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.

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The Estimator Tool uses a client’s investment portfolio composition to determine when they are expected to receive their annual tax statement. BT Financial Group Head of Platform Products Kelly Power said BT Wrap was committed to making year-end processing times and tax statement delivery as quick and easy as possible for advisers and their clients.

“BT Wrap is a leader in year-end activity and statement delivery because we are constantly thinking of new ways to improve our processes,” Ms Power said.

“We are beating our own statement delivery times year on year and expect to be first to market again this year with the first tranche of Wrap Tax Statements due out on 25 July 2012.

“We also offer our clients the option of receiving eStatements, which saves valuable time during tax season by reducing delays related to printing and delivery. This year, more than 17,000 clients have opted to receive eStatements and we expect that figure to almost double by the same time next year.

“All new tools and improvements to our year-end processes are borne out of comprehensive adviser feedback sessions to ensure we are delivering what advisers need.”

Since 2007, the number of clients on BT Wrap (including SuperWrap) has increased by about 47 per cent to more than 195,000 and in that time, statement delivery times have reduced by about 50 days.

This year, all Wrap Tax Statements and SuperWrap Annual Statements are expected to be delivered by mid-October, with more than 80 per cent of clients expected to receive their statements by the end of August.

26 July 2012

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