BT reinforces platform pricing
BT has sought to reinforce the importance of the recent changes to the pricing structure of its BT Panorama Platform via research it commissioned with Chant West.
The Chant West research compares Panorama against other platforms in the market such as Macquarie Consolidator, MLC Wrap, AMP North, HUB24, CFS FirstWrap Plus and netwealth under a range of balances from up to $1.6 million and concludes Panorama is cheaper.
BT’s reassertion of the importance of its new pricing model has come barely a week after the interim report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry questioned the validity of some platform pricing models.
BT said it believed the Chant West research had shown that its move to transparent platform pricing was highly competitive across a number of account balances, even when factoring administration fees, trustee fees and expense recovery costs offset by interest earned.
The company reinforced that the new pricing was available to all advisers and their clients and that the structure was available on BT Wrap, Asgard and eWRAP and accessible by existing customers.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
