In its half-year results, the big four bank said the platform’s FUA had risen by 6 per cent over the past year, sitting at $113.3 billion last March, and by 2 per cent during the half.
Average FUA on the platform now sits at $524,000, up 6 per cent from $496,000 six months ago.
Net flows excluding benefit payments were up 72 per cent over the year from $1.9 billion last March to $3.3 billion. However, they were only up by 7 per cent in the last six months from $3.1 billion to $3.3 billion.
Including benefit payments from pension accounts, BT Panorama net flows were $1.4 billion during the half.
Looking at managed accounts, the FUA on these were up 11 per cent from $21.2 billion in September to $23.5 billion.
Managed accounts have grown in popularity in recent years, with the latest IMAP FUM Census showing they saw $14.3 billion in inflows in the second half of 2024 to bring total FUM to $232.7 billion. Separately managed accounts hold the greatest market share at 64 per cent followed by managed discretionary accounts.
Overall FUA for the wider BT & Private Wealth platform increased 1 per cent to $152.1 billion over the six-month period, which reflected higher equity markets.
The firm confirmed figures from its September update that the migration of Asgard to BT Panorama is expected to cost circa $70 million and generate $40 million per annum in benefits. The bank is hoping this migration will provide a consistent experience for its customers and advisers and it is expected to be completed by FY2025–26.
Other expected outcomes, as a result of the migration, include a simplified operating and service model for employees, enhanced risk management and a simplified technology roadmap.
Westpac fully acquired BT Financial Group in 2002 and in mid-2023. Westpac confirmed it had concluded the sale of the BT platform business but decided to retain the business.
The sale process for BT’s wealth management platform had been ongoing since February 2022 and potential interested parties included AMP, HUB24, and Netwealth. However, the main rival had been Colonial First State, backed by US private equity firm KKR.
