BT Financial Group has made a solid contribution to the Westpac Group first half 2015 results with 7% cash earnings growth (excluding the impact of JO Hambro performance fees) on the same period last year.
Here are some main points relating to the results for the half-year:
• BT Financial Group’s 7% per cent underlying growth was achieved through:
• Growth of Funds Under Management (FUM) and Funds Under Administration (FUA) – up 26% and 17% respectively, contributing $61 million in revenue
• Ranked number one on all Platforms (including Corporate Super) with FUA share of 19.9%. Asgard Infinity has now reached $8.7 billion FUA since launching in October 2011. BT Panorama has attracted over $1b in FUA with 60% of FUA being from brand new business relationships. Over $100m on BT Wholesale Plus funds
• Ranked number one on total retail (excluding cash) with FUA share of 18.8%
• Life in-force premium and General Insurance gross written premium growth of 13% and 8% respectively. Life Insurance continues to have industry leading lapse rate of 12.8% (September 2014) against market rate of 16.3%, driven by proactive customer support and rehabilitation programs
• Private Wealth’s revenue up 13% and the Global Investment Service has reached $1.3 billion in FUA since launching in 2012.
BT Financial Group continues to lead the industry by delivering new products and customer experiences. Some of the highlight from this half include:
• Launch of Adviser View – a publicly accessible online register which includes adviser qualifications, customer satisfaction star ratings and customer feedback.
• We have received 60,000 unique visitors to the site, more than 1,400 client testimonials and our advisers have an average rating of 4.88 out of 5 which is a credit to the quality of their advice and client relationships
• Launch of BT Compact Wrap designed with and for advisers to provide a distinct low-cost offer to clients with modest balances and less complex needs
• Launch of the Wholesale Plus Funds series on Asgard and BT platforms giving clients access to over 37 of the best-rated and most popular wholesale funds in all the major sectors at a very competitive rate
• Launched industry-first Key Person Risk Insurance – protecting small business operators’ greatest asset.
• Announced General Insurance strategic partnership with Allianz – broadening our product range and making it easier for customers to access when and where they want
• Digital support for General Insurance customers – using our new SMS system we contacted customers in areas vulnerable to Cyclone Marcia prior to the storm hitting. We used this technology again during the recent NSW storms.
• The launch of BT Panorama Managed Portfolios– a new investment option offering advisers and their clients a simple way to access shares, managed funds and cash through a range of professionally managed portfolios.
Brad Cooper, chief executive officer of BT Financial Group, said: “Our continued focus on helping Australian’s prepare for their best financial future and our disciplined approach to the execution of our strategy positions us well for the second half of the year.
“We are particularly pleased our new wealth operation system, BT Panorama, is resonating with advisers and their clients. We have more than 1,000 advisers using BT Panorama, more than $1billion in FUA and in March, we launched a new managed portfolio facility which was very well received at our national BT Adviser Forums.
“We look forward to continuing our strong industry partnerships and working with advisers to deliver the best outcomes to suit their business models and their clients’ objectives.”
Source: BT Financial Group
