BT wrap retains big hitters
BT FinancialGrouphas retained two major clients to its wrap and averted outflows of over $2 billion following the renewal of agreements withAssociated Planners Financial Services(APFS) andZurich Financial Services.
The reappointments coincide with moves by BT to ensure its wrap is legislatively compliant in terms of Financial Services Reform and the impending superannuation changes relating to retirement stream products scheduled for September 20.
BT wrap director Mark Smith says the group is also continuing to upgrade the existing functionality of the wrap, which now has over $11 billion in funds under administration, in terms of web functionality and providing a higher level of administration service.
“The key point is that everything we are working on is in line with what we are hearing from advisers and our dealer partners on how they view the future of the wrap market,” Smith says.
According to Smith, the group has several ongoing projects regarding the strategic direction of the platform, but at present is unable to reveal specific details.
The renewed APFS and Zurich contracts will see the pair continue to partner with BT for the next four years.
Smith says the retention of these two clients demonstrates the group’s ability to retain its existing badges despite operating in a highly competitive environment.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
