BT Panorama’s SMSF FUA increases

BT Financial Group (BTFG) today announced funds under administration (FUA) for its flagship Panorama platform were up 85 per cent to $12.4 billion for the 2018 financial year compared to 2016/17.

Specifically, SMSF FUA has continued to grow on BT Panorama Investments, up 59 per cent since September 2017 to $4.93 billion and comprising 40 per cent of total FUA on the platform.

The platform also achieved continued growth, with registered investors doubling to more than 23,000 compared to the prior year.

Importantly, it maintained its position as the highest-rated platform for mobile access and its mobile app among financial advisers, according to the Investment Trends “May 2018 Planner Technology Report”.

“While there has been a general trend in the industry over the past five years with fewer new SMSFs being established, BTFG has seen a strong increase in active SMSF accounts using BT Panorama Investments, up 44 per cent since September 2017,” BTFG chief executive Brad Cooper told selfmanagedsuper.

“Our flexible SMSF offers provide SMSFs with access to a broad range of investments and SMSF reporting tools on BT Panorama Investments, as well as access to fund establishment and administration services.

“We are pleased these offers are resonating with customers – we were awarded the [best] SMSF Adviser Investment Platform at the CoreData SMSF Service Provider Awards in August, which are based on the results of more than 1500 survey responses from trustees, advisers and accountants.”

He said the SMSF segment remains a priority for BTFG as it holds almost one-third of Australians’ superannuation assets.

The company achieved a “steady” performance for the 2018 financial year overall, reporting $645 million in cash earnings, a decrease of 12 per cent on the prior corresponding period, he said.

On an underlying basis, cash earnings were slightly up at $786 million, compared to $782 million in the 2017 financial year.

This reflected an increase in funds, solid growth in corporate super for life insurance and lower weather-related claims in general insurance, which was partly offset by margin compression from price reductions and lower advice revenue.

“This year, we took a leadership position by announcing an end to grandfathered payments for our BT Financial Advice customers, including ceasing to pay and receive grandfathered payments, with most of these customers starting to receive the benefit from October,” Cooper said.

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