Managed accounts pass $10b on BT platform
BT has seen strong growth in use of its managed account solutions, comprising 66% of net flows to the BT Panorama platform in the last quarter.
In the three months to 31 December 2021, the firm said managed accounts funds under administration were $10.4 billion, up from $9.2 billion in the previous quarter.
Some 11 managed accounts had been added to the platform during the quarter, particularly in the sustainable space and the firm said it expected this to remain a popular area.
“More managed accounts that prioritise sustainability are expected to be added on the platform as momentum in this area increases, catering to strong investor demand and adviser interest.
“Across all of BT’s platforms, net flows into investment that prioritise sustainability have more than doubled in the year to June 2021. Furthermore, 82% of advisers are interested in environmental, social and governance (ESG) solutions for their clients, with the vast majority preferring to implement these solutions via managed accounts.”
Funds under administration on BT Panorama were $107.9 billion, up from $104.7 billion in the previous quarter.
Matthew Rady, who took over as chief executive of BT Financial Group in September 2021, said: “We will be a bold industry advocate - helping advisers to help their clients to have their best financial future. BT Panorama will be the undisputed leader in the platforms market.
“We are setting a new strategy with advisers at the heart and I look forward to leading and building the BT of the future.”
AUTHOR
Laura Dew
Recommended for you
While social media can have positive financial influence, the overwhelming risks signal a greater need for affordable advice as Australians continue to seek financial education on social media.
Financial advisers will have to pay around $10.4 million of the impending $47.3 million CSLR special levy but Treasury has expanded the remit to also include super fund trustees and other retail-facing sub-sectors.
Fitzpatricks Advice Partners has released a guide on building a national advice firm with the argument that these firms are crucial to facilitating growth in the struggling profession.
ASIC has taken action against a South Australian financial advice provider who secured $1.4 million for purported investment in gold salvage from Solomon Islands shipwrecks.
