Panorama performs for Westpac despite sales talk
Westpac may be seriously considering the future sale of its superannuation, platforms and investments business, but it is continuing to make a positive contribution to the banking group’s balance sheet in the meantime.
Westpac used an investor briefing to confirm that the superannuation, platforms and investments business alongside BT Life remained under active consideration for sale, but data from the firm revealed that the super and platforms business was in positive territory delivering total growth of 10% to $21 billion and positive net flows of $1.3 billion, excluding the impact of early release super and pension payments.
The company also reported that the life insurance business reported a $72 million profit, up $10 million from 2H20 (excluding notables).
The positive news around the platforms business comes as the company continues to undertake the migration of clients from BT Wrap to Panorama.
It said that Panorama increased 59% on the second half of 2020 to $49.6 billion, attributed to momentum in engaging existing and new advisers, and BT Wrap migrations.
It said that there are now 3,535 advisers using the platform up 17% on the second half of 2020, with BT reporting last month that it had reached $50 billion in funds under management.
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
