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.

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.