Westpac rolls out BT wrap to advisers
TheWestpac Bank passed a major landmark in its integration of theBT Financial Grouplast week after it announced the roll out of BT’s wrap platform to its in-house financial planners.
The move marks the first major product integration between the two groups since Westpac paid $900 million to purchase BT in August last year.
At the time, Westpac’s head of wealth management, David Clarke, said incorporating BT’s wrap platform into the bank was one of the major drivers behind the purchase.
The move will see over 670 of Westpac’s financial planners adopt the BT wrap service and bring the total number of financial planning groups signed up to the platform to 31.
Announcing the step last week, Clarke said it would also give the BT wrap a key edge in the increasingly competitive platform market.
“Winning the platform war hinges on two key factors, scaleability and investment. By adopting BT’s wrap, Westpac has clearly demonstrated its commitment to the platform, a move that ensures its future growth,” Clarke says.
As of September last year, BT administered some $8 billion through its wrap service, making it the eighth largest platform provider in the country.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.