BT Financial Group today reported cash earnings little changed over the year, contributing $452 million to the Westpac Group result.
Chief Executive Brad Cooper said the result was impacted by market volatility and increased regulatory change and compliance.
“The industry is operating in a challenging environment and will continue to do so for the foreseeable future,” he said.
He said despite the headwinds BT had invested heavily in key solutions for planners helping them to drive productivity and business efficiencies.
“We continued to deliver new capabilities in Panorama which now offers planners a full investment menu including managed portfolios, managed funds, term deposits, cash, listed securities, plus reporting on external assets like direct property – all on the one intelligent and intuitive wealth management platform,” he said
“Additionally, for the first time planners and their accounting partners now have access to BT Panorama’s complete, integrated SMSF solution, a single place where they can collaborate seamlessly to manage a client’s self-managed super fund with access to a range of services, giving them choice and flexibility.
Mr Cooper also pointed to BT’s continued history in helping Australians in their time of need, last year alone helping over 3,000 customers and paying over $275 million in life insurance claims.
“Life insurance remains a topic of interest and I am incredibly proud of our genuine ‘customer first’ culture which has allowed us to standout in the market.
“We were the first retail insurer to extend the life expectancy time provision for terminal illness conditions, from 12 months to 24 months and last year we were the only company awarded the top ‘A*’ rating from The Risk Store, reflecting our excellence in claims processes and customer service.”
Mr Cooper said given the ongoing heightened regulatory and compliance in the industry he was also pleased that BT’s licensing solutions continued to attract high quality firms looking to run compliant and efficient businesses.
“Having access to high quality advice has never been more important and we are proud to be helping ensure more Australians can prepare for their best financial future.”
