BT Panorama is set to surpass $15 billion in funds under administration with a 75 per cent increase in netflows since it introduced simple open platform pricing in July last year.
The firm’s FUA were up by $3.6 billion, an increase of 32 per cent, while netflows grew between August to December to $814 million from $466 million.
BT Panorama also increased its number of active advisers by 35 per cent, while customer accounts grew by 33 per cent.
The company noted it is now experiencing quarterly and annual FUA growth of 15 per cent and 85 per cent respectively.
BT Panorama saw quarterly and annual netflows of 30 per cent while other platforms with positive netflows fell from the June quarter.
Kathy Vincent, general manager, Platforms and Investments at BT Financial Group said the firm opening up its pricing has been a game-changer.
“Taking pricing off the table means advisers and dealer groups are focusing their choice of platform less on price and more on selecting the right partner: what is right for their clients, for their practice and to help them navigate the evolving regulatory landscape,” Ms Vincent said.
“BT’s heritage is built on our partnerships in advice and continually evolving and investing in our offer to meet the needs of advisers and their clients is paramount to our success.”
The company has also attributed a range of other factors for its growth, including the recent additions of new digital functionality.
The new features have included mobile digital consent for corporate actions and bank account establishment, digitally enabled Record of Advice (ROA) generation, enhanced reporting capability and an extended investment menu.
“We know advisers are looking to platforms to help run their businesses as efficiently as possible,” Ms Vincent said.
“We’ll continue to stay close to advisers and the needs of their practices as well as improving functionality and adding new capability in the year ahead.
“Some of the new enhancements will include integration of the ROA with advice software, new adviser model tools and enhanced reporting across entities.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].