BT Panorama migration: recent updates

As we work towards migrating to BT Panorama, we will keep you informed of all the latest updates and announcements.

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.

Tranche 3: List of badges scheduled to migrate

18 February 2021

We are currently preparing for the third tranche of BT Wrap to BT Panorama migration, which we intend to take place over the weekend of 17-18 April 2021. We have built flexibility into our planning by pre-determining a secondary date of 22-23 May 2021, should it be required.

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

ACCUMULUS ADVICELINK
VAURAU 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
OZPLAN PRINCIPLE WEALTH
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

* Other than any previously notified or agreed exclusions.

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

BT Wrap migration masterclasses

02 February 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 will outline:

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

17 December 2020

Watch now

The session will outline:

  • 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.

19 January 2021

Watch now

The session will outline:

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

2 February 2021

Watch now

Register now:

The session outlines:

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

9 February 2021

Watch now

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.

Read more

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

Register today

Get a head start and register for the new operating system, 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 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.