Wrap migration complete

We are pleased to confirm that we have now completed all tranches of the migration of BT Wrap accounts to our contemporary platform, BT Panorama. Thank you to all advice practices and partners for your support and understanding throughout the migration process. We’re here to support you as you get familiar with BT Panorama, and we hope you enjoy the benefits and efficiencies it can bring to your business.

Fast access to “How to” info on BT Panorama  

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.

Learn more

View all updates here


Supporting your clients

To help support your clients following their migration to BT Panorama, we have created a dedicated advised investor hub, including FAQs, guides, and tutorials.

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

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.

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 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. 

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.

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.

BT Panorama help and support

Access how-to training and resources to help you get started on 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 BT Panorama help page

Or call us

Call: 1300 784 207

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 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.