BT Financial Group has recently made significant changes to its flagship BT Panorama platform, significantly reducing administration fees in a move to target self-licensed financial advisers and deal groups.
A summary of the new fee schedule is as follows:
- New customers can access BT Panorama Investments and BT Panorama Super through a yearly administration fee of 0.15% of assets, capped once assets reach $1 million, and a flat fee of $540 per year. Customers can combine up to four family account balances to take advantage of the asset-based fee cap.
- A new platform, BT Panorama Compact, will offer a simpler menu than BT Panorama. There will be a flat yearly fee of $180 for every account and a yearly administration fee of 0.15%, capped when assets reach $1 million.
With these changes to the BT Panorama platform now is the time to review the platforms you are utilising for your SMSF clients, and determine how you can best take advantage of the extremely competitive platform space to deliver reduced costs for your clients as well as increased back office efficiencies for your team.
Intello works with more than 140 financial planning and accounting businesses across Australia and administers more than 2,500 SMSFs and non-SMSF portfolios on their behalf.
BT Panorama provides a sophisticated wealth management platform. You can learn more about the BT Panorama platform on their website here.
The BT Panorama platform integrates seamlessly with Intello’s SMSF and non-SMSF Administration Services.
Benefits of BT Panorama for Advisers using Intello
The following benefits are available for advisers using BT Panorama who engage with Intello:
Competitive SMSF Administration Fees:
Intello provides award-winning administration solution for SMSFs and non-SMSF entities.
Advisers utilising BT Panorama with Intello’s services receive the following benefits:
- Extremely competitive SMSF administration fees from $95/m* ($1,140 per annum).
- Dedicated account manager who knows you and your clients.
- Technical support from our highly qualified and experienced team of accountants and SMSF specialists.
- You maintain the sole trusted adviser relationship with your client – Intello will never speak to your clients directly.
- Independent audit solution.
- All Intello team members are based in Australia – Intello does not offshore any work overseas and all client data remains in Australia.
*Includes GST excludes independent audit.
Comprehensive BT Panorama Data Feed:
Intello, via our SMSF administration software partner Class Super, is able to receive a daily data feed of:
- cash account transactions and balances
- term deposits
- managed funds
- ASX listed securities
SMA transactions are currently not available (July 2018) however this is expected to be available in the future.
Historical data can also be provided meaning it is east for Intello to quickly on-board and complete the SMSF accounts and annual returns for clients utilising BT Panorama.
More information about activating the BT Panorama data feed can be found in the following help center article:
BT Panorama – SMSF Data Feed and Accountant Authority
Dedicated Online Portal for Advisers:
Intello has a custom-built portal for advisers that provides the following:
- Access to online portfolio reporting for all SMSF and non-SMSF entities
- Tracking of pensions and contributions for SMSF clients
- Workflow tracking – see a complete picture of the status of all SMSF accounts
- Task tracking – be notified where something requires your action
- Optional online access for clients
The Intello Adviser Portal enables advisers to seamlessly deliver an SMSF compliance solution to their clients without the need to engage with a third-party accountant.
Similarly, accountants can leverage Intello’s specialist SMSF capabilities to boost their SMSF service offering and provide an integrated solution to their existing client base.
SMSF Administrator Access to BT Panorama:
BT provides easy access to Intello as the SMSF administrator. This secure read-only access enables Intello to obtain BT Panorama reports and annual tax statements, meaning Intello can quickly and easily complete the annual financial accounts and returns for clients without chasing you or your clients for statements.
More information about this access can be found in the following help center article:
BT Panorama – SMSF Data Feed and Accountant Authority
Another unique feature advisers can leverage with BT Panorama and Intello is the option of feeding off-platform investments (such as property and unlisted investments) back into BT Panorama to enable a complete view of the clients wealth – not just the investments held on the platform.
Portfolio Reporting, Accounts & Tax Lodgement Solution for non-SMSF Entities:
In addition to SMSFs, Intello also can provide Portfolio Reporting and compliance services for non-SMSF entities including:
- Investment & Family Trusts
- Fixed Unit Trusts
- Joint Portfolios
- Individual Portfolios
Fees for non-SMSF portfolio reporting start at $40/m with an additional fee for preparation and lodgement the tax return for the entity.
More information can be found in the following help center article:
Non-SMSF Portfolio Reporting
Intello can also provide consolidated online reporting combining the SMSF and non-SMSF entities.
Assuming a BT Panorama Investment account with $1 million invested via an SMSF, the following fees would apply:
- Intello Essentials SMSF Administration Fee – $1,140 p.a. ($95/m)
- Independent Audit Fee – $480 p.a.
- BT Panorama Platform Fees – $540 p.a. + 0.15% of $1m – $2,040 p.a.
- + Ongoing Adviser Service Fees
As you can see, with the reduced platform fees combined with Intello’s extremely competitive SMSF administration service, advisers can build an a very cost-effective solution for their clients.
To discuss how you can best leverage BT Panorama for your clients, please get in touch with our team today.