BT Wrap has taken $1 billion in term deposit applications since its launch in April this year, the company has announced.
“Since launching the 90, 180 and 365 day term deposits, and more recently the two-year option, we have received more than 5500 applications from almost half the wrap’s advisers,” BT head of wrap and investment solutions Chris Freeman said.
Around one third of term deposit funds came in as new money, with investors switching from other asset classes making up the remainder, such as Australian Fixed Interest and International Fixed Interest, he said.
“Over the past four months we have… delivered enhancements to the offering, such as automated alerts to help advisers track and manage their clients’ term deposits,” Freeman said.
“BT Wrap is about providing investors a full suite of investment options – from managed funds and equities, gearing options and now, through term deposits, traditional bank products.
“It is about making sure our investors can structure their portfolio through the one platform to take advantage of any market turnaround,” he said.
Term deposits, which are provided by BT’s parent company, Westpac bank, require a minimum investment of $75,000.
