BT signs dealers to platform for five years
BT Financial Group has struck a deal with six dealer groups renewing agreements to provide them with its wrap platform for five years.
The six dealers - Gannon Growden Schonell, Guest McLeod, Heraud Harrison, Shadforths, The Money Managers and Tynan Mackenzie - collectively have about 105 financial planners and also represent over $2 billion in funds under administration with the BT platform.
In total, the platform has $9.5 billion sourced from 34 advisory groups using the badged version of the wrap.
BT head of wrap Mark Smith says the deal does not give BT exclusive access to the dealer but will ensure the BT wrap is the core component of the six dealers' platform offering to advisers and clients.
The decision to sign with BT follows a review undertaken by the six dealers, which are part of a group designed to share information and strategies between the six bodies.
Each of the groups have been using the BT wrap for some time and Smith says the groups will continue to use the platform as it stands, but further changes to improve functionality are being investigated.
Tynan Mackenzie chief executive Tony Fenning says these further changes would be driven by a product group set up by BT and the dealers, and would include the wrap's largest supporters which would supply information to BT regarding further changes.
The platform is accessed by 3,500 planners between the 34 advisory groups, including Westpac Financial Services, and has 44,000 investors accessing investments.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
