BT Panorama has hit $49 billion in funds under administration (FUA) due to over 38,000 BT Wrap client accounts being transferred over in the past week.
Once all BT Wrap accounts had been transferred, which was expected to be completed by the middle of the year, BT Panorama would have an estimated $90 billion FUA.
Kathy Vincent, BT managing director – platforms, investments and operations, said BT began transferring BT Wrap accounts to BT Panorama with a pilot in December last year and the most recent transfer was the largest to date for the platform.
“We are proud to bring the BT Panorama to more advisers and their clients including flexible investment options, in-depth reporting, a customised online experience, mobile app, a broad range of managed account solutions and digital creation and client consent for Records of Advice,” Vincent said.
Pricing arrangements for clients transferred to BT Panorama remained the same or were reduced.
“This is a significant change and BT has a large, dedicated technical and customer service team supporting advisers,” Vincent said.
“It will be the end of an era as BT Wrap was the first of its kind in Australia when it launched more than 20 years ago but we look forward to delivering BT Panorama’s enhanced user experience to more Australians.”