Business News

BT Panorama reports $7.3b in FUA

BT Financial Group (BTFG) today announced funds under administration (FUA) on its BT Panorama platform rose by 147 per cent from $2.7 billion to $6.7 billion in the 12 months to September 2017.

In addition, the wealth manager reported rapidly growing momentum, with more than $7.3 billion in FUA by the end of October.

More than 4300 SMSFs are now on Panorama, with that number growing due to Panorama’s flexibility to support complex account types online, such as SMSFs, with a unique end-to-end solution from establishment and administration to reporting.

BTFG said it expected good growth in SMSFs in the coming months.

Adviser numbers were also significantly on the increase as advisers experienced Panorama’s new functionality, with the number of advisers coming on board each month doubling since March 2017, the company said.

BTFG chief executive Brad Cooper revealed he was particularly pleased with the work that was completed over the year to support advisers in better servicing and meeting the needs of their clients, especially the landmark completion of Panorama.

“Panorama is an industry game changer,” Cooper said.

BTFG said it had achieved a “sound” result of $771 million in cash earnings in the year to September 2017, a decrease of 11 per cent on the prior corresponding period.

The company reported positive flows for its funds management businesses, maintaining its number one market share position on all retail platforms.

Average funds under management and FUA were up 10 per cent and 7 per cent respectively.

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