Strong managed accounts growth for BT

BT has released its March quarterly update, showing net flows of $1.5 billion for the half year to bring total BT Panorama funds under administration (FUA) to $105 billion.

With $155.18 billion in total funds under management and a market share of 18.3%, BT held the top spot as the market leader in platforms, according to Plan For Life research.

Managed accounts FUA increased to $10.9bn, up 57% to the prior corresponding period.

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BT added 10 managed portfolios with environmental, social and governance- focused portfolios which it said was a key area of growth, increasing 130% in FUA over the year. A further seven ESG-focused managed portfolios were set to be added by the end of June.

Chief executive, Matt Rady, said: “The significant uncertainty we have seen this quarter reaffirms just how important the work advisers do to help Australians have their best financial futures. I am passionate about BT being the partner of choice to help advice practices thrive”.

In the March 2022 quarter, BT rolled out several new releases to enhance the platform including:

  • Improvements to investment trading processes to speed up the time to process IPO elections and corporate actions;
  • Increased the client transfer payment limits from $200k to $500k enabling more transactions to be controlled by advisers and their teams; and
  • New business-level reporting functionality for advice fees.

Additionally, BT improved the advice fee process for offline consent. The number of advisers using BT Panorama’s digital consent increased over five times in the quarter compared to the prior corresponding period, with 59% of advisers on BT Panorama utilising this feature in 2022.

The firm said it would be further improving trading processes over the June quarter, including the introduction of an enhanced cash sweep for managed accounts. Record-keeping would also be further automated with enhanced fee consent tracking via data-feeds into XPLAN.




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