BT Financial Group made a significant contribution to the Westpac Group first half 2014 results, with cash earnings of $438 million, a 21 per cent increase on the same period last year.
BT Financial Group’s CEO, Brad Cooper, said that improving market conditions and a strong business model had seen the group provide increased services and products that were meeting the needs of the advisers BT supported.
“We care deeply about the success of the financial advisers we work with and we understand that continuing to support them in supporting their clients is going to be significant factor in our relationships both now and in the future,” Mr Cooper said.
“Australians choose financial advisers to help them meet their financial goals and we are committed to supporting independent financial advisers (IFAs) to deliver on their clients’ objectives.”
“We are very pleased with our first half performance and are committed to continuing this through to the second half of the year.”
Significant highlights of BT Financial Group’s performance for the first half include:
– BT Financial Group’s platforms continue to hold number one ranking for market share at 19.7 per cent; Asgard ranked top three in Investment Trends’ survey and ranked number one for Best Fee Disclosure Statement and Best Platform Integration Functionality.
– Funds under management (FUM) up 25 per cent and funds under advice (FUA) up 12 per cent across the group.
– BT Financial Group is FoFA ready – aiming to ensure every adviser who uses its products is compliant with this important regulation
– BT Super for Life retail customers up 24 per cent on the same time last year and FUM up 45 per cent.
– The first release (cash hub) of Panorama, the new integrated bank/wealth technology capability which will transform the way advisers help their clients build, manage and protect their wealth. BT Financial Group is on track to deliver the Panorama platform which will be an important platform in supporting IFA.
– Strong growth in BT Life insurance policies shows BT Life is meeting the needs of advisers with 1450 claims paid to the value of $85m. BT Financial Group continues to invest in its life insurance products to ensure they are relevant to advisers and meet the needs of their client.
– General Insurance gross written premiums up 15 per cent.
– Strong net flows into Advance Asset Management up 20 per cent with 85 per cent of Advance funds performing above benchmark.
“BT Financial Group looks forward to working with advisers to ensure we are meeting their needs in terms of products and services to their clients,” Mr Cooper said.
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