BT Panorama migration: FAQs

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.

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.

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.

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.

• Dollar based performance figures will be available at the asset level.
• Percentage performance figures and income and growth % performance splits will not be available at asset level, where the performance report requested includes time periods on BT Wrap.

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.

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.

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.

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.