Matt Rady

BT will remain fully owned by Westpac, with the big-four bank electing to retain the asset that has been streamlined since it was first put on the market.

In announcement to the ASX on Wednesday morning, Westpac said it will continue to invest in the BT business, including in developing features to improve the adviser and investor experience, as well as the ongoing simplification and improved efficiency of BT’s operations.

BT chief executive Matt Rady tells Professional Planner the backing of a major bank provides certainty to clients and staff, particularly the benefit of having “bank-grade” information security.

“The opportunity in Westpac is really strong because we have a committed parent that we can leverage where we think there’s opportunity to do so,” Rady says.

“I’m excited by it, the opportunity that has been created by Westpac here is to run this business with a single line of accountability and make sure the strategy we have is right for BT. It removes a lot of the uncertainty and enables us to just get on with things quicker than would otherwise be the case.”

Rady says BT is in a unique position as the only platform 100 per cent and owned by one of the big four banks.

“In this environment, big is beautiful,” Rady says. “If you’re a platform backed by a major bank or supported by a major bank then hopefully that gives our members and investors confidence this a good place to be.”

Drawn out process

Westpac previously outlined its intention to sell the business by the end of last September, ideally avoiding a sale to a competitor or a firm that didn’t have the supporting infrastructure in place like a major bank does.

On Tuesday at the Professional Planner Licensee Summit, Rady said the sale process had dragged on too long and had been a distraction internally.