In a statement about the changes, BT chief executive Brad Cooper said that the new pricing plan is intended to keep BT in line with “changing market pressures”.
Under the new pricing model, clients will be able to access BT Panorama Investments and BT Panorama Super for a 0.15 per cent per annum asset-based administration fee (capped once their assets reach $1 million) and a flat account fee of $540 per annum, the statement said.
Additionally, clients will be able to “combine up to four family account balances” in order to reach the fee cap for their household.
“The Panorama changes announced today represent a move away from pricing that has historically been differentiated between different advice licensees,” Mr Cooper said.
“Our new pricing will provide advisers and their clients access to the same simple, low capped administration fees on BT Panorama.”
The statement noted, however, that clients will need to elect to be moved to this pricing model, and will otherwise remain on the existing payment structure.
Beyond the changes to fees, BT also announced the launch of BT Panorama Compact, which will provide a “simpler investment menu” to clients for a flat account fee of $180 per annum and 0.15 per cent per annum asset-based administration fee.
“BT Panorama Compact customers will also benefit from the ability to group up to four family accounts to take advantage of the asset-based administration fee caps,” BT’s statement said.
The company will also run an online adviser services hub from October 2018, the statement added, with the hub available to self-licensed advisers as well as dealer groups.
This new BT Open Services hub will provide access to support resources in multiple fields, including “governance, advice tools, investment research, licence transition support, training and marketing”, the statement said.
“BT Open Services will assist advisers and dealer groups to continue to run professional, compliant and client-focused advice businesses in a cost effective way. The hub will be available to any adviser irrespective of whether they have a relationship with BT platforms,” said Mr Cooper.