BT unveils low-cost menu in Vanguard partnership
BT is to launch a new low-cost investment menu for its Panorama platform called “Focus”, in partnership with Vanguard.
Available on BT Panorama from 1 October, it will offer four Vanguard passive diversified portfolios and seven active single-sector managed funds, including Australian shares, international shares and fixed income.
There will be a $60 annual account-based administration fee and 0.15 per cent annual asset-based administration fee up to balances of $1 million.
The decision to launch a low-cost menu, which had been flagged by Money Management earlier this month, was taken based on strong adviser demand and to allow advisers to serve a broader range of clients.
In a statement to Money Management, Annabelle Kline, chief product officer at BT, said: “We’re focused on delivering practical improvements that make a real difference to how advisers run their businesses. It’s about removing complexity, increasing transparency, and helping advisers deliver great outcomes for their clients.”
The financial services firm, which is part of big four bank Westpac, said the low-cost offering aims to compete with major industry superannuation funds and will complement the existing Compact and Full menus on the platform.
As well as the new investment menu, platform updates mean advisers will also be able to perform multi-account rebalances across adviser portfolios, track reidentification timelines to help manage compliance obligations, and utilise a more efficient identification process for inbound calls from clients, advisers and support staff.
Rachel White, head of financial adviser services at Vanguard Australia, added: “We are pleased to be able to make our Diversified Portfolios available to many more Australians through this collaboration with BT. These investment solutions are designed to deliver simplicity, scale and value, backed by our global investment capability.
“BT Panorama’s platform strength combined with Vanguard’s investment expertise offers advisers a compelling solution to meet a wide range of client needs.”
Funds under advice on Panorama stand at $127 billion, having passed $120 billion in May, while those on Asgard are $21 billion to bring total FUA to $147 billion. It currently has 297,000 customers on the BT platform, with a market share of 15 per cent and 39,000 customers on BT Investments.
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Laura Dew
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