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
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
