BT Panorama sees SMSF growthBY CHLOE WALKER | WEDNESDAY, 20 APR 2022 12:46PM
Read more: BT Panorama, BT Wrap, BlackRock, Russell Investments
BT has seen the SMSF funds under administration on its Panorama platform soar.
According to its latest update, SMSF FUA on the platform sits at $26 billion as of March end. It's more than doubled year on year, having sat at $11.93 billion in March 2021.
The number of financial advisers using BT Panorama's digital consent increased over five times in the quarter compared to the prior corresponding period, with 59% of advisers on BT Panorama utilising this feature in 2022.
Meanwhile, BT is also set to add seven ESG focused managed portfolios to its BT Panorama platform. The additions are expected to be added to the BT Panorama platform by the end of the June quarter, taking the total to 12.
This will be complemented by an anticipated extension of the existing suites managed by BlackRock and Russell Investments.
Demand for managed accounts is also being driven by advice practices that had used BT Wrap primarily as their main platform and are moving their clients' funds across to managed accounts on the BT Panorama platform.
About $1.3bn of managed accounts FUA in the past 12 months has come from clients who previously held accounts on BT Wrap.
More advisers are using managed accounts too, with a significant increase compared to the prior corresponding period (up from 15 to 418 advisers).
BT said it will continue to invest in the platform for the benefit of advisers.
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