BT signs dealers to platform for five years
TheBT Financial Grouphas struck a deal with six dealer groups renewing agreements to provide them with its wrap platform for five years.
The six dealers —Gannon Growden Schonell, Guest McLeod, Heraud Harrison,Shadforths, The Money Managers andTynan Mackenzie— collectively have about 105 financial planners and also represent over $2 billion in funds under administration with the BT platform.
In total, the platform has $9.5 billion sourced from 34 advisory groups using the badged version of the wrap.
BT head of wrap Mark Smith says the deal does not give BT exclusive access to the dealer but will ensure the BT wrap is the core component of the six dealers’ platform offering to advisers and clients.
The decision to sign with BT follows a review undertaken by the six dealers, which are part of a group designed to share information and strategies between the six bodies.
Each of the groups have been using the BT wrap for some time and Smith says the groups will continue to use the platform as it stands, but further changes to improve functionality are being investigated.
Tynan Mackenzie chief executive Tony Fenning says these further changes would be driven by a product group set up by BT and the dealers, and would include the wrap’s largest supporters which would supply information to BT regarding further changes.
The platform is accessed by 3,500 planners between the 34 advisory groups, includingWestpac Financial Services, and has 44,000 investors accessing investments.
AUTHOR
Jason Spits
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
