Head of BT Wrap, Chris Freeman, said the reports build on the enhanced Dealer Group DeskTop launched last year, as part of BT Wrap’s model portfolio offering, and will make it easier for dealer groups to support their advisers through better visibility of their total holdings.

“The latest product release demonstrates BT Wrap’s ongoing commitment to providing market leading platform functionality which has already delivered a market leading equities trading centre, bulk trading, consolidated order screens and model portfolio tools in the last 12 months,” he said.

“This week’s roll-out includes two new desktop reports and three bulk reports that will drive efficiency for dealer groups, their advisers and their clients.

“The reports provide a range of summary options, including the ability to view results across single or multiple badges, allowing the dealer group to provide better business-building strategies as well as support services such as compliance and legal to their advisers.”

“For example, dealer groups will be able to have immediate visibility of the impact changing a stock in their APLs and respond and tailor accordingly. Another benefit is managing the impact of a frozen fund or significant drop in a unit’s value. By having immediate access to their group exposure, as well as individual adviser impact, the dealer group can target advisers and clients with immediate information and support.”

Head of Distribution & Alliances at Genesys Wealth Advisers, Pia Zulueta, said the variety of reports will allow them to more meaningfully track their business and tailor support services to their advisers.

“With real-time data and a huge array of inputs the benefits will be multi-fold. As a dealer group we will be able to quickly identify trends, understand the impact of business decisions and correlate market data to our own. The visibility to the licensee and the support it will provide our advisers will be hugely beneficial,” Ms Zulueta said.

The Dealer Group DeskTop badge reports include:

• Total Wrap business report: A summary of total Wrap business across various products as at COB of the prior full business day including total funds under advice, average client balances and loans and breakdown of total holdings across managed funds, term deposits, equities and cash.
• Periodic summary report: A summary of movements in total Wrap business across pre-determined periods including opening and closing balances, total deposits, withdrawals, transfers and distributions.
• Bulk reports: A summary of monthly investment flows, clients holding

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Launching the first product suite, BT Protection Plans, under the new brand BT Insurance, BT Financial Group’s head of life insurance Phil Hay said the three year project has created a service model that will clearly differentiate them from its competitors.

“The life insurance sector has a deep history, however what often comes with this legacy is entrenched processes and products that haven’t evolved over time,” Mr Hay said.

“We’ve developed an IFA life insurance solution that’s been specifically designed in partnership with advisers and includes market leading capability in each stage of the life insurance process.

“We’ve taken a clean sheet of paper and delivered an end-to-end solution that takes the best parts of product, technology and service unlike other offers that retro-fit or consolidate legacy systems.

“This ranges from on-the-spot decisions about client application with no signatures required; real time 24/7 access to your client’s information; an in-house Chief Medical Officer; flexibility for insurance inside and outside superannuation; a “tele-claims” service that facilitates a claims assessment over the phone without forms and signatures as well as fee for service flexibility including an option for unbundled commission.”

Mr Hay said they were confident the high service offer would lead the market and attract significant adviser demand.

“BT Financial Group has been delivering to the IFA market for decades, developing a deep understanding of their needs along the way and in early conversations we’re seeing significant interest,” he said.

“We will marry BT’s 30-year history in servicing the IFA market with Westpac Life Insurance Services Ltd’s 30-year experience as an underlying insurer.

“Importantly, BT understands advisers and we have the best insurance people in the market to deliver on this promise.

“This is a logical next step in BT’s innovation agenda that includes market changing developments such as the industry’s first wrap platform, BT Wrap, and Australia’s first super fund that puts your super alongside your internet banking, BT Super for Life.”

BACKGROUNDER – ‘BT PROTECTION PLANS’

Cutting edge technology

• LifeCENTRAL, a fully integrated online portal that provides real time 24/7 access to advisers to information on their clients applications and inforce data
• LifeCENTRAL+, a fast quote and application tool that provides on-the-spot decisions about client application with no signatures required
• LifeSAVER+, a leading point of sale tool that includes life-stage marketing and a chance of claim and needs analysis tool helping a advisers position insurance with their clients
• Market leading fee for service option for advisers, ahead of any legislative requirements, including an option for unbundled commission

Service and support

• Market leading claims process including first-to-market “tele-claims” initiative that allows a claims assessment to be conducted over the phone, without forms and signatures. Since launching tele-claims in March 2010 BT have seen almost 25% of all income protection claim notifications paid without the requirement of claim forms
• Best practice rehabilitation process including assistance and access to a range of rehabilitation services — at absolutely no additional cost. Rehabilitation Specialists work closely with both our clients and their medical practitioner to develop and implement rehabilitation tools to help them on their road to recovery and offers physical, vocational and psychological rehabilitation services
• A customer-centred claims philosophy that paid more than $100 million in claims to more than 1,000 customers in 2010 including:
  • Around $62 million in claim to help families cope with the loss of a loved one
  • $30 million to help our policyholders manage through sickness and injuries
  • Regular payments totalling more than $10 million paid to our income protection customers.

Affordable, tailored and flexible product suite

• Top quartile insurance features combined with product flexibility including inside and outside of super
• Guaranteed Upgrades for the latest product definition and features for 100% of policyholders. Adviser support throughout the entire process – state-based BDMs and underwriting; specialist hands-on Chief Medical Officer and technical support; market leading contact centre
• Premium discounts that recognise the value of clients such as multi-policy discounts
• Fully integrated into the BT Wrap platform as well as available as a stand-alone
• BT Life Insurance is underwritten by Westpac Life Insurance Services Limited which has a “AA” insurer financial strength and counterparty credit ratings from Standard & Poor’s.

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Accepting the award last night, Chief Executive Brad Cooper said BTFG has an ambition to create an organisation that actually earns all its customers‟ business.

“This is an ambition that really resonates with all our people,” Mr Cooper said.

“It gives us permission to talk to our customers to find out what we can do with our product as well as our delivery to actually earn all of their financial services business.

“This award is a wonderful example of what happens when great ideas and passionate people come together and reflects the alignment across all our business areas.”

The Australian Service Excellence Awards are not industry specific, meaning BTFG was judged against organisations from a variety of industries including financial services, telecommunications, travel as well as federal and state government agencies.

“We put our hat in the ring knowing we would be up against other organisations that strive for service excellence across all parts of their offering, but this award really underscores the passion our people have for delighting customers,” Mr Cooper said.

“We listen, learn and act on their feedback and measure our success on what matters most to our customers.”

With a team of approximately 1,100 people BTFG’s customer service business delivers services across a broad customer base to: platforms, wrap, general investment, corporate super, personal super and life insurance handling more than 3 million customer interactions annually.

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Ms Watts joins Westpac Private Bank from her most recent position as Executive Director – Head of Wealth Management at Macquarie Private Wealth.

“At BT Financial Group we are very focused on earning all our customers’ business and this is particularly key in the high net worth segment where we are currently meeting our customers’ needs with regard to banking but have a real opportunity around wealth management,” Mr Cooper said.

“Jane will bring fresh insights into our Private Banking business, drawing on her very impressive career to date in wealth management spanning Macquarie Wealth Management, where she has worked for the past eight years, and previous to this held executive positions at Lend Lease/MLC and Westpac.

“During her time at Macquarie, Jane was responsible for a portfolio of businesses within Macquarie Private Wealth that included Strategic Financial Planning, the Direct Sales team, Mortgages and Insurance as well as Lachlan Wealth Management and Financial Index Australia. Consequently, Jane’s background makes her ideally suited to take Westpac Private Bank to the next level.

“I am certain Jane will ensure Westpac Private Bank continues to meet and exceed the expectations of high net worth individuals with their often more complex financial needs. The private banking industry in Australia is still in a rapid state of evolution and our momentum is centred on delivering a broader suite of services that is more aligned to the needs of our high net worth clients,” he said.

Ms Watts succeeds Jan Swinhoe who will be leaving BT Financial Group after 16 years with Westpac to pursue a range of interests that include business and finance as well as sport and family.

Mr Cooper credited Mrs Swinhoe’s leadership of Westpac Private Bank with the string of achievements and public accolades it has been awarded and the transition of the business from a series of state-based operations to a truly national business with a strong culture.

“Before leading Westpac Private Bank as it transitioned from the Westpac to BT in late 2006, Jan spent 12 years in the Westpac Institutional Bank where her last role was General Manager, Large Corporates,” he said.

“It was this focus on client and employee engagement that made her ideal to lead Westpac Private Bank, taking it forward to being the most awarded institution at the inaugural Private Banking Awards in 2009 and Jan taking home Outstanding Thought Leader in 2010.”

Jane Watts’ appointment is effective 1 December 2010.

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Craig Lawrenson, Head of Asgard, today announced the promotion of Darren Whereat to Head of Distribution following a review of Asgard’s sales and business support teams.

Darren was promoted to the role after 2 years as Asgard’s Head of Institutional Business and Key Accounts. Darren will be responsible for management and achievement of the distribution strategy including a focus on stronger relationships with key partners and growing Asgard’s Private Label business.

Mr Lawrenson said Darren will lead a strengthened distribution team that includes a state manager for each mainland state and consolidates the previous Institutional Business Services and Key Accounts & Distribution businesses.

“The new Asgard distribution model ensures the team is clearly accountable for all sales and business activities, enabling Asgard to provide an even better service to our advisers,” Mr Lawrenson said.

“Asgard has a strong base of product development – with plenty more in the pipeline – and Darren’s team will ensure all advisers can take advantage of the development program as it is rolled out.”

Mr Whereat also announced the appointment of Tim North Ash as National Manager – Key Accounts,  Institutional and NSW Sales.

“Tim joins us from BT Wrap where he was responsible for leading a team that manages their key national accounts. He will be a fantastic addition to the Asgard business and bring new ideas and proven leadership to the way we execute our Key Account strategies.”

Mr Whereat added he was pleased with the broadened role and expanded team and excited about Asgard’s direction.

“Platforms need the scale and resources to respond to changing needs. Asgard’s offering makes it a compelling proposition in the marketplace and our team will ensure our focus is on delivering on that
offer,” he said.

“We want to support advisers deliver on their true value proposition, which is about providing strategic advice.”

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BT Financial Group‟s Head of Superannuation, Melanie Evans, said that while the demand for BT Super for Life was pleasing, the $1billion milestone was more a celebration of the savings members are making by taking advantage of the low-cost super solution.

“For every billion dollars that sits in BT Super for Life and not in more expensive super funds, our customers save more than $10million in fees, every year,” she said.

“And while they‟re paying less in fees, they‟re enjoying award-winning features including seamless integration with their online banking, default investment options linked to their age and risk profile and no commissions.

“Combine low fees with above-median investment performance and you‟ve got more money ending up in the hip pocket of working Australians, which is exactly where it should be.”
BT Super for Life launched in late 2007 and, to this day, remains a market-leading solution and the first and only product that allows investors to see and manage all their banking and super needs online in the one place.

“By putting super alongside customers‟ savings accounts, credit card and mortgage we are helping facilitate what many thought was the impossible – making superannuation an everyday conversation in hundreds of bank branches across the country,” Ms Evans said.

“So when they log onto internet banking at home or work and see their super balance they‟re much more engaged in one of their most important assets, compared to just receiving a statement in the mail once a year.”

Ms Evans added that BT identified the need for a simple super solution three years ago, long before the GFC had its impact and the current wave of regulatory reform was initiated.

“The birth of BT Super for Life wasn‟t in response to industry or competitor pressure; instead it was about solving the problem of the average working Australian‟s disengagement with their retirement savings.

“With more than $13 billion in lost super across the industry, BT Super for Life has shown that, for many, the answer is about making super as easy as online banking and having conversations in branch about getting their super sorted so they can save for the retirement they deserve.”

About BT Super for Life:

• The first and only integrated super fund that allows you to see and manage your super alongside your internet banking
• Default investment options called „Lifestage Funds‟ that take the complexity out of investment portfolio selection and automatically balances the mix of investments to suit our customer‟s changing risk profile as they near retirement age
• No hidden fees or commissions, no establishment fees, no contribution fees, no withdrawal fees, no switching fees and no termination fees
• Low management fee of 0.99 per cent pa, flat $5 administration fee per month, 47 per cent cheaper than the average retail super fund
• Easy online application process means customers can open an account in as little as ten minutes, top up their super from their bank account at the click of a button and for those in retirement, make withdrawals at any time they like
• An integrated insurance offer with no embedded commissions and ‘no questions asked’ cover

www.btsuperforlife.com.au

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Deborah Potts, National Manager Magnitude, said the conference theme reflected their strategy of learning and working together towards a more efficient, transparent and client-focused industry.

“By sharing our practical and theoretical knowledge and merging our experiences we will successfully enhance our own businesses, the collective business of Magnitude, and the financial services industry,” she said.

“The program‟s combination of expert plenary, workshop and discussion forums includes external inspirational speakers John McGrath and Matt Church as well as risk expert, Chris Unwin.

“It also allows for the greatest amount of knowledge transfer, skill building and tips with sessions including maximising client engagement, exploring the right pricing options for a business‟ operating model and advice on how to spend your marketing dollars wisely.”

Deborah said Magnitude has been successful in building a highly productive dealer group from a standing start and believes their growth will come from advisers looking for a dealer group that supports them from a start-up proposition to an established practice.

“We believe we can match current and future advisers‟ service expectations and delivery experience, and offer the right ‘value-add’ services to help advisers grow their business,” she concluded.

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Matthew most recently headed up the Practice Management team in Advice since the merger between Westpac and St.George.

“In this role, he has led the development and delivery of high quality dealer group services to Westpac Financial Planning, St.George Financial Planning, Securitor and Magnitude,” Mr Spiers said.

“More recently, Matthew has led our program of work to respond to the Future of Financial Advice reforms and provided valued input into our discussions with Government on a number of key regulatory proposals.”

Mr Spiers said Matthew has more than 15 years’ experience in the financial services industry, including senior roles with Asgard Wealth Solutions and Colonial First State, and brings to the role significant experience and insights into the unique challenges and opportunities for our dealer groups.

“He will lead the development and implementation of our strategy to attract, develop and retain practices and advisers, which is key to the wealth distribution strategy for BT Financial Group,” he said.

“Over the past two years Matthew has been instrumental in our journey that saw significant investment in BT’s research team, high-advocacy from advisers for technical support and a decisive response to regulatory change.

“He is perfectly placed to deliver on our growth strategy and our dealer group proposition which is about supporting and partnering with advisers who are passionate about the value of advice, by helping them to choose the right path to grow their practices into sustainable, profitable businesses,” he added.

Mr Spiers thanked Neil for his key role in BT’s Advice team – championing the need for advisers to articulate their value proposition, advocating for the industry and constantly seeking improvements to the client experience.

Warren Dunne, National Head of Operations, Advice has been appointed Acting Head of Practice Management while BT Financial Group recruit to fill this position.

Appointments are effective immediately.

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Chris Freeman, Head of BT Wrap, said the model portfolio enhancements reinforce Wrap‟s position as market-leaders in the platform market.

“Our product innovation program truly sets us apart from our competitors,” Chris said.

“By working closely with our advisers, we know the trend towards more highly personalised service and tailored portfolios brings with it higher administration costs, increased compliance risks and time pressures.

“Model portfolios delivers a solution that allows for a more efficient, controlled and cost-effective way to create, customise and manage client portfolios.”

“The model portfolio enhancements, which work in any compliance regime, and the launch of a new Dealer Group DeskTop provide dealer groups greater comfort and control and advisers streamlined efficiency.”

Chris said the enhancements were part of BT Wrap‟s three-year development program, an investment of more than $18 million.

“This program really sets the benchmark for platform innovation and has already delivered a listed securities trading centre, SMSF administration enhancements and multiple client bulk trading,” he said.

“We‟ve continued our client-centric approach to the development of our platform by working with advisers and their staff to anticipate their needs – an approach that supports our commitment to maintaining a market leading Wrap platform.”

The enhancements will be launched to Wrap‟s Dealer Group partners on Monday, 20 September and all advisers on Monday, 11 October:

• Monday, 20 September – New Dealer Group Desktop The new intuitive Dealer Group DeskTop allows Dealer Groups to create model portfolios for their advisers, control adviser model access levels, and monitor model portfolio usage. This capability delivers increased control and oversight of the advice process.
• Monday, 20 September – New trading and ‘order status’ enhancements New real time cash updates for equities mean advisers can re-invest the proceeds from equity sales in the equities market without delay. The new ‘order status’ screen allows advisers to view all equities and managed funds orders for a single client– or across all clients.
• Monday, 11 October – New Model Portfolio tools The new Model Portfolio Tools allow advisers to link their clients to appropriate model portfolios containing equities, managed funds, cash or a hybrid of the three, and to tailor the blended portfolio for individual client preferences including substitutions, locked and excluded holdings The integrated rebalance and trading functionality makes it easy for advisers to implement portfolio transactions. This capability streamlines the advice process, enabling advisers to spend more time strengthening client relationships and less time on administration.

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“Winning awards for both our platforms is a fantastic achievement and reflects the strength of our two platform strategy,” John Shuttleworth, General Manager Platforms, said.

“What’s particularly pleasing is these awards come off the back of some fantastic momentum within the platforms business. We’re growing market share and are making significant investments in both platforms to ensure we continually enhance the experiences of advisers,” he said.

“Across both platforms we’re implementing tailored 3-year equities programs that include model portfolio tools, custodial shares solution, online corporate actions, tax optimisation as well as new desktop features, functionality and improved downloads.”

Mr Shuttleworth noted that their relationship with advisers who use their platforms and responding to their client’s investment demand is incredibly important and is what has contributed to Asgard and BT Wrap’s historical growth.

All products nominated for both the Best Investment and Best Super Platform Awards were assessed according to three key categories:

• Features, terms and conditions
• Investment option menu
• Fee structure.

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