BT wrap retains big hitters
BT FinancialGrouphas retained two major clients to its wrap and averted outflows of over $2 billion following the renewal of agreements withAssociated Planners Financial Services(APFS) andZurich Financial Services.
The reappointments coincide with moves by BT to ensure its wrap is legislatively compliant in terms of Financial Services Reform and the impending superannuation changes relating to retirement stream products scheduled for September 20.
BT wrap director Mark Smith says the group is also continuing to upgrade the existing functionality of the wrap, which now has over $11 billion in funds under administration, in terms of web functionality and providing a higher level of administration service.
“The key point is that everything we are working on is in line with what we are hearing from advisers and our dealer partners on how they view the future of the wrap market,” Smith says.
According to Smith, the group has several ongoing projects regarding the strategic direction of the platform, but at present is unable to reveal specific details.
The renewed APFS and Zurich contracts will see the pair continue to partner with BT for the next four years.
Smith says the retention of these two clients demonstrates the group’s ability to retain its existing badges despite operating in a highly competitive environment.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
