Count renews contract with BT
Independently owned dealer groupCount Financialhas come to an agreement to renew its contract withBT Portfolio Servicesfor the administration of Count’s flagship wrap account, the wealth-e-account.
The new agreement was negotiated after the existing three year administration contract between the groups expired.
The new contract, unlike the previous fixed term arrangement with BT, will run until the wealth-e-account reaches $5 billion in assets under administration.
Count managing director Barry Lambert says the wrap account could reach the $5 billion figure within three and a half years.
As part of the renewed agreement, BT Portfolio Services will have the right to review the terms of the contract if there are significant changes to the composition of the portfolio of the wealth-e-account in that period.
The news of the new agreement comes as assets in the wealth-e-account reached $1.27 billion this month, just three years after the wrap service was launched.
The account took just over two years to reach the first $500 million funds under administration, but has since grown at a more elevated pace.
Lambert says the group is expecting the balance of the wrap account to reach $1.5 billion by June 30 this year.
“The June quarter is traditionally the strongest for Count, particularly as it is a period when we see strong superannuation inflows,” he says.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
