BT Panorama posts strong net inflow growth

BT Panorama saw net inflows of $2.44 billion in the June quarter, which was the second highest quarter since the platform’s launch in 2014, excluding platform migration. 

At the same time, total net inflow for the financial year to June 2021 stood at $8.61 billion and the market share increased to 6.7% from 4% over the last 12 months to March. 

The firm said it completed in June  the migration of BT Wrap customers which added a total of $58.1 billion in funds under administration (FUA) and 151,239 customer accounts since December 2020. 

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According to BT Panorama, a key driver for its new business was its managed account functionality which attracted advice practices looking for a solution that could be applied across the majority of their client base. 

In the June quarter, the firm added nineteen new managed portfolios to its platform, bringing its total to over 200. 

In the year to 30 June 2021, FUA in managed accounts almost doubled to over $8 billion, excluding adviser portfolios. 

The firm said its overall growth was driven by a growing demand from advisers for greater administrative efficiency, with the advantage of a “contemporary platform at scale”. 

“It’s pleasing to see so many BT Wrap advisers and clients embracing the more contemporary BT Panorama technology immediately,” Kathy Vincent, managing director, platforms, investments and operations, said. 

“In particular, we’ve seen a high level of online engagement amongst retirees who had their pension accounts transferred to BT Panorama as a positive development, as it can be indicative of improved accessibility to their financial position, and ultimately better engagement with their advisers and improved visibility of their retirement plans. 

“With migration successfully completed, due to its scale, BT Panorama is well-positioned to maximise the opportunities from advisers’ increasing use of contemporary platforms to drive business efficiencies. We can now turn our focus on refining the online and service experience for advisers and their clients who are increasingly preferring to manage their investments and super via their mobiles.” 

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Ha ha ha. This press release is laughable. There are MAJOR problems with panorama. Advisers around the country are fuming their clients have been forced into this train wreck of a platform which doesn't work properly. Westpac are trying to rush through a sale because they know goodwill has been destroyed.

Agreed. The press release is tone deaf, sort your rubbish out BT.

The migration could not have been worse from a client and adviser perspective. Literally nothing works.

We use BT Pano for approx $600mill of client FUA and while there are aspects we'd like to see improved, they're not significant so I don't understand your post about major problems? Can you give examples or highlight what you've experienced? May help add some authenticity to your comment and show you're not just a competitor or disgruntled ex-WBC planner trying to take the shine off their PR article.

The concept is great but the execution terrible. It's now Wednesday & the site has been been for 3 straight days with no explanation from management. This happens every month. We are told that they are migrating data which could have been done on weekend instead of during trading hours. I think Westpac is dressing up the platform to sell and hurting existing customers along the way. Don't waste your time with this site.

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