BT Financial Group hires CommSec as its new equities broker and plans to boost BT Wrap.
BT Financial Group has hired CommSec as its new equities broker.
The appointment will mean enhancements for financial planners using BT Wrap, BT head of wrap Chris Freeman said.
"There is going to be some really good news to come out of that in terms of functionality and product offerings for our clients, with the appointment of CommSec," Freeman told InvestorDaily.
"CommSec will be our broker on wrap. So in other words, any equities that are bought or sold through our wrap platform will be executed and cleared through CommSec.
"[Planners] will have greater trading room functionality. In other words, more richness of information they see on the desktop, which is a major step-up."
There are also other enhancements planned for BT Wrap.
"Down the track we will be able to offer our clients model portfolios, so the dealer group might work out a specific model of direct equities and then the adviser can execute that with a minimum of fuss."
Eventually, BT Wrap will also have tax optimisation functionality, he said.
Financial planners and clients will be able to choose methods including first-in first-out, last-in first-out or best capital gains tax outcome for taxation purposes.
The upgrades came as BT and Asgard Wealth Solutions officially began operating under one parent on December 1, following Westpac and St George's $14 billion merger.
Despite the plan to keep brands and teams separate, BT and Asgard will set up an exchange of information flow to utilise the best aspects of both platforms and both businesses, offering an improved customer experience, Freeman said.
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