BT triples wrap fund
BT Portfolio Services has more than tripled the size of its wrap service over the past year, raising funds under administration to $1.7 billion.
BT Portfolio Services has more than tripled the size of its wrap service over the past year, raising funds under administration to $1.7 billion.
Since its inception into the company three years ago, the wrap has remained con-sistent in its growth recording more than $500 million under administration in 1999 and shattering that figure with $1.7 billion this year.
BT executive vice president Bill Wawn says the fund has grown from $500 million at the end of the 1998/99 financial year which has grown to $1.7 billion at the end of the past financial year.
Wawn says 22 dealer groups already use the service.
“There is now an increasing number of advisers who are finding out what technol-ogy can do for their business, and so they are increasing their use of the system,” he says.
“The service is certainly helping the advisers with paperwork. Advisers now have time to spend serving their clients and getting more business.”
Wawn says the service provides advisers with the ability to go through and review a clients fund from his/her office through the Internet. It also enables the adviser to wrap up the clients investment reporting, fitting it into just one report instead of a series of reports. The service provides 220 wholesale or mezzanine funds, in the investment wrap field. BT’s super has the top 100 ASX shares available with 140 managed funds, both have to be approved by the trustee.
Wawn says there will be further developments by the end of the year.
AUTHOR
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
