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.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
