Westpac has reported a 235 per cent increase in funds under administration for BT Panorama to $105 billion compared to September 2020 as part of the bank’s full-year results.
The rise was linked to migrations from the BT Wrap platform as well as organic growth.
Net flows excluding pensions and early release super were up 134 per cent on the previous year to $3.8 billion.
Super funds under management grew by 19 per cent to $45 billion.
A total of $1.9 billion in pension payments were made during the year, along with $100 million in early release superannuation payments to individuals impacted by the COVID-19 pandemic.
More than 6,000 active advisers are using the platform, with BT holding the leading market share of 18.8 per cent according to the Plan For Life Platform Wrap Admin Report.
“I know this is a challenging time for advisers and we want to be part of solving problems as a reliable, consistent and innovative business partner,” BT Financial Group chief executive Matt Rady said last month.
“As part of our ongoing investment, over the next few months we’re releasing several improvements including the addition of reduced income tax credits (RITC) on advice fees for investment clients, enhancing the advice fee process for offline consent, and beginning to facilitate in specie rollovers to Panorama Super.”
BT also reported a 16 per cent increase in the funds administered by its BT Investment Solutions (BTIS) arm to $45 billion.
The development, rollout, implementation and ongoing performance of Panorama will serve as a case study for a generation of MBA students. Unfortunately for the Advisers involved – the case study will be in how to completely stuff the whole process up.
From over promising and under delivering on the rollout timeframe, to obvious software / programming problems, to failure to adequately resource and finally and perhaps the “piece de resistance” – the obfuscation, deceit, and lack of propriety and poor treatment of their biggest supporters – the Advisers – has been egregiously unprofessional.
Now they are trying to tell us that they have had a surge in inflows of 134%!
Advisers have had an absolute gutful of this sort of behaviour.
Yeh right, so glad we have so few clients with BT. 18 mths & 7 times to register and transfer
our clients from Wrap to Panarama.
What an absolute shambles.
Be interesting to know the inflow excluding BT Wrap transfers.
Nonetheless, I can state unequivocally that they now provide the very worst service of all super funds. They are in a total mess and the board of Westpac should be concerned about the number of complaints which simply must be at an all time high.
Agree they are bad, but AMP is worse.
Ha, so BT Panodrama gets flows in a year less than Hub & Netwealth each get in a quarter. Tells you something doesn’t it.
Why??
Is that increase because they closed SuperWrap and Wrap and migrated the funds across?
If so, there are few issues to deal with – one being transparency.
That’s net inflows, mainly as a result of the migration process from Wrap. What were the outflows from Panorama this quarter relative to previous quarters? They can’t hide the outflows as a result of the terrible Panorama service forever.
Pity they can’t afford to provide more efficient and timely service support..just painful BT Panorama.