BT Financial Group has announced significant cuts to its platform pricing and the launch of what it is terming BT Open Services.
Announcing the move today, BT chief executive, Brad Cooper said the changes represented a further simplification and removal of legacy issues.
Under the arrangement, new customers will automatically access BT Panorama Investments and BT Panorama Super at a price of a 0.15 per cent per annum asset-based administration fee across their platform assets, capped once their assets reach $1 million, and a flat account fee of $540 a year.
It said customers would also be able to combine up to four family account balances to take advantage of the administration fee cap to benefit their household.
The company also announced the launch of BT Panorama Compact menu and BT Open Services, which will mean that from October a new online adviser hub, BT Open Services, will be available to both self-licensed advisers and dealer groups.
The company told the Australian Securities Exchange (ASX) the revenue impact of the pricing changes would ultimately depend on customer take-up along with new growth in customers and funds under administration.
“However on a pro forma basis, and excluding any customer growth, if all customers that would benefit from the administration fee charges had transitioned to this new pricing structure at the beginning of 2017 then the full year revenue impact would have been approximately $70 million,” it said.