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).
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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.
We are pleased to confirm our intention to commence the migration of BT Wrap clients to BT Panorama. The migration is proposed to occur in tranches, with the first tranche expected to commence in late 2020.
The first tranche will primarily include non-advised accounts. The second tranche, expected to occur in early 2021, is currently planned to include clients in the BT Open badge as well as a number of other badges. The full list of badges we intend to migrate in tranche 2 can be found below.
You will be notified in advance if you have clients in tranche 2.
Asgard Xchange SuperWrap*
Asgard Xchange Wrap#
BT Compact SuperWrap
BT Compact Wrap
BT Foundation Portfolio SuperWrap*
BT Portfolio SuperWrap*
BT Portfolio SuperWrap+*
BT Portfolio Wrap*
BT Private SuperWrap*
BT Private SuperWrap Plus
BT Select Administrator Wrap
BT Select Administrator SuperWrap
BT Select Portfolio Wrap
BT Select Portfolio SuperWrap
BT Select SuperWrap*
BT Select SuperWrap Plus
BT Select Wrap*
BT Select Wrap Plus
BT SuperWrap Open
BT Wrap Open
*These badges are already closed to new investments
# These are closed Wrap badges branded Asgard
Details for the remaining tranches are being finalised, however we are aiming to complete these tranches by mid-2021. We will provide additional information, including advance notice of any communications being sent to clients, as we progress our final planning and internal approvals.
Get a head start and register for the new operating system, BT Panorama.
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.