BT Financial Group (BTFG) has contributed $876 million in cash earnings to the Westpac Group result – a decrease of 4 per cent on the prior corresponding period.
Chief Executive Brad Cooper said BTFG was operating in a challenging environment but had achieved significant strategic milestones across the business.
“Our key performance measures are positive despite the wealth management industry being adversely impacted by a number of headwinds.
“We have retained our number one position for platform flows and we have also seen a positive performance in Private Wealth and the continued expansion of our Insurance portfolio.
Mr Cooper said wealth management remained an integral part of helping Australians prepare for their best financial futures and is more important than ever.
He said BT was demonstrating its commitment to the industry by delivering market leading products and services and he was particularly pleased with the progress BTFG had made in progressing its industry leading wealth platform, Panorama.
“This financial year we have finished significant builds for our intelligent and intuitive wealth management platform BT Panorama, with all assets now complete on the Advised investment platform and delivered our advised SMSF offer which provides a full end to end solution for all customers including trustees, advisers and accountants.
“We are also pleased that BT’s licensing solutions continued to attract high quality firms looking to run compliant businesses and remain focussed on assisting these practices drive greater efficiencies to enhance client engagement.”
Full Year performance highlights
· Our funds management businesses had positive flows, maintaining their number one market share position on all retail platforms.
· Funds Under Administration is up $9 billion or 7 per cent on the prior corresponding period.
· Funds Under Management is up $2 billion or 5 per cent on the prior corresponding period.
· 2,764 registered Advisers on Panorama and over 2000 SMSF accounts – growing in momentum monthly
