BT Wrap has achieved another first – this time being the first major Australian platform to deliver 100 per cent of investors’ Wrap Tax Statements [and SuperWrap Annual Statements] for 2012.
Statements for more than 200,000 investors were delivered by 11 October – 10 days earlier than last year.
BT Financial Group Head of Platforms, Kelly Power, said the achievement was the result of continued innovation and investment in the BT Wrap platform.
“Our commitment is to make the challenging end-of-financial-year process as quick and painless as possible for advisers and investors. We’re proud to be delivering on that commitment.”
BT Wrap was also the first major platform to deliver the first tranche of statements to clients.
BT Wrap’s new estimator tool, which was launched this year and which estimates when annual tax statements are expected to be delivered, was also successful with 91% of statements delivered before or on the estimated date. The remaining 9% were completed as soon as all prices and tax component information was received from external parties.
The tool uses a client’s investment portfolio composition to estimate when annual tax statements will be delivered. The estimates were made in July using fund manager and share registry estimated component delivery dates.
Other highlights included the 19,000 clients who chose to receive eStatements this year – the first year this service was offered. These clients had access to their statement at least 7 days earlier than others, and BT Wrap expects a further 10,000 clients to sign up for this service over the next year.
In addition there was a 30 per cent increase in the number of advisers accessing BT Wrap’s end-of-financial year tinformation website.
“As always we work closely with advisers and over the coming weeks we’ll be getting feedback to help further improve the process for advisers and their clients in 2013,” Ms Power said.