BT Panorama’s funds under administration (FUA) have risen by 74 per cent to $11.7 billion since 1 October 2017, with SMSFs accounting for $4.7 billion of total FUA.
In a BT Panorama update issued today, BT said there are now 6600 SMSF accounts registered with the platform, while there have been 11,408 new investor accounts registered since October 2017 for an overall total of 25,719 accounts.
BT head of platforms product management Dina Kotsopoulos told selfmanagedsuper SMSFs accounted for about 40 per cent of FUA and close to 30 per cent of all BT Panorama accounts.
Kotsopoulos also spoke about the challenges posed by competition in the market.
“There are a lot of products on offer, there are a lot of things that advisers and accountants have to think about and clients have to think about when setting up an SMSF,” she said.
BT also announced Challenger’s annuity range, including lifetime and term annuities and an aged care product, is now available on BT Panorama.
The firm cited research from National Seniors Australia that found the top goal for more than 84 per cent of older Australians is accessing constant income for essentials.
“Having access to a retirement income solution can be an important part of any advice conversation and, through an online and integrated easy-to-use solution, BT Panorama now administers Challenger annuity products to help more Australians plan for life after work,” Kotsopoulos said.
Managed accounts are one of the fastest-growing investment vehicles for SMSFs, the firm said, with $1.7 billion in FUA on BT Panorama.
The platform offers more than 50 professional managed account options.
The new Cash Management Account (CMA) Saver has been added to BT Panorama with an interest rate of 1.5 per cent, which the company said will allow clients to earn interest with no transaction or administration fees.
The CMA Saver includes access to term deposits, real-time data feeds, a secure document library and the ability to turn on access for accountants to help SMSFs manage investments and administration.
Clients can use it as a stand-alone feature without needing to have a BT Panorama platform account.
“The addition of the CMA Saver, and the ability to link this to a BT Panorama Investments account, will be particularly useful for advisers in helping them manage their clients’ SMSF investments all in one place efficiently,” Kotsopoulos said.
