Getting ready

BT Panorama provides data feeds at three levels - dealer group, adviser and account. If you’re already receiving data feeds from BT Panorama, please check your setup on AdviserNET and, where required, update your existing subscriptions.   

If you're new to BT Panorama, you will need to set up data feeds for your financial planning software before the move of your clients’ accounts.  

Financial Planning Software Providers

• Dealer groups and advisers already registered on BT Panorama with existing data feeds 
  
  Where you have a data feed subscription at dealer group or adviser level for any of the Financial Planning Software providers (i.e. Iress Xplan, AdviserLogic, Plutosoft, etc.), all your Asgard clients will automatically be included in the established data feeds once moved to BT Panorama and no further setup will be required.  
  
  
• Dealer groups not yet registered or newly registered on BT Panorama with no existing data feeds 
  
  To prepare for the move to BT Panorama you will need to setup data feeds for your Financial Planning Software provider/s (ie. Iress Xplan, AdviserLogic, Plutosoft, etc). These will need to be set up prior to the move to ensure there is no disruption to the flow of data to your Financial Planning Software provider. 
  
  Dealer groups not registered for BT Panorama yet? Complete the Dealer group registration form. 
  
  

How to manage data feeds  
Financial Planning Software provider data feeds are typically set up at dealer group or adviser level. 

• Dealer group level feeds can be requested by a dealer group manager only. Once activated, all accounts under the dealer group are included in the feed. 
• Adviser level feeds can be requested by advisers and support staff with edit permission. Once activated, all accounts under the adviser are included in the feed. 
• Account level feeds can be requested by advisers and support staff with edit permission. Once activated, only the single account is included in the feed. 

To manage data feeds on BT Panorama, login to your BT Panorama account then select Business > Data feeds. 

Please note that AdviserNET permits users to configure and download EPI Data Download files for custom use. In contrast, BT Panorama restricts this functionality to distribution solely through established vendors.

SMSF Software Providers

On BT Panorama SMSF Software provider data feeds are setup at the account level. The SMSF Software providers are Class Super, BGL 360 and SuperMate. Data feeds for SMSF providers will be setup automatically when we move Asgard accounts to BT Panorama.  

To prepare, please review and, where required, update your SMSF data feeds on AdviserNET. This is to ensure that the correct client accounts are included in the data feeds to SMSF software providers during the move to BT Panorama. To review, login to your AdviserNET account then go to Tools > Data downloads > EPI download.

On the transition weekend in March 2026, we will automatically setup a data feed on BT Panorama for each client account to the specified SMSF Software provider as per the setup on AdviserNET.  

Note that on BT Panorama there will be one SMSF data feed for each account.  

What is changing?

Asgard’s Authority to Operate (ATO) on eWrap accounts and Limited Authority to Operate (LATO) on Elements and Asgard Managed Profiles and Separately Managed Accounts - Funds Super/Pension accounts will no longer be available after the move to BT Panorama.  

We recognise that having authority to execute investment transactions plays a key role in streamlining portfolio management and reducing administrative overhead. The transition to BT Panorama will provide you with access to enhanced digital capabilities that operate in a way that aligns with both regulatory requirements and industry best practice.  

On BT Panorama, if you are the primary authorised user on your client’s account you will be able to submit investment transactions online on their behalf (refer to the 'Authority on Investment Transactions' section below for more details).  

You will also have the ability to manage your clients’ personal details, including updating their address and contact information online. Please note, however, that the client’s primary mobile phone number – used for SMS security codes – can only be updated by the client directly.  

Authority on investment transactions  

When placing investment transactions after we move your clients’ accounts to BT Panorama, you must confirm your authority based on the nature of the arrangement:  

• Managed Discretionary Account (MDA) Services 
  If the transaction relates to an MDA arrangement, you will be required to confirm – via a checkbox – that you are authorised by your client to exercise discretion over their account in accordance with the terms of the MDA service you provide. You must also agree to make a copy of the written authority and/or power of attorney available to BT Portfolio Services Ltd (the Administrator) upon request.  

• Non-MDA Transactions 
  For transactions not associated with an MDA service, you must confirm – via a checkbox – that you have received written authority from your client(s) to act on their behalf and that you are not exercising discretion over their account or any related transactions.  

This applies to all online investment transaction orders, including those submitted directly or via adviser portfolio rebalancing tools. It also covers the setup of Regular Investment Plans, Cash Investment Strategies, asset transfers, and intra-account switches (eg. switching to managed portfolios).  

Online consent  

You may choose to use the BT Panorama digital consent feature to assist with approval from a client, with the option to include a Record of Advice (ROA) and supporting advice documentation. You can notify your clients of the pending online consent request via SMS or email.  

To create or manage a ROA for a consent request, log in to your BT Panorama account and refer to the ‘ROA templates’ topic in Help & support > Business & admin > Managing your business.   

Using digital consent, you can request consent for:  

• bank accounts when adding a linked bank account, Pay Anyone account, or BPAY biller to a client's Panorama account  
• investment orders when placing an order or rebalance orders via adviser portfolio tools  
• an advice fee before charging a one-off, fixed term, or ongoing advice fee  
• corporate actions before submitting an election  
• specific service requests   

For more detailed instructions, login to your BT Panorama account and refer to the ‘Request consent for investment orders’ topic in Help & support > Managing your clients > Digital consent.    

Managed Accounts Options for Advisers and Dealer Groups 

BT Panorama offers a range of managed account solutions tailored to different licence types, investment philosophies, value proposition and your operating model. 

1. Already have MDA licence or upgrading your existing licence to enable MDA Services 

BT Panorama options include:  

• Adviser portfolios (default destination for Asgard templates ). Refer to Templates moving to Adviser portfolios. 
• Tailored Portfolio tools can assist you or your managed discretionary account (MDA) provider (as applicable) to construct, manage and rebalance your clients’ investments in accordance with a pre-determined investment strategy. Check with your Business Development Manager if you would like to know whether the Tailored Portfolio tools are available to you.  

2. Adopt Client Consent and ROA Model 

Adviser portfolios (default for Asgard templates) is integrated with digital consent and digital Record of Advice (ROA) capabilities. This means you can easily obtain client approvals for the execution of rebalance orders, eliminating the need for manual paperwork and speeding up the transaction implementation.  

3. Use Managed Portfolios 

You can choose from a range of managed portfolio options managed by professional investment managers. Managed portfolio options are designed to remove the need for you to individually research assets or fund managers, monitor your holdings and manually trade your assets. Essentially, once you select a particular managed portfolio option, your investment in that managed portfolio option will be managed and rebalanced in accordance with that option's investment strategy and objectives. You can also include a managed portfolio as an investment allocation within an adviser portfolio. You may use professionally managed or dealer group-owned SMAs, available on BT Panorama. 

4. Use an External MDA Provider 

You may partner with third-party MDA providers who hold the licence and manage the portfolio while advisers continue to provide advice. Can be facilitated on BT Panorama through Tailored Portfolios.  

For more information refer to Managed accounts.

As part of the move to BT Panorama, existing Asgard templates will be moved to adviser portfolios during the transition weekend.   

On BT Panorama, adviser portfolios is a portfolio management tool used to manage and rebalance clients’ assets held in their BT Panorama account. This is done according to preset investment allocations and weightings. The investment percentages and tolerance range percentage from your current templates will be transferred to adviser portfolios along with all the linked client accounts and their rebalance instructions.  

What’s changing  

While there are some feature changes to how portfolios will be managed, the transition from Asgard templates to adviser portfolios brings a range of improvements designed to help you streamline portfolio management and reduce administrative tasks, including:   

• Digital enhancements: BT Panorama offers integrated digital consent and digital Record of Advice (ROA) capabilities.  
• Faster approvals: You can easily obtain client approval for rebalance orders online, eliminating manual paperwork.  
• Regulatory alignment: The platform supports evolving industry and compliance expectations.  

Learn more about adviser portfolios. 

Key differences   

As part of the transition to BT Panorama there will be some feature differences and operational changes. Here is what you need to know:   

Manage models  

• Models Management: Office-level or dealer-level models will no longer be available. Model portfolios and rebalances will be managed at the adviser or adviser group level. An adviser, adviser group, admin assistant or paraplanner can access and edit adviser portfolios.  
• Change investments: Unlike Asgard, where an updated template creates a new version with a status of current and the previous version as superseded status, the same adviser portfolio can be edited on BT Panorama without creating a new version. You can use the ‘Last rebalance date’ to identify which of your clients’ accounts have been rebalanced. You can also copy an existing adviser portfolio to create a new one and link the required accounts individually.    
• Tolerance range percentage: Lower and upper-level tolerance values for rebalancing will not be moved. The tolerance percentage for individual assets on BT Panorama can be added by editing the adviser portfolio. You will also have the option to apply the tolerance range in rebalances. When applied, no rebalance orders will be generated for assets within the specified tolerance percentage. Tolerance will still be applied in the ‘Tolerance breach report’ to indicate assets outside of the specified tolerance percentage regardless of your preferences.  
• Investment holding limits: For adviser portfolios within BT Panorama Super, the target weight percentage to individual assets must sit within the defined BT Panorama Super investment holding limits for each asset.  

Rebalances  

• ATO/LATO: Advisers will no longer be able to apply the Authority to Operate/Limited Authority to Operate (ATO/LATO) when using adviser portfolios to rebalance clients’ accounts.  
• Client consent: Adviser portfolios functionality offers digital consent and digital ROA to assist you with obtaining instructions from a client for rebalance orders.  
• Multi-account (bulk) ad hoc rebalances: Adviser portfolios currently support individual account rebalancing. Multi-account rebalance functionality is planned to be made available on BT Panorama adviser portfolios in late 2025.   
• Auto-rebalance (periodic rebalance):  
  – Auto-rebalance arrangements on the account will continue to apply, with the exception for templates consisting of equities. Adviser portfolios auto-rebalancing is only available for managed funds, managed portfolios, ETFs, and cash assets. 
  – Unlike Asgard where auto-rebalance only occurs on or around 15 February, May, August and November, on BT Panorama you can select auto-rebalances to occur on any dates.  
• Auto-invest excess cash: Auto-invest excess cash based on a template the account is linked to will not be available on adviser portfolios. Instead, you will need to set up the Cash Investment Strategy for the account. Find more information on how to set up a Cash Investment Strategy, login to your BT Panorama account¹ > Help & support > Managing your clients > Cash management > Cash Investment Strategy  

1. Not registered for BT Panorama yet? Learn how to register 

Preferences  

Client preferences  

• ‘Exclude all shares’ option is not relevant on BT Panorama. Only assets held in the account that have an allocation within the adviser portfolio will be automatically included in the rebalance. Assets that don’t have an allocation within the adviser portfolio will be excluded by default.  
• Investment substitutions on the account will continue to apply.  
• Any locked holdings and minimum holdings settings will no longer be applied in rebalances.   
• Any minimum order value for rebalancing will not be carried across. If required, minimum buy/sell amount can be set up at the model level.  

Cash management    

• All rebalances on BT Panorama will maintain the applicable minimum transaction account balance    
• The amount of cash held within a client’s account can be set using the ‘cash post rebalance’ option for rebalances stored at each account: Retain $ amount, Invest $ amount, Retain % of portfolio value, Invest all available cash, Do not use cash.  

How will adviser portfolios be set up for Asgard templates?  

Adviser portfolios will automatically be set up on BT Panorama for eligible templates:  

• At an adviser access level. Note: Templates on Asgard can be created at dealer, office or adviser access levels. However, on BT Panorama the adviser portfolios feature allows advisers and support staff to create and edit model portfolios at an adviser level only (including adviser groups). As such, Asgard office and dealer level templates will be set-up as adviser portfolios at each relevant adviser level (replicated for each adviser).  
• As Full menu adviser portfolios or Compact menu adviser portfolios, depending on the accounts linked to the templates. If a template has a combination of Full and Compact menus accounts linked, it will be replicated for each menu with the relevant accounts linked. For information on which menu your clients’ accounts will be moved to, visit Investment menu mapping.

Which templates will not be moved?  

Not all Asgard templates will be moved to adviser portfolios on BT Panorama.  

To be eligible to move, a template must meet the following criteria:  

• A template must have at least one linked account at the time of the move.  
• The allocations within the template must total exactly 100%  
• Any closed assets must be removed prior to the move.  

Templates that don’t meet the criteria will not be moved to adviser portfolios.  

Blended templates are also not supported on BT Panorama and will not be moved. However, you can still include a managed portfolio as an investment allocation within an adviser portfolio following the move.  

If a template is no longer needed, you can unlink the account from the template. This will exclude it from being moved to adviser portfolios during the move to BT Panorama.   

For information on how to unlink, visit AdviserNET > Help > Templating > Unlink clients from a template   

Other ways to manage portfolios on BT Panorama  

Managed portfolios  

Managed portfolios are investment options available through BT Panorama products. They are offered via managed investment schemes and provide access to a range of managed portfolios managed by professional investment managers.   

These portfolios are designed to remove the need to individually research assets or fund managers, monitor holdings and manually trade assets.  

Learn more about managed portfolios .

Tailored portfolios  

You may have access to Tailored Portfolio tools which can assist you or your managed discretionary account (MDA) provider (as applicable) to construct, manage and rebalance your clients’ investments in accordance with a pre-determined investment strategy. Speak to your Business Development Manager if you would like to know whether the Tailored Portfolio tools are available to you.  

Learn more about tailored portfolios.  

What is changing?

From 25 August 2025, administration services for APPP insurance policies have transferred from Asgard Capital Management Limited (ACML) to an external administrator, Australian Group Insurances Pty Ltd (AGI). 

As the new insurance administrator, AGI will manage your clients’ APPP policy and policy alterations, handle communications and complaints, quotes, premium payments, and policy renewals. 

AGI was selected as they are a specialist life administrator who have supported superannuation funds, life insurers, and advisers across the Australian market since 2009. They provide end-to-end administration services across a wide range of life insurance products, including group life, income protection, and Risk-Only Superannuation solutions.  

Fees and payments

• AGI will manage all your Adviser Commission payments and statements.
  
  
• The APPP administration fee for each policy your clients hold will be removed. 
  
  - For Superannuation clients, the APPP monthly administration fee of $4.10 per month including GST will be removed.
  
  - For Standalone clients, the amount of this fee reduction varies depending on their frequency of payment for example between $4.40 per month to $48.40 per annum including GST. This change will be applied from their next premium payment after 25 August 2025.
  
  
• The fee currently payable to Asgard as a portion of your clients’ premium will be paid to AGI from their next premium payment date after 25 August 2025.
  
  

What will stay the same

There is no change to your clients’ APPP existing insurance cover, features or terms because of the change of administrator:

• Your clients’ existing policy number/s remain the same and AIA Australia Limited remains the insurer
  
  
• For Super members with APPP superannuation policies, their premiums will continue to be paid from their superannuation account
  
  
• BT Funds Management Limited (BTFM) remains the superannuation trustee and APPP product issuer and will continue to be responsible for all insurance claims
  
  
• There is no change to existing Powers of Attorney (POA) and Third-Party Authorities (TPA)
  
  

Man­ag­ing your clients' pol­icy/​s

You will con­tinue to have ac­cess to your clients’ APPP Su­per­an­nu­a­tion in­sur­ance de­tails such as pol­icy cover, sta­tus, and pre­mium amount via Ad­vis­er­NET. This information will not be visible on the APPP portal¹.

In­sur­ance re­ports and the APPP quo­ta­tion tools will no longer be avail­able on Ad­vis­er­NET, and you will need to con­tact AGI for this in­for­ma­tion. All APPP forms will no longer be available on AdviserNET and will be available for download from the APPP portal.

If you re­quire a list of your clients with APPP Superannuation poli­cies, you can gen­er­ate a re­port on Ad­vis­er­NET by nav­i­gat­ing to Home > Re­port­ing > Client re­ports > In­sur­ance clients.

You will not be able to view your clients’ APPP Stand­alone pol­icy de­tails via Ad­vis­er­NET from 24 August 2025. In­stead, your clients’ pol­icy de­tails will be man­aged by AGI and ac­ces­si­ble ex­clu­sively via the APPP por­tal, man­aged by AGI.

1. Licensees will not be granted access to the APPP portal; however, their advisers will have portal access and may nominate support staff requiring similar access. Licensees may continue to utilise AdviserNET to obtain information regarding clients’ superannuation-funded policy details.
 

Steps you can take to prepare

There are several steps you can take to prepare for the transfer of your clients' APPP policy/s to AGI. Reviewing these in advance will help ensure a smooth transition.

1. As a valid email address is required to access the APPP portal, you can ensure your clients’ contact details are up to date in AdviserNET or encourage your clients to update their details directly in Investor Online. 
   
   
2. If your clients currently pay their APPP Standalone insurance premiums via direct debit and wish to continue their insurance, they are required to complete a new direct debit request as soon as possible by completing and returning the AGI Direct Debit Request form enclosed in their client communication by their next premium due date in the reply-paid envelope provided or via bt@agigroup.com.au or via the APPP portal once access has been established. If your clients’ direct debit details are not provided to AGI, and payment is not received within 30 days of their premium due date, their cover will lapse.   
   
   
3. Complete the step-by-step instructions in your welcome email from AGI on 25 August 2025 so you can log in and access the APPP portal to view your clients' APPP policy details and nominate any support staff who also require access.
   
   

What your clients need to do

Clients should read through the letter we sent them in July 2025 about this change, to understand the changes and what they need to do. View a sample of the letter from Client communications.

If your clients currently pay their APPP Standalone insurance premiums via direct debit, they will need to resubmit their direct debit details. This will allow their direct debit arrangement to continue without disruption. Clients can do this by either:

• Completing and returning the Direct Debit Request form enclosed in their client communication by their next premium due date in the reply-paid envelope provided or via bt@agigroup.com.au, or 
  
  
• Updating their direct debit payment details on the APPP portal, once access has been established.  

If your clients' direct debit details are not provided and payment is not received within 30 days of their premium due date, their cover will lapse. To avoid this, we encourage your clients to update their details as soon as possible and we will work closely with AGI to support their seamless transition.

If your clients currently pay their APPP Standalone insurance premiums via cheque, this arrangement will continue, and AGI will issue an invoice to coincide with your clients’ current billing cycle. Please consider the option of updating their payment method to a direct debit arrangement. 
 

Who to contact

• General enquiries (non-claims related)
  You will need to contact AGI directly for any general queries, including policy information and transactions. AGI will receive your clients’ policy information to assist with all related enquiries.
  
  
• Claims related enquiries
  Asgard will ultimately remain responsible for all insurance claims before the move to BT Panorama in March 2026. Following the move, BT Panorama will be responsible for all claims.  

If you have an enquiry about an in-progress salary continuance or income protection claim, please contact your clients’ Claims Consultant at the relevant insurer (see the key contacts details table below). All other claims related enquires can be directed to us.

After careful review and consideration in early 2025, we have determined that Asgard Elements Investment and Asgard Managed Profiles and Separately Managed Accounts – Funds Investment (the 'Fund') can no longer achieve its purpose and will not be moved to BT Panorama. As a result, we began to wind up the Fund on 1 April 2025.

Impacted advisers and clients have been notified in November 2024.

Clients that purchase or have an existing holding in FTDs prior to the relevant removal date can continue to hold them until maturity. Clients will not be able to purchase new FTDs in Asgard after the relevant removal date until moved to BT Panorama.

Term deposits on BT Panorama

BT Panorama has a range of term deposits with a selection of interest payment maturity options. There is no establishment fee, and clients are kept up to date with automatic alerts. Once your clients' accounts are moved, they can apply for a term deposit with a simple online application.  

Once you are registered and log into BT Panorama, you can check the available options from Products > Term Deposits. 

BT Panorama does not offer the ability to elect to reinvest dividends for shares held on a Custodial share account. As a result, effective 18 May 2025, we have removed the ability to elect a Dividend Reinvestment Plan (DRP) on Asgard.

Asgard clients who have existing DRP elections on their Custodial share account had this dividend election option switched to cash dividends from mid-July 2025. We've notified impacted advisers and clients in June 2025.

This change happened automatically. Future dividends received for the listed securities will be paid in cash into their Asgard Cash account for Investment accounts and into their Transaction account for Super/Pension accounts. The change does not impact income distribution elections for managed funds, which will be transferred to BT Panorama as part of the move.

To prepare for the move to BT Panorama, Asgard eWRAP Investment products¹ are no longer offering the margin loan feature from 18 May 2025.

We've provided investors (and their advisers) with an existing eWRAP Margin Loan or an external loan linked to an Asgard eWRAP Investment account with information about how this change impacts their loan and any linked account in June 2025.

1. Asgard Open eWRAP Investment, Asgard eWRAP Investment, Asgard Infinity eWRAP Investment and badged eWRAP Investment
 

Margin lending on BT Panorama

Once your clients' accounts are moved, they will have access to Westpac's margin lending solution which offers an easy and effective way to borrow to invest in a wider range of assets on BT Panorama, helping your investment clients to diversify their investments and build wealth. 

Once you are registered and log into BT Panorama, you can check the available options from Products > Margin Lending.

Most of your clients’ assets will move to BT Panorama. However, certain investment options such as options that are not on BT Panorama or long-term suspended assets may not be moved. 

Long-term suspended assets

Long-term suspended assets are assets that have been suspended or restricted due to illiquidity, market events or product-specific rules. Clients have been unable to access or transact on these holdings for an extended period.

From 22 September 2025, we commenced buying back the following long-term suspended investments for Super/Pension accounts:

• Rubicon Australian Leaders Fund - Class B
• Basis Aust-Rim Sub Trust 
• Aurora Fortitude Abs Return Fund  

The last valuation from each respective fund manager was $0.00. For the purposes of this buy-back each asset will be valued at a unit price of $0.01 per unit based on an independent valuation approach which will be reviewed close to the buy-back date.

For Super members, the buy-back occurs automatically and proceeds are credited to the member’s Transaction Account. If any of your Super/Pension clients hold any of these investments, we’ve sent them a letter letting them know about this change in August 2025.

For Investment accounts, the long-term suspended assets will be bought back only where there is a pending closure request on the account. For all other Investment accounts without a pending closure request, any long term suspended assets will be moved to BT Panorama when we move the accounts in March 2026.

Other non-transferring assets

The investment options listed in the table below (held by Super members) are not available on BT Panorama and are no longer available on the Asgard platform from mid-September 2025.

Any holdings in the impacted investment options were sold down on or around 15 September 2025, at the relevant redemption price applied by the fund manager.

The proceeds of the sale were credited to clients' transaction accounts.

Due to the structure of these investment options, there is no capital gains tax upon sale of these assets.  

We have notified impacted advisers and members in June 2025.

When we move Asgard accounts we’ll assign the accounts to either the Full or Compact investment menu on BT Panorama.

The menu your clients’ accounts will be moved to is dependent on their Asgard product as outlined in the table below.

After your clients’ accounts are moved, you’ll be able to request to change between the Compact and Full menu or our newest investment menu that was introduced on 1 October 2025 – Focus menu. You can read more about the new Focus investment menu, and compare it with our Compact and Full menus, on our pricing webpage and in the relevant disclosure document. 

1. Core features are transaction account, eCASH and CASH Connect accounts, term deposits, Core managed funds menu, insurance and eWRAP margin lending.  Non-core features are Select managed funds menu, Full managed funds menu, Sponsored share holdings and Custodial share holdings. The features used by an Infinity eWRAP account can be seen on the Account details screen on AdviserNET or Investor Online.