BT-owned platforms upgraded
BT Financial Group has revamped its Asgard and BT Wrap platforms ahead of the Future of Financial Advice (FOFA) reforms - an upgrade which will provide support around managing fee disclosure statements (FDS), opt-out and conflicted remuneration.
Head of platforms at BT, Kelly Power, said the group responded to adviser needs after an Investment Trend report found four out of five advisers wanted platforms to help them with implementing the FOFA changes.
This week Wrap Desktop and AdviserNET have been updated to allow advisers to produce and track FDS via the platform, export relevant fee information, manage fee disclosure dates and set up email reminders.
The new upgrade will also allow advisers to track the opt-out status via the platform and automatically dial down the ongoing advice fees if a client opts out.
BT has also altered its processes to help advisers remain compliant, whereby an asset-based fee cannot be charged in situations where additional or new borrowings are used by geared clients to purchase a financial product after 1 July 2013.
Similar changes were recently announced by Colonial First State for its FirstChoice and FirstWrap platforms.
Recommended for you
Financial advisers have expressed concern about the impact including private market exposure is having on their tracking error budget, according to MSCI.
State Street will restrict its membership of global climate alliance Net Zero Asset Managers after the organisation dropped its flagship 2050 goals amid ESG backlash from the US.
Betashares has launched a global shares and a global infrastructure ETF as part of the firm’s strategic expansion strategy to support financial advisers in building more diversified portfolios.
Global asset manager Janus Henderson could be acquired after receiving a non-binding acquisition proposal jointly from a private investment firm and venture capital firm.
