BTwill implement a range of changes to its wrap service after it passed $10 billion in funds under administration.
The $10 billion is held across a number of wrap platform offerings from BT including the group’s flagship investment and super wrap product, which is badged by 34 dealer groups, BT’s low cost platform – Wrap Essentials and SuperWrap Essentials, and BrokerWrap.
BT head of wrap Mark Smith says the push to get the figure past $10 billion come during the September quarter as the platform experienced strong growth by ranking first for net inflows over that period of $862 million, and with an increase of $2.7 billion in funds for the year, up 36 per cent over the previous year.
These inflows came about due to the re-signing of six badges and the rollout of BT Portfolio Wrap to financial advisers within the Westpac and the launch of Wrap Essentials to the wider adviser market in August.
Wrap Essentials will now make use of dial up adviser trails, reduced investment minimums for managed funds, and a $2000 minimum when starting an ‘easy investment plan’.
Other changes to affect the full wrap product suite will include online nominated drawdown strategies, initial BPAY deposits, the ability to conduct direct debits, and separate cheque and deposit books.
Smith says the changes to the wrap platforms were made in consultation with the Client Advisory Group which is made up of advisers, paraplanners and head of dealer groups that use the platforms and provide feedback to BT.
