We are pleased to confirm we intend to commence the migration of BT Wrap clients to BT Panorama. The migration is proposed to occur in tranches, with the first tranche expected to start later in the year and the second tranche in early 2021.
Watch the video above to hear our executive team provide an overview of our migration plans.
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.
Efficient portfolio design
Award-winning2 mobile app
Visible ESG ratings to support sustainable investment decisions
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
We are hosting a number of interactive training webinars that complement our new online training courses and provide you with the opportunity to learn more about how you can use BT Panorama's breadth of features and functionality. In these sessions you will also have the opportunity to ask questions to our panel of experts.
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.
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.
When the proposed 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.
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.
Get a head start and register for the new operating system, BT Panorama
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.