BT Panorama reports increased uptake of managed accounts

On Thursday, BT Panorama announced funds under administration (FUA) of $97.3 billion as of 30 June, down 3.6 per cent on the previous corresponding period (pcp).

In its latest quarterly update, BT Panorama reported that net flows of $3.6 billion, including $2.9 billion in pension payments, had been offset by negative markets over the period.

Managed accounts FUA climbed 31 per cent on the pcp to $10.7 billion, with a 24 per cent increase in the number of advisers using managed accounts on the platform to 1,031.

Overall, BT Panorama reported 6,168 active advisers (up by 4 per cent) and 237,283 active accounts (up 2 per cent) in the June quarter.

Amid the recent sharp market falls, BT Financial Group CEO Matt Rady suggested that the value of quality advice had never been more evident.

“Market volatility across equity and bond markets escalated during the June quarter which was reflected in super and investment performance, resulting in negative one-year returns,” he said.

“Australians have had a change of government, and are feeling the impacts of inflationary pressures, interest rate hikes, and ongoing geo-political tensions. Amidst all of this, advisers have been focused on critical year-end activities, and reaffirming to clients that it is time in the market, not timing the market, that counts over the long term!”

BT Panorama stated that almost 30,000 investors were now using managed accounts, with growth in this space also expected to continue moving forward.

“A significant driver of demand is the move by advice practices and their clients from BT Wrap to BT Panorama, with many choosing to switch to managed accounts options available on the more contemporary platform,” it said.

“This represented $1.1 billion of managed accounts FUA in the past 12 months.”

ESG-focused portfolios were also highlighted as a key area of growth and interest, with BT Panorama reporting a 150 per cent increase in FUA over the past year.

Seven of the nine managed portfolios added to the platform in the last quarter had an ESG focus, bringing the total number of sustainable options available to 12.

“BT is committed to supporting advisers to assist investors with further insights on ESG investment options and has embedded this initiative in the overall business strategy,” the firm said.

“Further information on planned development in this space will be provided in the second half of the year.”

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.