BT Panorama hits $100b FUA

BT Panorama has reached $100 billion in funds administration (FUA) after BT completed the last tranche of its BT Wrap migration to BT Panorama today.

The final migration saw 49,000 accounts totalling $15 billion in FUA move across. The whole migration saw 150,000 accounts and over $56.6 billion FUA transition over the last six months.

BT managing director, platforms, investments and operations, Kathy Vincent, said: “The migration has been an enormous undertaking, not only for BT, but for the dealer groups and advisers who are embedding a new system into their businesses, at an extremely important and busy time of year. We would like to thank them for their support during this period.

“We are excited about welcoming the 2,000 advisers who have just migrated to BT Panorama, and helping them realise the benefits of using the more advanced technology.”

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A shocking and selfish move by BT to rush this through at a busy time for financial advisers. There have been a lot of problems. Whoever buys BT will soon discover they have angered advisers, customers and destroyed a lot of good will. Same for their life insurance division healthy policy holders are dropping cover fast due to extortionate increases and advisers are angry about the lies and dodgy way they shafted us by turning off commissions on FULLY UNDERWRITTEN RETAIL policies (not group as they claimed). Any organisation thinking of buying BT should do their homework and speak to financial advisers.

The migration has been nothing short of a nightmare. Why would you closed advisers out of a platform mid June ?
Panorama isn’t even functional with bugs and errors throughout the system:
BT have a lot to answer for and arent even in the same league as Netwealth.

Our monthly drawdown payment is now 9 days overdue. Should I be worried?

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