BT Panorama has reaped the rewards of its open platform pricing with funds under administration (FUA) soaring to $15 billion since the introduction last July.
The platform recorded an increase in FUA from July 2018 to January this year of 32 per cent ($3.6 billion), bringing the total annual FUA growth to 85 per cent.
Active advisers also increased by 35 per cent and customer accounts increased by 33 per cent between August and December last year.
BT general manager, platforms and investments, Kathy Vincent, said she attributes the exceptional growth of the platform to the game-changing pricing.
“Taking pricing off the table means advisers and dealer groups are focusing their choice of platform less on price and more on selecting the right partner: what is right for their clients, for their practice and to help them navigate the evolving regulatory landscape,” she said.
BT also credited the growth of platform to the recent additions of new digital functionalities such as mobile digital consent for corporate actions and bank account establishments and digitally enabled record of advice generation.
Vincent said the platform would continue to stay close to advisers and the needs of their practices and improve functionalities.
“Some of the new enhancements will include integration of the ROA with advice software, new adviser model tools and enhanced reporting across entities.”