With construction of the final components of BT's Panorama platform underway, the wealth management business has said it intends to bring all its existing clients onto the new comprehensive platform once it is complete.
Speaking in Sydney yesterday, BT general manager of platforms and operations John Shuttleworth said over the long-term, the wealth management business will be looking to transition all its Asgard and BT Wrap clients onto Panorama.
"Once we have completed the whole build we will be looking progressively about how we will move our existing customers over to the new technology platform," Mr Shuttleworth said.
"We have not made a decision on whether or not to maintain two brands in the market. We will decide this as part of our migration strategy in consultation with our customers.
"There are no client impacts because the legal entities in everything stay the same. But effectively what we are doing is we are refreshing and upgrading all the underlying technology... [and] all those existing members will get a far better experience," he said.
However, BT will not be looking to transition any clients over until the superannuation segment of Panorama is completed.
Mr Shuttleworth added that Panorama will bring an end to many of the "administrative nightmares" that advisers, investors and SMSF trustees experience when trying to manage many of their investments by bringing them under one roof.
"Panorama is the next evolution and while the structure technically is like a wrap platform, it has a lot more advanced features and functions to really make the whole administration of money far simpler than before in terms of breadth of asset class, functionality and reporting that we have online," he said.
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