regular Super Guarantee contributions, after migration your clients will need to notify employers of their new account details. BT can redirect payments for up to 12 months, so we suggest your client updates as soon as possible.

BPAY numbers will also be updated to reflect the new account number so your client will also need to update BPAY details with external parties.

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, your client will need to contact those third parties to ensure those arrangements are updated.

Where a regular rollover is made from your client’s BT SuperWrap account to another super fund to pay for insurance cover held through that fund (known as an enduring rollover), your client may be required to complete a new ongoing rollover authority form to continue requesting a regular rollover of funds from their BT Panorama Super account.

Inform clients to expect one statement made up of two documents in migration year

During the migration year, each client will receive one statement made up of two documents (one for the period their account is administered in BT Wrap, and a second for the remainder of the financial year their account is administered on BT Panorama). This applies to both the annual investor report and their tax statements, as well as the quarterly IDPS statement, and only applies for the migration year. Clear instructions will be issued with these documents explaining what to do.

Make alternative arrangements if clients impacted by unavailability of certain product features

The following infrequently used features will be removed on or before migration:

  • Cheque and deposit books
  • Warrants

Client registration for online access

Following migration, your clients will need to register online so that they can access all the online features available with BT Panorama.

Review clients’ drawdown methods

Review your clients' current drawdown method on Wrap as this may be changing at the time of migration, depending on the option you have selected for them.

Register today

Get a head start and register for the new operating system, BT Panorama

If you have a query regarding the planned migration, call us

Monday – Friday, 8:00am – 6:30pm
Sydney time

View BT Panorama training modules to get familiar with your new platform

Have a question?

View our FAQs

or Call us

1 BT Panorama had the fastest absolute growth among retail platforms over the 12 months to December 2019. Source: Plan For Life Platform Wrap December 2019 Report - Administrators view (excluding retail corporate superannuation).

2 BT Panorama won "Best Mobile Platform" in the Investment Trends 2019 Platform and Competitive Analysis and Benchmarking Report. Awards are opinions only, 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 and ratings are current at the time of publication but are subject to change.

Information current as at July 2020.

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.