Panorama performs for Westpac despite sales talk

BT/westpac/insurance/

4 May 2021
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS