Best consumer wrap platform

Just wondering on people's thoughts on the best consumer Wrap Platform.

I'm looking for something that would give me a consolidated view of both super and non-super investments.

Macquarie Wrap does this, but only if you use an adviser.

I like the interface for BT Panorama, but you need to have seperate accounts for super and non-super.

Netwealth?

 

What % FUM are you prepared to pay for consolidated reporting?

 

Well, obviously I can invest directly into Vanguard funds, and similarly into my Super.

But I’m OK with a small premium for the convenience.

BT Panorana charge .15% for their wrap product and I’d be OK with that.

The Finance Planner I’ve been talking to wants to charge .59% plus the Macquarie Wrap charge of .12%

 

I’m using the BT panorama platform. It’s .15% capped at $1500 per year plus a $514 admin fee per account. And that cap includes super and normal investment accounts combined.

I’m having problems with transactional access on the platform at the moment because the super and investment account are accessed through the same log in.

Super can’t be transacted online through the platform without an adviser attached to the account. Investments accounts can be transacted online through the platform with out a adviser linked to the account. Problem is when you have the two accounts linked on the same platform.

Working through this with BT at the moment. And to be honest with you they have been an absolute nightmare to deal with. I have filled in multiple forms and spoken to multiple reps and still not resolved. Fingers crossed they get there **** together and work out how to make it work for me.

 

Big improvement there .. I hadn't been watching the changes in their fees. Cash rates look a bit low but that doesn't necessarily matter...

 

Yeah I don’t keep cash in there.

 

I've set up accounts with BT Invest and Superinvest just to play with the options. It is a drag having two separate accounts though. A phone chappy said he would amalgamate them under the same user name, so we'll see what happens there.

 

Good luck with that. I’m just in the process of separating the two accounts because they won’t allow you to transact online on your super.

 

The BT SuperInvest I'm checking out appears to let you transact online without an adviser.

 

Reviving, hoping the wise and helpful folk here may be able to help us navigate this one,

We are exploring the option of having both my wife and I's super transferred from Firststate over to the BT panorama platform. We have both been in a growth profile and are looking to allocate funds to more of a high growth portfolio. This is all based on a SOA from an advisor,

What are some of the basic advantages and disadvantages of this - we have limited understanding at this point and have found the whole thing a bit overwhelming as I find it hard to follow blindly if I don't have some grasp of how something works,

I get that it is a convenient platform to consolidate all investment holdings. Although we only have around $150k super each at this point - no other shares. We intend to develop a share portfolio in the coming years.

It appears you also must have an advisor linked to any super accounts on the BT platform. Does this lock you into an advisor and paying an annual fee for this convenience? What if you no longer need or want and advisor or want to change your advisor?

I am also wondering much better the return could be with a portfolio setup including a high growth ETF and some active Aus/international holdings compared to shifting across to the high growth allocation of first state - once higher/additional fees are taken into account.

Thanks for any help,

 

Hi Guys, when you have Super part of your wrap account - are you talking about Super as SMSF where you choose to invest?

In our case through work they have allocated Super with First State Super and later we chabged to AussieSuper (for me) and Hostplus (Mrs) as we have Insurances as part of thease super.

What is the benefit of having Super in. bT or similar wrap.accounts and is SMA (seprately Managed Account) cheaper than Wrap?

 

So I hold both my equities investments and super on the BT panorama platform. The platform is a place to hold all your investments for record keeping, performance reporting and tax reporting. You buy and sell through the platform. I have never bought individual shares through the platform as I only invest in passive active managed funds now.

For the super side it’s not considered a smsf. But you have control very much like smsf. I have my super invested in the same funds that I hold in my personal portfolio. I can choose the funds and buy and sell them when I want. When I say I , I mean my advisor. You must have an advisor linked to your account for the super side and they are the ones who execute the transactions. You can not hold the Super wrap without an advisor. I guess that’s the difference from being self managed. But nothing stops you from changing advisor when ever you want. You just need to have a new advisor to register with BT if you leave your current advisor or else you won’t be able to make any transactions.

You can invest in SMA’s via the wrap platform. So the fees you pay for using the platform are seperate from what ever fees the fund you invest in might charge.

Once your portfolio on the wrap platform reaches $1 mill your fees are capped. As your portfolio grows significantly over that $1 mill mark the cost of the platform starts to be minimal for the convenience. I am fortunate enough to have a portfolio that exceeds the amount in which the fees get capped so it worth my while. That cap is a combined value of all your accounts. So for me it’s personal account, super account and wife’s super account. $1500 annual fee plus $549 per account fee. Super accounts also have a few small super compliance costs.

 

great info thanks mate,

 

For some reason I am able to operate the BT Super Invest through Panorama without an adviser. I can do the same with BT Invest.

 

Who knows mate. With BT anything is possible depending on who you talk to on any given day. If they tell you something is not possible, just keep calling back till you find a representative who tells you that they can do it for you. The whole operation is farcical. Only positive is once your up and running and you no longer need to deal with BT staff then it works reasonably well.

 

Does anyone have any experience with netwealth platform?

 

I've been trying to hook up to it without a great deal of success.

 

For those of you that are using BT Panorama and are the primary authorised user (not your advisor) have you been able to setup periodic investments through the web page? Or via the app?

I can do adhoc investments, but don't see any option to schedule a periodic investment. I'm being told on the phone to BT that I need to talk to my advisor who can setup periodic investments - which seems ridiculous when they only have view only access to my account.

Regards,

Jason

 

Welcome to BT. They are painful to deal with. I have used the periodic investment feature before and just jumped on the platform to guide you through the process of how to do it. And what do you know, I have just realised they have made a change to the platform and removed the feature.

Not a big deal because the feature never worked well to start with. So once you set up the periodic investment you could not cancel it unless the date set on your next periodic investment was also set as the end of periodic investment. If that makes sense.

But to tell you only the advisor can set it up is ridicules. The advisor does not have any transactional authority on the account so how exactly would he do that.

I am going to give them a call tomorrow about an unrelated issue but will ask about this feature as well. Yes I am on the phone with them regularly trying to sort issues out.

 

Big A,

Thanks for your response.

Using your tip I've rung a couple of times and asked how I setup a Period Investment.

The first time was "Only your advisor can do it" - when I point out my account is Investor Managed the first time they put me on hold and then came back with the suggestion that they change my account to Advisor managed, we then get the advisor to set it up, then we change it back to Investor Managed. I didn't proceed with that suggestion as it it is ridiculous and I don't want to have to do that each time I adjust the periodic investment.

The second time I went through the live chat feature and had the usual "only your advisor can do it" - when I point out my account is Investor Managed (again) they said they would get to the bottom of it and get back to my via email. Am waiting for that email currently.

I did speak to my advisor to confirm they don't have access to set it up.

Regards,

Jason