Wrap migration to BT Panorama for IOOF clients

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.

All support services associated with your clients' use of BT Platforms will continue to be delivered to you by BT and we look forward to working directly with you into the future. You can continue to use your current platforms as usual. On migration your clients with Wrap or SuperWrap accounts will be transferred to the BT Panorama platform.

Register now for our briefing session

We are holding a migration briefing session via live webinar for advisers who use the IOOF Wrap Badges, to provide an overview of the steps we will take in order to complete the Wrap to BT Panorama migration. This session will also provide you with an opportunity to ask questions.

Time:  3pm (Sydney time)
Date: 19 January 2021, via live webinar

Watch now

Migration Update

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.

Migration from the existing Wrap platform to BT Panorama will provide you and your clients with access to BT’s contemporary wealth management platform with all of its benefits, including flexible investment options, in-depth reporting, customised online experience, the BT Panorama mobile app, a range of managed account solutions and digital creation and client consent for ROAs.

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 Open pricing depending on which option delivers a lower administration fee at the time of our assessment. More information on pricing will be provided to you over the coming months.

Supporting you through migration

We look forward to engaging with you in the new year to provide support for you, your teams and your clients through migration.

We will be aiming to minimise disruption to you and your practice as much as possible, though we do recognise that the proposed migration may bring about changes to your operating model.

Our dedicated team has been preparing for this transition for some time and are ready to support you and your practice. Please reach out to us if you need assistance.

Details for each tranche are being finalised, however we are aiming to complete all tranches by mid-2021. We will provide additional information, including advance notice of any communications being sent to clients, as we progress our final planning and internal approvals.

You will be notified in advance of each tranche if you have clients who will be transferred in that tranche.

More information on Wrap to Panorama migration is available via our main migration hub.

If you have any questions you can speak to your BT Business DevelopmentManager or call us on 1300 360 899.

Information current as at November 2020. © 2020 BT – part of Westpac Banking Corporation

1. 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.

This information has been prepared by BT Portfolio Services Limited ABN 73 095 055 208 AFSL 233715 (BTPS), the operator of BT Wrap, Asset Administrator and Panorama Investments; and BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) the trustee of SuperWrap. Asset Adminstration Super and Panorama Super, which are part of Retirement Wrap ABN 39 827 542 991. It is current as at November 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, Asset Administrator 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.

BT will never send you an email asking for your financial information or send you a link that will direct you to a sign-in page, asking you to verify or change your account details, PIN, passwords or personal information. For more information visit bt.com.au/hoaxemails. Before accessing emails or the Internet, always ensure your computer has up-to-date security software. Find tips to protect yourself and avoid scams and viruses at westpac.com.au/security.