BT Panorama to remove historical individual fee | Australian Markets

BT Panorama has signalled key adjustments to pricing together with growing some administration charges and eradicating historical individual preparations.

The Westpac-owned platform has informed advisers that it intends the new pricing schedule will happen from October, stating that it’s planning to apply new commonplace pricing to each shopper, together with these on historical individual fee preparations.

It stated the deliberate adjustments embrace growing the account-based administration fee for the Compact menu, introducing a minimal asset-based administration fee for the Compact menu and charging charges for associated teams for each Full and Compact menus.

The company stated all different charges in the usual pricing scheduled would keep the identical.

It stated it deliberate to change the administration charges making use of to the Compact menu with the account-based administration fee growing from $180 a yr to $240 a yr, with a minimal asset-based administration fee turning into $150 a yr.

“Fee discounts applied under historical individual arrangements will be removed,” it stated. “This means that all clients in the same menu will be on the same administration fee schedule, enabling a simpler fee arrangement and fairer contribution to the cost of providing our platform services.”

“While discounts will no longer apply, clients may be able to benefit from reduced fees with the opportunity to group with other related accounts — an option previously unavailable to them.”

“Your clients have the opportunity to group related accounts to reduce fees, as in the case of a couple or family – sometimes known as ‘aggregation’,” it stated.

“The up to date administration charges, for new and present associated teams are outlined beneath.

Account primarily based administration fee for every grouped account

Full menu – $400 p.a.

Compact menu – $240 p.a.