Note: References to BT Wrap clients on this page do not include clients with BT Wrap Essentials accounts (Super and Investments). The migration plan for BT Wrap Essentials clients is being finalised.
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.
There are two ways to transition:
Individual transfer - You can move your clients into BT Panorama Super or BT Panorama Investments (BT Panorama Platform) at present, however as the migration approaches this process will cease as preparatory tasks begin in the lead up to migration. This involves the client opening a new BT Panorama account. You will need to determine the documentation and process requirements applicable to each individual client circumstance before instructing BT to transfer all assets from the BT Wrap account to the new BT Panorama account.
Migration - Our intention is to migrate clients onto BT Panorama in tranches. For BT Investment Wrap, the terms and conditions applying to a client’s account will be updated and aligned to those of Panorama Investments, however clients will technically remain within the same Investor Directed Portfolio Service.
For BT SuperWrap, clients will remain members of the same superannuation fund but through an Intrafund Transfer will be subject to the terms of the BT Panorama Super plan rather than the terms of the SuperWrap plan.
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 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 or 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.
The migration is being designed with the aim of minimising disruption to your business and your clients. In the lead up to migration we may request your help to complete any missing or incomplete client data and get ready for the move. It’s important to note that clients will need to register on the new BT Panorama operating system after the migration, in order to view their account information.
Where there is a material change to your client’s product features on migration, we will notify you in advance so you can assess implications for your clients. Specific details of the changes will be covered in a letter which will be sent to clients in advance of the migration weekend.
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).
Clients will be issued with new account numbers and login details as part of the migration to BT Panorama.
Yes, you will keep the same login details.
Yes, you and your clients will use the BT Panorama website and mobile app after migration and will be issued with new login details.
You will retain access to BT Wrap for a period of time after the migration, and those BT Wrap login details will remain the same as you may need to access historical information.
Ahead of migration we will be implementing trade freeze periods which we will communicate to you and will make clear on the BT Wrap Desktop. All trades will be cleared before the client's account will be migrated; therefore, if a trade has not been settled before the start of the freeze period, it may result in your client being migrated at a later date.
There will be a report available on the BT Wrap desktop which will show migration status and proposed tranche dates for each client. If you have clients who do not migrate as planned, we will notify you.
We are currently finalising our migration plans for Wrap Essentials clients as part of our overall migration readiness work and we expect to provide you further details in late 2020. Regardless of the timing of this migration, grandfathered commissions will no longer be paid to dealer groups or advisers after 31 December 2020 in line with cessation of grandfathering legislation.
Yes our goal is to map F codes to a single BT Panorama log-in.
At this stage our intention is to migrate Wrap to Panorama by mid 2021, after which we intend to commence planning for the migration of Asgard to Panorama.
BT Panorama has been designed to deliver the best experience through digital channels. Paper based alternatives have been introduced only where customer feedback is clear that a manual alternative is required (for example certain paper forms will be introduced for customers unable to have a mobile number or email on their account).
Yes. We continue to invest in technology upgrades aimed at improving log-in and screen load times. While we have seen significant improvements in these areas and had positive feedback from advisers, we are planning to deliver additional IT upgrades which should deliver further improvements later in 2020 prior to the migration.
After migration they will have two accounts on Panorama.
We will be contacting advisers who have BT Wrap F-codes over the coming weeks to discuss their migration readiness activities and to nominate and record on our files their chosen practice migration champion for future migration discussions.
The Significant Event Notice is the communication we will send directly to migrating clients, providing them with information on migration and the changes that will occur.
In the lead up to each migration weekend there will be varying transaction freeze periods and we will confirm these with you ahead of your client receiving their Significant Event Notice (SEN). You can check the dates on this website, and there will also be warning notices on the BT Wrap desktop transaction screens. Here are the expected freeze periods per transaction type (please note these are subject to change).
| 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 transactions (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. |
| 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 to be facilitated in BT Panorama after 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.
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 Panorama Open pricing if this represents a lower administration fee at the time of our assessment. More information on pricing will be provided over the coming months.
Clients will receive a Significant Event Notice detailing the exact changes occurring on migration and summary information of the changes will be provided to advisers (through the migration hub) before each migration tranche.
BT Wrap desktop access will remain available for read only access for approximately 12 months after the migration.
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.
Performance reporting will be available on BT Panorama for migrated accounts. This will include performance calculations for the client account since the inception of the BT Wrap account and linked to ongoing performance on the account after migration to BT Panorama.
There will be some modifications to asset level performance reporting for migrated accounts.
We will be carrying across the reporting preference (i.e. paper based or electronic statements) that each client has selected on their BT Wrap account to BT Panorama on migration. So, where a client has elected to receive paper statements on BT Wrap, this election will come across and they will continue to receive these paper statements on BT Panorama after migration.
This option for paper-based reporting only applies to migrated clients, as any new clients joining Panorama will receive electronic statements.
All client reports available on Panorama can be saved as a PDF i.e. Portfolio Value, Asset allocation, Account performance, Portfolio performance, Periodic performance, Portfolio movement, Cash movements, Transaction history, Cash statement, Fee summary, Income received, Income accrued, Realised capital gains, Unrealised capital gains, Beneficiary report (super), Contribution summary report (super).
There are also PDFs for transaction confirmations (orders) and statements in the document library.
We are working closely with Xplan to ensure all transactions including return are correctly calculated.
Dealer group commission files are loaded to the desktop under the dealer group (DG) manager's access. This upload is specific to the product, so in a sense, it would be by badge. However, changes in the August Panorama IT release will allow for multiple product sets under the same ID so you’ll be able to access both from the one DG manager permission.
Where migrated clients do not have an email or valid Australian mobile phone number, they will not have online access to their account. Where they have elected to receive paper reports in BT Wrap, they will continue to receive paper reports after migration to BT Panorama.
As a key benefit of the migration, we recommend that all clients engage digitally with BT Panorama by providing their email and valid Australian mobile number and accessing both the website and mobile app.
In addition to being able to login to their account online, there are three processes in BT Panorama that currently require email or mobile, and we have designed alternative processes for migrated clients that do not have an email or mobile.
| Process | Current requirement in Panorama |
Solution where migrated client does not have an email/mobile* |
|---|---|---|
| 1. Amending payment details, including Linked Bank Accounts, Pay Anyone Accounts, and BPAY Billers. - Client wants to add or remove payment details - Client wants to amend the daily limit for Pay Anyone account or BPAY biller. |
Panorama uses 2 factor authentication (requiring email/mobile) to validate these amendments. | Migrated clients without email/mobile can complete a “Manage Accounts & Billers” form and send to BT. |
| 2. Certain manual payments Client is trying to make a payment to an existing account listed on file and: - The payment is more than the daily limit allowed online =>$200K. - The payment may be under special circumstances: Permanent Incapacity (Tax uplift required) or RTGS (Require immediate settlement). |
Panorama uses 2 factor authentication (requiring email/mobile) to validate these payments. | Clients can use an exceptions process through our Customer Relations team i.e. clients call Customer Relations and follow existing manual payment request process; however, as opposed to the email validation, an additional Customer Relations member will join the call to validate the request. Investment account clients will also have the option to complete an “Investment Partial Withdrawal” form, and send to BT. |
| 3. Pension payment changes Client is looking to amend their Pension details - might include the amount, frequency, or the receiving account. |
Panorama uses 2 factor authentication (requiring email/mobile) to validate these changes. | Clients will need to fill out a “Pension Amendment” form and send to BT. BT is also in the process of updating the "Super Partial Withdrawal" form to include categorisations for lump sum and income payments. |
* An adviser with the appropriate permissions can make this request on the client’s behalf.
Unfortunately for security reasons, client email details are required. We do have new processes to support clients without email/mobile.
BT Panorama's security requires clients to have an Australian mobile number. However, we have designed additional manual processes to cater for clients without a valid Australian mobile number.
The move from BT Wrap to BT Panorama does not affect the beneficial ownership of assets held in clients’ accounts. Accordingly, no CGT events will be triggered or recorded as a result of the transfer. In particular, existing cost bases and acquisition histories of migrated assets will be retained, ensuring no changes to the tax profiles of clients’ portfolios.
For SuperWrap assets migrated to BT Panorama Super, this also ensures that the values of members’ benefits are correctly retained on transfer.
Note: references to BT Wrap clients do not include clients with BT Wrap Essentials accounts (Super and Investments) as the migration path for these clients is being finalised.
Yes. All regular payment dates including pension payments will remain the same following the migration to BT Panorama. BT Panorama offers the flexibility to pay pensions on any day of the month, therefore after migration you can amend the pension payment date if you wish.
Centrelink Schedules will be added to the BT Panorama document library but will no longer be mailed to clients.
Insurance features and premiums for policies held by migrating clients will not change as a result of the migration.
No, beneficiaries will automatically be moved across with migration to the equivalent Panorama Super nomination. On BT Panorama Super, your clients will also have the option to add a secondary nomination.
Yes. We will inform Centrelink to avoid commencement of a new pension on migration.
Yes. Although certain transactions undertaken during a freeze period may result in clients being excluded from a migration tranche.
Yes, we have processes to track contributions for the full financial year regardless of which system the client is on during the year.
Yes, all tax positions are coming across.
Yes, new account numbers will require new forms with employers. We are redirecting for 12 months to allow time for this change to be made.
Our intention is for all SuperWrap members with QROPS monies in their account to be transferred over to Panorama Super. However, some matters require input from the UK's HMRC before we can confirm the position.
BT has previously confirmed with the DHS/Centrelink and the DVA that an income stream/pension migrated in this manner will be treated as a continuation of the member’s existing pension/income stream for social security purposes and grandfathering provisions would continue to apply. As a result, on migration, there will be no change in pension commencement date and no impact on the asset test exempt status of these pensions.
Because your client’s account number will change on migration, we suggest that you or your client contact the other super provider to let them know that the client’s account number and product name is changing (but not the super fund, which will still be Retirement Wrap). They may require a new ongoing rollover authority form to be completed to continue requesting a regular rollover of funds from the BT Panorama Super account after migration.
Where your clients are making regular Super Guarantee contributions, after migration your clients will need to notify employers of their new account details. BT will redirect payments for up to 12 months to allow clients time to update these details with their employer.
Yes.
Estimated capital gains are available for some transactions in BT Panorama but not currently for individual trades. We are investigating whether this can be added after migration.
The bulk nature of the migration enables us to invest in automated process to align menu's between platforms and then allow for the bulk transfer of those investments with fund managers over a weekend as part of each migration tranche.
The list of brokers available on Panorama is being extended based on those currently used in Wrap. Please confirm with your BT Business Development Manager if there is a particular broker that you want to confirm this for.
A feature comparison will be made available on the migration hub which will include any remaining gaps at the time of migration.
Yes. Sponsored and Custodial HIN will be available on Panorama Investment from October 2020 for all existing and new accounts, and Custodial HIN will be available on Panorama Super. These features include enhancements to the way stock from a Share Purchase Plan are allocated, particularly where the SPP is subject to a scale back.
Yes margin lending accounts will be migrated to BT Panorama.
Margin loans are in the process of being added to BT Panorama to enable the migration of these accounts. Certain less frequently used investments (such as warrants) will not be supported on BT Panorama and we have already contacted the small number of advisers impacted by this.
You can submit instructions on behalf of your clients to participate in corporate actions. You should ensure you have the appropriate authorisation from the client prior to submitting any instruction.
On BT Panorama there are three options on the corporate actions calendar. You will have the ability to either create an ROA and request digital consent from clients, or you can upload your own ROA, or continue without an ROA generated on Panorama where you already have obtained client consent for the corporate action.
Certain infrequently used features are being removed on or before migration. This includes:
We are adding on all the funds to BT Panorama to enable investments to be migrated. Some of these funds currently open on BT Wrap, may not be open to new investment after migration (e.g. suspended funds).
Please also refer to other questions in this section for information on assets that may be sold down.
We are intending to align investment menus to minimise the impact on existing investments on migration, although clients will not be able to make further investments in some assets. We are currently working closely with dealer groups to ensure this alignment of menus.
All existing term deposits held on BT Wrap will be brought across to the new BT Panorama account. After migration, you and your clients will have access to all Westpac Group branded term deposits including Westpac, St.George, BT and Bank of Melbourne.
Not in the short term. We are monitoring demand for this feature and will consider adding after migration if there is sufficient demand.
Because the migration is occurring in bulk, the managed funds will be transferred over each migration weekend and should be available on the first business day after migration.
There will be no change to the client’s HIN on migration to BT Panorama.
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.
Transaction account interest rates are currently aligned across BT Wrap and BT Panorama and will not change as a result of migration. However, interest rates are subject to change in accordance with the relevant disclosure.
On migration, accounts already linked for direct debit in BT Wrap will be migrated across to BT Panorama. These accounts won’t be subject to the 1c verification process because the direct debit bank account has already been set up in BT Wrap and will not need to be re-verified. Any new accounts added for direct debits after migration will need to be verified through the 1c verification process.
Note that the 1c verification is only required if there are direct debits set up, i.e. not for linked accounts where there is only money pushed to them, not pulled.
As account numbers are expected to change as part of the migration, BPAY details will also change. We will work closely with you to help minimise the impact of this.
To ensure customers do not miss out on any payments, we will automatically redirect payments from their closed BT Wrap account to their new BT Panorama account, for a period of time after migration. However, where there are arrangements set up with an external provider, you or your client will need to contact those third parties to ensure payment details are updated.
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.
We are building training on BT Panorama for both clients and advisers. A key component will be on the ability to effectively compare and contrast the BT Wrap and BT Panorama experiences.
Our aim is that you, your clients and your support teams find the system intuitive and easy to use, and our training will ensure that where your practice processes are embedded in BT Wrap, you will have clear guidance on how to maintain this experience through the transition to BT Panorama.
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. For further information please visit our dedicated migration page at bt.com.au/panoramamigration.
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.
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