BT Panorama migration: recent updates

Stay abreast of all key updates and announcements relating to the migration of accounts to BT Panorama.

Fast access to BT Panorama support

16 July 2021

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 our new ‘how-to’ webinar recordings

12 July 2021

Watch our series of new ‘how-to’ webinars which cover a series of different topics including the key tasks you may be trying to complete as you get familiar with BT Panorama.

Learn more

UPDATE: Wrap and BT Panorama online

21 June 2021

Following the planned outage over the past weekend, we can confirm that both Wrap and BT Panorama are now available.

Delay in processing super rollovers

04 June 2021

If your clients have a BT SuperWrap account, requests to rollover full or partial account balances out to another super fund that are submitted between 11 June – 28 June may not be processed until after 28 June due to the completion of the migration.

Important updates for tranche 4

28 May 2021

We are pleased to con­firm that our plans for tranche 4 con­tinue to progress well and we are on track to mi­grate the re­main­ing Wrap ac­counts on 19-20 June 2021.

Cor­po­rate ac­tions par­tic­i­pa­tion for clients in tranche 4

If you have any clients mi­grat­ing in tranche 4 who hold se­cu­ri­ties un­der a cus­to­dial HIN arrange­ment, it is im­por­tant to note that these clients will only be per­mit­ted to par­tic­i­pate in a vol­un­tary cor­po­rate ac­tion (ex­clud­ing div­i­dends) where the cor­po­rate ac­tion has a fi­nal pay­ment or set­tle­ment date at least 3 busi­ness days prior to their sched­uled mi­gra­tion date, or by 16 June 2021. Any re­quest to par­tic­i­pate in a cor­po­ra­tion ac­tion where the fi­nal pay­ment or set­tle­ment date oc­curs af­ter these re­spec­tive dates will be de­clined.

Given the an­nounce­ment of these cor­po­rate ac­tions oc­curred whilst held on Wrap, your clients will not be able to par­tic­i­pate in those spe­cific cor­po­rate ac­tions linked to those hold­ings on Wrap af­ter they’ve mi­grated to BT Panorama. For any new cor­po­rate ac­tions an­nounced af­ter mi­gra­tion, your clients will be able to par­tic­i­pate on BT Panorama.

Plan ahead for a short period of limited transactions

There will be a period before and after migration when certain transactions will either be unavailable or delayed. Do plan ahead to avoid the need to transact during this period.

For more information, please refer to the table below:

Transaction type/process Number of calendar days before your planned migration date Impact
Manual cash transactions (e.g. partial redemptions) 2 days  (3 for cheques) The transaction will be delayed until migration has completed and will then be processed.
Online cash transactions (e.g. deposits / withdraws) 2 days You wont be able to submit the transaction until the completion of the migration.
Listed securities transactions (buys and sells) 3 days You wont be able to submit the transaction until the completion of the migration.
Managed funds transactions (buys and sells) 8 days You wont be able to submit the transaction until the completion of the migration.
Term deposit transactions (buys and sells) 8 days You wont be able to submit the transaction until the completion of the migration.
Portfolio Services and Preferred Portfolio balances 8 days You wont be able to submit the transaction until the completion of the migration.

If your clients hold listed securities, they will not be able to participate in any voluntary corporate actions (excluding dividends) that have a final payment or settlement date after 16 June 2021 and any request by you to participate will be rejected.

If your clients have a SuperWrap account, do note requests to rollover entire account balances to another super fund may be delayed by approximately 7 days.

For more information, please refer to the Important information guide on the migration hub.

Ex­ter­nal in-specie trans­fer dead­lines

As previously communicated, as we ap­proach tranche 4, BT will en­deav­our to process any in-specie transfers, where they have been re­ceived on or be­fore 1 May 2021. Any re­quests re­ceived af­ter this date will not be processed for Su­per clients, and for In­vest­ment clients the trans­fer will be de­layed and processed in Panorama af­ter mi­gra­tion.

Tranche 4 client favourability reports

These reports are available on the Client Portal.

Tranche 4 fi­nal mas­ter­class we­bi­nars

If you have clients sched­uled to mi­grate in tranche 4, don’t for­get to reg­is­ter for our fi­nal readi­ness we­bi­nar on 8 June and the week one in re­view we­bi­nar on 24 June.

 

Update: Regular Investment Plans (RIPs)

27 May 2021

For accounts migrated from Wrap in May with a regular investment plan (RIP) in place, you may notice that the date on BT Panorama is incorrect and that the expected investment for May has not yet occurred. We have resolved the problem and the monthly regular investment plans will run on Friday 28 May.

Please note, some RIPs won’t be set up on Panorama or run on 28 May where they don’t meet platform business criteria:
- If the RIP was suspended with a future restart date it will not be migrated;
- If the RIP contained assets the client no longer holds it will not be migrated;
- Half yearly or yearly RIPs will not be migrated.

The date for future regular investment plans will be set to the 28th of the month, and with the flexibility of BT Panorama, can be changed to any day of the month. To update the date, cancel the existing RIP after it runs on 28 May and set up a new one for any day of the month.
 

Important reminder for Regular Investment Plan customers

11 May 2021

Regular Investment Plan (RIP)

For the month of May, clients with an active monthly RIP who are not migrating in tranche 3 and remaining on Wrap until tranche 4 in June, will have their RIPs sent to market on Friday 21st May.

Monthly RIPs for clients migrating in tranche 3 will be run after migration on BT Panorama (Monday 24th May).

Reminder: partial month fees and interest

11 May 2021

Partial month fee and interest calculations on migration

If you have clients included in tranche 3, partial fees and partial interest will be calculated and processed on the migration weekend for the first part of May where the account was in Wrap.  Please ensure there are sufficient funds in your client’s account to allow for the deduction of partial month advice fees.

Pension payments and regular withdrawals

To de-risk the chance of your clients being excluded from migrating in tranche 3, please ensure that your clients have enough cash in their account to fund any regular withdrawal plans and pension payments. 

Wrap and BT Panorama outage 24 May

28 April 2021

As we finalise quality testing and other tasks related to the migration of over 70,000 Wrap accounts to BT Panorama over the weekend of 22-23 May, we anticipate that there will be an outage on both Wrap and BT Panorama on Monday 24 May.

We will provide updates throughout the day on Monday 24 May via our adviser migration website as new information comes to hand.

Please plan ahead and avoid planning trades on the 24 May. If you urgently need to arrange a transaction on a client’s account, please call us on 1300 784 207. We apologise for any inconvenience this outage may cause.

Important updates for tranches 3 and 4

26 April 2021

We are pleased to confirm that our plans for tranches 3 and 4 continue to progress well and we are on track to migrate the remaining Wrap accounts on 22-23 May and 19-20 June 2021, respectively.

Corporate actions participation for clients in tranche 3 and tranche 4

If you have any clients migrating in tranches 3 or 4 who hold securities under a custodial HIN arrangement, it is important to note that these clients will only be permitted to participate in a voluntary corporate action (excluding dividends) where the corporate action has a final payment or settlement date at least 3 business days prior to their scheduled migration date. For clients in tranche 3 this means before 19 May 2021 and for clients in tranche 4 this means before 16 June 2021. Any request to participate in a corporation action where the final payment or settlement date occurs after these respective dates will be declined.

Given the announcement of these corporate actions occurred whilst held on Wrap, your clients will not be able to participate in those specific corporate actions linked to those holdings on Wrap after they’ve migrated to BT Panorama. For any new corporate actions announced after migration, your clients will be able to participate on BT Panorama.

External in-specie transfer deadlines

As we approach the final migration weekends external in-specie transfers into and out of your clients’ Wrap account have processing deadlines to maximise the chance of completion prior to migration. For tranche 3 those deadlines have now passed (23 April) and for tranche 4 BT will endeavour to process, where received on or before 1 May 2021. Any requests received after these dates will not be processed for Super clients, and for Investment clients the transfer will be delayed and processed in Panorama after migration.

Tranche 3 client favourability report

You can now access a list of your clients who are due to migrate in tranche 3, including their fee favourability assessment, via the Client Portal. This can be accessed by clicking on the “Visit the client portal” icon from the Wrap Desktop home page. From here you can use the tool to log in with your Adviser Number and Online User ID and access the spreadsheet.

You can learn more here.

Tranche 3 final masterclass webinars

If you have clients scheduled to migrate in tranche 3, don’t forget to register for our final readiness webinar on 11 May and the week one in review webinar on 27 May. You can view further details regarding the webinar and register here.

Tranche 3: Upcoming masterclass webinars

22 April 2021

11 May 2021 - Tranche 3: Final BT Wrap migration readiness check-in

Join us for a live webinar briefing as we approach the tranche three BT Wrap to BT Panorama migration weekend. The webinar will include a walk-through of the key migration weekend activities, a reminder of what will happen post-migration, a reminder of how you can access support and a final opportunity to ask questions to our panel.

Watch now

27 May 2021 - Tranche 3: Migration week one in review

We are holding this migration briefing session via a live webinar for advisers after the migration from BT Wrap to BT Panorama. This session will review the first week and outline any issues, challenges and solutions. We will also provide a reminder of the post migration activities and support available to you.

Register now

Tranche 4: List of badges scheduled to migrate

15 April 2021

We are cur­rently prepar­ing for the fourth, and final, tranche of BT Wrap to BT Panorama mi­gra­tion, which we in­tend to take place in June 2021. Any client who holds an ac­count in any BT Wrap badge as at the start of June 2021 is planned to mi­grate in tranche 4. This includes all clients in the badges listed in the table below.

Where a badge is listed as ‘non-equities customers’, this means that accounts that do not hold listed securities within their portfolio (as at 26 March 2021) will be included in tranche 4. Most clients who hold listed securities are planned to be migrated in tranche 3 in May.

If, for any unforeseen reason, accounts are excluded from tranche 3 in May 2021 then those client accounts will also be migrated as part of this fourth and final tranche in June 2021.

Please refer to the tranche 3 badge list on the migration hub, if required.

ADVICELINK VITALITY
AUSTRALIAN UNITY PORTFOLIO SERVICE SOLAR
C-WRAP PERSONAL FINANCIAL SERVICE
COMET BT PORTFOLIO WRAP / BT PORTFOLIO SUPERWRAP
WEALTH E-ACCOUNT ASSET MANAGER
BT INVESTOR WRAP / BT INVESTOR SUPERWRAP WILLIAM BUCK PORTFOLIO SERVICE
BT COMPACT INVESTOR WRAP / BT COMPACT INVESTOR SUPERWRAP BT COMPACT WRAP / BT COMPACT SUPERWRAP
FORTNUM ADVICE WEALTHWRAP
GRANT THORNTON PORTFOLIO SERVICE IN­SIGNIA (non-equities customers)
STRATEGIC SOLUTIONS ACUITY PORTFOLIO SERVICE (non-equities customers)
BT WRAP / BT SUPERWRAP ASSETLINK (non-equities customers)
THE INVESTOR SERVICE FINHQ PORTFOLIO SERVICE (non-equities customers)
THE PRIVATE WEALTH SERVICE PORTFOLIOESSENTIALS (non-equities customers)
SWMS MONEY MANAGEMENT SERVICE (non-equities customers)
M WRAP / M SUPERWRAP THE PRIVATE CLIENT SERVICE (non-equities customers)
BT SELECT ADMINISTRATOR INNATE PORTFOLIO INVESTMENT (non-equities customers)
BT SELECT PORTFOLIO ASSETCHOICE (non-equities customers)
SELECT WRAP / SELECT SUPERWRAP FINHQ ADMINISTRATION SERVICE (non-equities customers)
MERIT WEALTH PORTFOLIO ADMINISTRATOR INVESTMENT (non-equities customers)
PORTFOLIO PLUS+ STRATEGYONE (non-equities customers)
ASSEMBLE MYA (non-equities customers)
PREMIUM ONLINE WEALTH MANAGER (non-equities customers)
INVESTOR PORTFOLIO SERVICE PREMIER WEALTH (non-equities customers)
PLATFORM2 PRINCIPLE WEALTH (non-equities customers)

Tranche 3 client list with fee favourability

14 April 2021

You can now access a list of your clients who are due to migrate in tranche 3, including their fee favourability assessment, via the Client Portal. This can be accessed by clicking on the “Visit the client portal” icon from the Wrap Desktop home page. From here you can use the tool to log in with your Adviser Number and Online User ID and access the spreadsheet.

The existing "Migration Client List" which is accessible on the Wrap Desktop is currently listing your clients' migration date as "Unscheduled". We intend for this to be updated in the weeks leading up to tranche 3, but for now please use the Client Portal tool.

Please note the following:

  • Client’s fee favourability assessment is based on our overall objective to move accounts that are better off on BT Open pricing at the time of migration. 

Information regarding your clients’ fee favourability assessment lists:

  • “CURRENT FEE” - the current fee being paid on Wrap as of February 2021
  • “CURRENT FEE IF ON BT OPEN PRICING” - the estimated fee that would be paid if the account were to be on BT Panorama Open pricing.  This includes the impact of the custodial holdings fee on BT Panorama, but excludes any benefit from fee aggregation under related account groups. Note: to benefit from fee aggregation all clients are required to be on BT Open pricing.
  •  “OUTCOME”- this indicates the result of the comparison:     
    - ‘BT OPEN’ indicates accounts that are on BT Open pricing currently or will be moved to BT Open pricing at the time of migration
    - ‘RETAIN’ indicates clients who will retain their existing pricing at the time of migration
  • All migrating clients will receive a notification about their move to Panorama. If a client is being repriced as part of migration, this will be included in this same communication. Otherwise, the notification will specify that their existing pricing will continue to apply. Once on Panorama, you can check the applicable fees by navigating to Account fees >> Administration & Investment Fees
  • “CLIENT SERVICING ARRANGEMENT POST MIGRATION”
    - As previously communicated, we require advisers and dealer groups to be registered for BT Panorama to ensure that clients can be migrated to the correct adviser. The deadline for registrations were 5 March for dealer group registrations, and 12 March for adviser registrations.
    - Where dealer groups have registered, clients will be migrated to an investor-managed direct product (the dealer group can then reassign the client to a registered adviser following the migration).
    - Where advisers have outstanding registration activities, clients will be migrated to an investor managed product under the dealer group.
    - As a result, this field indicates the clients’ servicing arrangement post migration as of April 2021 including:
        - Client migrating per current servicing arrangement
        - Adviser unregistered, client migrating to investor managed product under dealer group
        - Dealer group unregistered, client migrating to direct product
        - Informed of ceased advice relationship, client migrating to direct product

If a client is not listed in the spreadsheet, they may have been allocated to a later tranche. If you have any questions regarding your clients’ fee favourability assessment please check with your Business Development Manager, contact our Customer Relations team on 1300 360 899 Monday to Friday 8:00am - 6:30pm (Sydney time) or email enquiry@adviserwrap.com.au.

Disclaimer: Please note information contained in the report is subject to change at any time. The information contained in this statement is given in good faith and has been derived from sources believed to be accurate at the report request date. However, it is general information only and should not be considered a comprehensive statement on any matter nor relied upon as such. No company in the Westpac Group nor any of their related entities, employees or directors gives any warranty of reliability or accuracy or accepts any responsibility arising in any other way including by reason of negligence for errors or omissions. This disclaimer is subject to any requirement of the law.

Corporate actions participation for clients in tranche 3 and tranche 4

08 April 2021

If you have any clients migrating in tranche 3 who hold securities under a custodial HIN arrangement, it is important to note that the clients will only be permitted to participate in a voluntary corporate action (excluding dividends) where the corporate action has a final payment or settlement date at least 3 business days prior to their scheduled migration date. For clients in tranche 3 this means before 19 May 2021. Any request to participate in a corporation action where the final payment or settlement date occurs after 19 May will be rejected. For clients in tranche 4 this same limitations will apply except that the relevant payment and settlement date will be 3 days before the tranche 4 migration date. We will update the actual dates for tranche 4 in the coming weeks.

 

Tranche 3: List of badges scheduled to migrate

31 March 2021

Having now successfully delivered the second tranche of BT Wrap to BT Panorama migration, we are focussing on the delivery of tranche 3 which is currently planned for the weekend of 22-23 May 2021.

Clients who hold an ac­count in one of the fol­low­ing badges are due to mi­grate in tranche 3*.

Where a badge is listed as ‘equities only’, this means only accounts that hold listed securities within their portfolio (as at 26 March 2021) will be included in tranche 3. We have also brought forward any account which has monthly managed fund distributions due in late June.

AC­CU­MU­LUS AD­VICELINK
VAU­RAUS VAU­RAUS CORE
ANZ PRI­VATE PORT­FO­LIO ANZ PRI­VATE WEALTH PORT­FO­LIO
AS­GARD XCHANGE AUS­TRALIAN UNITY PORT­FO­LIO SER­VICE
AUS­TRALIAN UNITY FO­CUS BT COM­PACT
CAN­TOR ON­LINE C-WRAP
PER­SONAL PORT­FO­LIO ON­LINE CITI­CHOICE
COMET WEALTH E-AC­COUNT
PLAT­FORM 2 PORT­FO­LIO PREF­ER­ENCE
FORT­NUM AD­VICE GRANT THORN­TON PORT­FO­LIO SER­VICE
STRATE­GIC SO­LU­TIONS BT WRAP / BT SU­PER­WRAP
IPAC IS­E­LECT THE IN­VESTOR SER­VICE
THE PRI­VATE WEALTH SER­VICE SWMS
M WRAP BT SE­LECT AD­MIN­IS­TRA­TOR
BT SE­LECT PORT­FO­LIO SE­LECT WRAP / SE­LECT SU­PER­WRAP
SE­LECT WRAP+ / SE­LECT SU­PER­WRAP+ MX
MERIT WEALTH PRE­MIER WEALTH (equities only)
OZ­PLAN PRIN­CI­PLE WEALTH (equities only)
AS­SEM­BLE PRE­ASSEM­BLE
PORT­FO­LIO SO­LU­TIONS PRE­MIUM ON­LINE
IN­VESTOR PORT­FO­LIO SER­VICE BT PRI­VATE
VI­TAL­ITY SO­LAR
TO­TALVIEW PER­SONAL FI­NAN­CIAL SER­VICE
BT FOUN­DA­TION PORT­FO­LIO BT PORT­FO­LIO WRAP+ / BT PORT­FO­LIO SU­PER­WRAP+
BT PRI­VATE WRAP+ / BT PRI­VATE SU­PER­WRAP+ BT PORT­FO­LIO
AS­SET MAN­AGER WILLIAM BUCK PORT­FO­LIO SER­VICE
WEALTH­WRAP IN­SIGNIA (equities only)
ACUITY PORTFOLIO SERVICE (equities only) ASSETLINK (equities only)
FINHQ PORTFOLIO SERVICE (equities only) PORTFOLIOESSENTIALS (equities only)
MONEY MANAGEMENT SERVICE (equities only) THE PRIVATE CLIENT SERVICE (equities only)
INNATE PORTFOLIO INVESTMENT (equities only) ASSETCHOICE (equities only)
FINHQ ADMINISTRATION SERVICE (equities only) PORTFOLIO ADMINISTRATOR INVESTMENT (equities only)
STRATEGYONE (equities only) MYA (equities only)
WEALTH MANAGER (equities only) DIRECT BT INVESTOR WRAP (equities only)

* Other than any pre­vi­ously no­ti­fied or agreed ex­clu­sions

Tranche 2 of migration successfully completed

26 March 2021

We are pleased to confirm that we have now successfully completed our second tranche of migration, with almost 40,000 accounts migrating from Wrap to BT Panorama in one weekend. Thank you to the practices with clients in this tranche for their support in helping us achieve this important milestone. Our plans for tranches three and four are progressing well and we will be in touch with further updates shortly.

 

BT Wrap migration masterclasses

10 March 2021

As we get closer to migrating accounts from BT Wrap to BT Panorama, we are hosting a series of interactive migration masterclasses that aim to prepare you and your business for the move to BT Panorama.

Over the next few months, these sessions will communicate what migration means for your clients and how you can support them, how to develop your migration plan and some of the features available on BT Panorama.

You will also have the opportunity to ask questions to our panel of experts.

View the schedule below and register:

The session outlines:

  • What are the benefits for your clients
  • What will change for you and your clients and
  • What key communications will your client receive?

Watch now

The session outlines:

  • Who is your practice champion
  • What are the key tasks you need to undertake (checklist)
  • What is your communication plan for your clients
  • Managing for freeze periods and
  • Support available to you.

Watch now

The session outlines:

  • The registration process for migrated clients
  • Explaining the benefits of Panorama to your clients and
  • What support is available for you and your clients.

Watch now

The session outlines:

  • How to access reporting post-migration
  • Training for Panorama and
  • Adding new clients to Panorama / digital consent.

Watch now

11 May 2021

The session will outline:

  • Preparing for your Tranche 3 migration
  • Support available to you.

Watch now

24 June 2021

The session will outline:

  • Migration weekend review
  • Key issues/challenges/solutions
  • Post migration activities
  • Support model.

Watch now

Final reminder: key steps to register for BT Panorama

03 March 2021

As a reminder, these are the 3 steps to ensure you’re registered and set up on BT Panorama. These are important to complete, as they ensure that you are able to continue to access your clients' accounts once they have migrated.

Step one: Dealer group registration - by 5 March 2021

Dealer groups should have registered for BT Panorama by 5 March 2021. If you believe that you or your dealer group haven’t registered, please contact your Business Development Manager immediately.

Step two: Adviser registration - by 16 March 2021

Dealer group managers can use our online onboarding tool to quickly and easily register advisers for BT Panorama.

Log in to BT Panorama using your manager access, select the “Business” menu and then select the “Users & business entities” screen.

From the Users & business entities screen you will be able to:

  • Register a user (advisers and support staff)
  • Search for users and update details
  • View user primary contact details and registration status
  • Update or add user permissions
  • Block a user’s access

Step three: Adviser F-code validation - by 19 March

The last step in registering advisers for BT Panorama is to link the new Panorama ID created for each adviser with their existing Wrap F-code(s).

In some cases, we may be unable to link the new Panorama IDs to the appropriate Wrap F-code due to circumstances such as spelling discrepancies, Authorised Representatives within your dealer group having similar names, or Wrap F-codes being assigned at a practice level, rather than at an adviser level.

Once your advisers have been registered for BT Panorama, we will contact you and them to validate the mapping of their Wrap access F-codes to their new Panorama ID by 19 March 2021.

Deadline for dealer group and adviser registrations

17 February 2021

As part of the migration to BT Panorama, dealer groups and advisers must register for BT Panorama and complete their F-code mapping to ensure continued access to their client accounts. Where this is outstanding, we have been contacting dealer groups and advisers to help ensure this is completed, however if we do not receive a response by the dates outlined below, it could mean that advisers will no longer have access to their clients’ accounts, and that advice fees will be turned off.

  • 5 March - deadline for dealer group registrations
  • 5 March - deadline for form-based adviser registrations
  • 16 March - deadline for adviser registrations through the online onboarding tool (‘users and business entities’ screen in BT Panorama)
  • 19 March – F-code mapping to Panorama IDs due

Dealer group registrations

If a dealer group remains unregistered by 5 March 2021, their BT Wrap clients will continue to be migrated to BT Panorama, however the dealer group and their advisers will not be able to access their clients’ accounts on the new platform. Any advice fees associated with the accounts will be turned off and the clients will be able to manage their account directly on BT Panorama after their migration.

If we do not hear from dealer groups by 5 March 2021 we will contact your BT Wrap clients directly to inform them that all advice fees will be turned off, and upon the migration you and your advisers will no longer have access to their account.

Adviser registrations and F-code mapping

If any advisers remain unregistered at the time of migration, or if their Panorama IDs have not linked to their Wrap F-codes, the advice fees will be turned off for their migrating BT Wrap clients and those clients will be moved to an Adviser Setup Investor Managed (ASIM) ID on BT Panorama under their Dealer Group. This will allow the clients to be able to manage their account directly on BT Panorama after their migration.

Dealer groups will be able to reallocate clients to an adviser registered for BT Panorama as required. In this instance, we will require a new signed Ongoing Fee Arrangement (OFA) to re-establish advice fees.

If the client has engaged the services of another adviser, then we will facilitate the transfer of servicing rights to that adviser as per the client’s instructions after the migration.

If we do not hear from dealer groups / advisers by 16 March 2021, we will contact their BT Wrap clients directly to inform them that advice fees will be turned off and upon migration, advisers will no longer have access to their account.

If you have any queries, please speak to your Business Development Manager or call our Customer Relations team on 1300 784 207, Monday to Friday, 8:00am – 6:30pm (Sydney time).

Tranche 2 migration client list available

15 February 2021

You can now access a list of your clients who are due to migrate in tranche 2, including their planned migration date, via the Client Portal. This can be accessed by clicking on the “Visit the client portal” icon from the Wrap Desktop home page. From here you can use the tool to log in with your Adviser Number and Online User ID and access the spreadsheet.

If a client is not listed in the spreadsheet, they may have been allocated to a later tranche. Please check with your Business Development Manager or contact our Customer Relations team on 1300 360 899 Monday to Friday 8:00am - 6:30pm (Sydney time) or email enquiry@adviserwrap.com.au.

The existing "Migration Client List" which is also accessible on the Wrap Desktop is currently listing your clients' migration date as "Unscheduled". We intend for this to be updated in the weeks leading up to tranche 2, but for now please use the Client Portal tool.

For future tranches we plan to provide the list of your clients and their migration status on the “Migration Client List” page and make information about their fee favourability assessment accessible via the Client Portal. We will keep you informed as this information becomes available.

Disclaimer: Please note information contained in the report is subject to change at any time. The information contained in this statement is given in good faith and has been derived from sources believed to be accurate at the report request date. However, it is general information only and should not be considered a comprehensive statement on any matter nor relied upon as such. No company in the Westpac Group nor any of their related entities, employees or directors gives any warranty of reliability or accuracy or accepts any responsibility arising in any other way including by reason of negligence for errors or omissions. This disclaimer is subject to any requirement of the law.

Migration for Wrap & SuperWrap Essentials clients

12 February 2021

Wrap & SuperWrap Essentials accounts will be migrated to BT Panorama - Compact menu in tranche 4, which we anticipate to occur in late May 2021. In order to give you time to review the implications of this change for your individual clients, we will continue charging nil administration fees until 31 May 2022. After this date, the usual Panorama Compact administration fees will apply. The minimum cash balance for the transaction account will be set at $500 for all migrated Essentials accounts which is lower than the standard cash minimum of $2,000 in BT Panorama (until further notice).

The existing investment options currently held by your Essentials clients will be transferred to BT Panorama Compact. After the migration is complete, clients can continue to invest into their existing investment options as long as they retain a holding in the option and they will also be provided with access to BT Panorama Compact’s investment menu. BT Panorama Compact’s investment menu will provide clients with access to around 61 managed funds, 30 Managed Portfolios and term deposits.

New Panorama training webinars available

08 February 2021

Registration is now open for two new webinars covering ‘Cash Investment Strategy’ and ‘Listed Security Holding Options’. Register now to secure your place.

Panorama’s Cash Investment Strategy
Panorama's cash investment strategy allows you to set up and maintain automatic investing for clients, with surplus cash invested into specific managed investments they hold. This webinar will outline how and where you can establish a Cash Investment Strategy for your clients, along with further related reporting and interaction with other Panorama functionality.

Date: Tuesday 16th February, 11:00am AEDT - Register here
Date: Thursday 25th February, 2:00pm AEDT - Register here

Panorama Listed Security Holding Options 
For clients with directly held listed securities, Panorama provides the flexibility to choose how they are held – choose from Nominee, Sponsored HIN holding type (Investment accounts only), or Custodial HIN holding type. This webinar will outline each of the holding types, how and where you can set them up for a client and how the different holding types compare, allowing you to align with the needs of your clients.

Date: Tuesday 2nd March, 11:00am AEDT - Register here
Date: Thursday 11th March, 2:00pm AEDT - Register here

Notice of BT Wrap badge closures

14 January 2021

Wrap and SuperWrap and all badges will be closed to new investors from 1 March 2021. Any new accounts from this date should be opened directly in BT Panorama.

A short transition window for accepting in progress applications will be in place up until 8 March 2021, provided the application form is dated prior to 1 March 2021. Please note all Wrap disclosure documents will no longer be on market from 1 March and should not be provided to clients after this date.

Migration update for IOOF clients

18 December 2020

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.

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.

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Form to amend signatories on Investment Wrap accounts

06 November 2020

If your client currently has more than one authorised signatory (for example, joint account holders with two signatures to operate their account), they won’t be able to transact on their Panorama Investments account online once their account is migrated until they have updated the authorisations to enable one person to sign. You can do this via the ‘Account set up and permissions for migrating Wrap accounts’ form.

Update: tranche 1 on track to migrate in mid-December

19 October 2020

We are pleased to confirm that we are on track to migrate our first tranche of accounts from BT Wrap to BT Panorama in mid-December with the second tranche to occur in early 2021.

What you can do to prepare

There are a number of activities you and your team could start doing now to prepare for the move to BT Panorama, including:

  • Ensuring your practice and staff are registered and set up correctly on BT Panorama. This is particularly important to ensure you and your clients have a smooth transition.
  • Capturing any additional client data that has been requested for migration to BT Panorama and keeping it up to date.
  • Identifying which BT Panorama adviser profiles your existing BT Wrap clients should be transferred to. 
  • Access BT Panorama training and support to get familiar with the new technology and features available.

Speak to your BT Business Development Manager if you have any questions about what you need to do to prepare, or visit our migration hub for more information.

Manual transfers from BT Wrap to BT Panorama to cease

Ahead of our intended migration, we will be ceasing adviser-initiated transitions (in specie transfers) from BT Wrap to Panorama. This is to ensure that we have adequate time to complete the transition before a migration, with most transitions taking up to 3 months. This will help to support a more effective adviser and client experience.

We are intending for all tranches of the migration to be completed by end of June 2021 and will confirm exact dates ahead of each tranche. As a rough indication, we are working towards ceasing all in specie transfers by 27 November 2020, with the only exception being SMSFs on Wrap that are terminating and transitioning assets to Panorama Super. In specie transfer requests for SMSFs will continue to be supported until 26 February 2021.

Getting ready for the move to BT Panorama

To help ensure the transition is as seamless as possible, we have been busy adding and updating features in BT Panorama to make sure the key features from BT Wrap are still available to you and your clients. Here are some of our recent enhancements:

  • Intermediary onboarding: dealer group and practice manager permissions in Panorama can now onboard and manage users online without the need for manual, paper forms.
  • Margin lending: your investment clients can now link a BT Margin Loan to their Panorama account, allowing clients to hold assets in their Panorama account that are subject to the BT Margin Loan.
  • New funds added: over the last 6 months we have added over 100 managed funds to the BT Panorama menu to align it with the BT Wrap menu and help ensure a seamless migration of client’s holdings. We are on track to have the managed fund menus ready for migration and 100% aligned by the end of October 2020.

What’s next?

As we approach the upcoming tranches, we will be in touch with you to confirm further details, including what clients are scheduled to migrate and the communications your clients will receive. Look out for an update from us in December.

Our response: Will I need to produce an SOA or ROA for my clients as part of the migration to BT Panorama?

07 September 2020

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).  

Download the PDF (204 KB)

Investor support page live now

31 August 2020

To help your clients understand what to expect during migration, we have also created a dedicated web page just for them. The support page includes an overview of the migration journey, highlights what they can expect from BT Panorama, includes FAQs, and outlines the support available to them. View the advised investor web page.

Back to the migration hub

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

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.