BT to supply wealth management services to credit union
BT has signed with People's Choice Credit Union to act as its wealth management partner to 350,000 members while also announcing enhancements to its model portfolio offering.
People's Choice currently has $1.2 billion in funds under advice and the agreement with BT will make it the sole provider of wealth management services.
Prior to the agreement People's Choice stated it had been using a range of platforms and individual managers as a result of legacy issues and said passing $1 billion was an appropriate time to consolidate the wealth management services it used.
"This is the result of an exhaustive 12-month process to identify the best possible option for our 350,000 members — for today and into the future," People's Choice Managing Director Peter Evers said.
"With $1.2 billion in funds under advice, we brought some muscle to the negotiation table and we've secured an extremely competitive fee structure for our members with investment, superannuation and insurance needs."
Evers said the addition of BT wealth management service would boost the financial planning offering of the 30 planners currently working with the credit union in South Australia, Victoria, Northern Territory and Western Australia. The credit union has branches in all states except Tasmania and Queensland.
BT has also announced it has enhanced its capabilities for advisers by offering multiple client rebalancing, tailored portfolio limits and tolerance reporting based rebalancing on model portfolios.
It has also made enhancements at the dealer group level to bulk link and rebalance clients to a model portfolio on behalf of the adviser and allow the dealer to choose additional adviser permission levels on model portfolios.
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