Panorama ups ante on admin fees with new menu | Australian Markets

Westpac’s BT Panorama platform has upped the ante on payment competitors on the similar time as introducing a new investment menu option labelled “Focus”.

The platform business has written to advice licensees telling them that the new Focus menu is designed for “clients whose investment needs can be met by a limited menu with a lower platform administration fee”.

The message to licensees mentioned the new investment menu could be “offering a selection of managed portfolios and managed funds, with a significantly lower platform administration than our existing menus”.

It mentioned the menu will offer a choice of managed portfolios and managed funds additionally out there on the total and compact menus with administration fees comprising:

• an account based mostly administration payment of $60 p.a. and
• an asset based mostly administration payment of 0.15% p.a. up to balances of $1m (excluding the steadiness within the transaction account), subject to a minimal of $50 p.a.

It mentioned all different platform fees and prices would be the similar because the Full and Compact menu choices.

“Clients will be able to in–specie transfer between the Focus, Compact and Full menus as their investment needs change, provided they continue to hold the same investments,” the message to licensees and advisers mentioned.

It mentioned the Focus menu can be out there from 1 October and mentioned that advisers will be capable of evaluate the new menu with the Compact and Full menus in an up to date disclosure doc out there from 31 July.

The message additionally mentioned that, given the continued growth in managed portfolios, BT Panorama would from 1 October be increasing the quantity of managed portfolios out there on the Compact menu to roughly 130.

It mentioned that Panorama could be sending shoppers a Significant Event Notice between 31 July and eight August letting them know what the adjustments contain and what it means for them.