BT Panorama migration: FAQs

View the latest frequently asked questions about the proposed migration to BT Panorama below.

Register for the migration briefing, 6 August

Join our Executive team on 6 August 2020 for an update on our migration plans and your chance to ask questions of our team.

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.

 

Background

Why are you proposing the migration to BT Panorama?

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.

Will the migration happen as a 'big bang' or as a series of smaller tranches?

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.

How do BT Wrap accounts transition to BT Panorama?

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.

What will happen to my BT Wrap clients?

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.

Timing

When is the migration to BT Panorama scheduled to take place?

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.

Migration process

What do I need to do to move my clients over to BT Panorama as part of the planned migration?

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.

On migration will my clients be issued with new account numbers?

Clients will be issued with new account numbers and login details as part of the migration to BT Panorama.

Will the web address that I use to login to view my clients’ accounts change on migration?

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.

What will happen if there are pending trades on my client's account at the time of migration?

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.

How can I keep track of which of my clients are migrating on which dates and will I receive confirmation of who migrated successfully?

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.

How will my Wrap Essentials clients be migrated?

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.

Pricing

How will my clients’ pricing change as a result of migration?

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.

Reporting and historical information

What information will be available on closed BT Wrap accounts after migration?

BT Wrap desktop access will remain available for read only access for approximately 12 months after the migration.

What transaction history/data will be available after the migration (e.g. will I be able to access historical data and cost base)?

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.

Will Super and Investment performance reports carry on?

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.

Will paper reporting be available when BT Wrap accounts migrate to BT Panorama?

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.

What screens and reports can be saved as a PDF on BT Panorama?

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.

Supporting members without email or a mobile phone

How will clients without an email or mobile phone number be supported?

Where migrated clients do not have an email or 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 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

- 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 the file and:

- The payment is more than the daily limit allowed online => $200K

- The payment many 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.




Client can use the “Special Care” process i.e. clients call  Customer Relations and follow existing manual payment request process; however, as opposed to the email validation, an additional CR 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.

Taxation

What tax implications will be involved with the migration?

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.

Super, pension and insurance

My client's pension payment is set up to be paid monthly – will those dates remain the same when my client moves to BT Panorama?

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.

Will my client still receive a Centrelink Schedule when changes are made to their pension account?

Centrelink Schedules will be added to the BT Panorama document library but will no longer be mailed to clients.

Are there any changes to insurance features or premiums for migrating clients?

Insurance features and premiums for policies held by migrating clients will not change as a result of the migration.

Will we have to manually transfer beneficiaries as part of the migration to BT Panorama?

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.

Investment menu and transfer of assets

My client holds a managed fund on BT Wrap which is not on the BT Panorama menu, how will it be treated on migration?

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.

Will all assets be moved on migration to BT Panorama?

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.

What term deposits will my clients and I be able to access after migration?

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.

The transaction account

Will transaction account interest rates remain the same upon migration?

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.

Will my clients need to do the 1 cent verification?

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.

Will BPAY details change?

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. 

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.  

Training and support

What training will be provided to me and my clients before the migration?

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.

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. For further information please visit our dedicated migration page at bt.com.au/panoramamigration.

Join us on 6th August for an update on our migration plans and Q&A session

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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