BT Panorama to remove historical individual fee deals

BT Panorama has signalled key changes to pricing including increasing some administration fees and removing historical individual arrangements.

The Westpac-owned platform has told advisers that it intends the new pricing schedule will take place from October, stating that it is planning to apply new standard pricing to every client, including those on historical individual fee arrangements.

It said the planned changes include increasing the account-based administration fee for the Compact menu, introducing a minimum asset-based administration fee for the Compact menu and charging fees for related groups for both Full and Compact menus.

The company said all other fees in the standard pricing scheduled would stay the same.

It said it planned to change the administration fees applying to the Compact menu with the account-based administration fee increasing from $180 a year to $240 a year, with a minimum asset-based administration fee becoming $150 a year.

“Fee discounts applied under historical individual arrangements will be removed,” it said. “This means that all clients in the same menu will be on the same administration fee schedule, enabling a simpler fee arrangement and fairer contribution to the cost of providing our platform services.”

“While discounts will no longer apply, clients may be able to benefit from reduced fees with the opportunity to group with other related accounts — an option previously unavailable to them.”

“Your clients have the opportunity to group related accounts to reduce fees, as in the case of a couple or family – sometimes known as ‘aggregation’,” it said.

“The updated administration fees, for new and existing related groups are outlined below.

Account based administration fee for each grouped account

Full menu – $400 p.a.

Compact menu – $240 p.a.