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
Global investment manager First Sentier Investors has launched an umbrella brand to provide greater clarity around its shift to a multi-affiliate asset manager encompassing six investment teams.
Janus Henderson has seen intermediary outflows in the second quarter of US$1.2 billion, although its deal with insurer Guardian means overall net flows are US$46.7 billion.
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
