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BT Panorama inflows soar by over $8bn
BT Panorama inflows soar by over $8bn
BT said its flagship platform saw more than $8 billion in new inflows for FY21, excluding clients migrated from BT Wrap.
In a June quarter update, BT said its net inflows for the three months to June excluding migration were $2.44 billion, with $8.61 billion in net flows for the year.
Including those who were migrated from BT Wrap, funds under advice in the platform doubled from $49.6 billion to $100.9 billion in the three months to June.
The migration project had put BT over the top over competitor Netwealth when it came to FUA growth, with Netwealth owning just under 6 per cent of the total platform market in Q1 2021, while BT had 6.7 per cent.
However, migrated clients still represented the majority of FUA on the platform, with $58.1 billion sitting in migrated FUA in June compared with $42.8 billion in FUA excluding migration.
BT said there were now more than 232,000 active accounts on Panorama, up from 61,000 a year ago.
“Underpinning BT Panorama’s growth is a heightened need by advisers for greater administrative efficiency,” the company said.
“The contemporary platforms in the market have invested in technology to benefit from this opportunity, however, with the boost in FUA from the BT Wrap migration, BT Panorama has the advantage of a contemporary platform at scale.”
BT added that managed accounts had been a key driver of growth, with 19 new managed portfolios added to Panorama in the June quarter, and over 200 managed account options now available on the platform.
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