BT signs dealers to platform for five years
TheBT Financial Grouphas 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 andTynan 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, includingWestpac Financial Services, and has 44,000 investors accessing investments.
AUTHOR
Jason Spits
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
