Whether you want to offer your clients a managed portfolio from a professional investment manager or wish to construct your own portfolios, you can access the managed account solutions and support you need, through the BT Panorama platform. We aim to be the platform partner of choice to help embed managed accounts and broader technology solutions in advice practices.

Benefits for your business

Efficiency

By leveraging a contemporary platform with a managed account solution, you can save an average of 15.7 hours per week*, and drive efficiency and scale in your practice, to keep costs down and free up capacity to engage with clients.

Flexibility

With a managed account solution, you can choose from a wide range of managers across different investment styles and asset classes with the ability to select different portfolios to meet the diverse needs of your client base. Alternatively, a managed account solution can be purpose-built leveraging your own in-house investment capability or by partnering with the growing number of managed account specialists, consultants, and investment managers.

Adaptive

The unpredictability of global markets requires you to have the tools to respond to market events in a really quick and efficient way. With a managed account solution, you can efficiently and effectively implement your clients’ investment advice . And when required, make timely tactical tilts to that advice to respond to markets or to ensure that long term strategies are not undone by short term reactions to market conditions.

Compliant

With a managed account solution, there is generally no requirement to provide ongoing advice or wait for client consent to implement changes to a portfolio. Changes can effectively be implemented in real time ensuring consistent implementation across all clients with minimal delays. From a client best interest perspective, the equitable treatment of all clients should be a far better outcome than implementing individually where client transactions can occur over days or weeks and at materially different execution prices.

Benefits for your clients

Transparency

Managed accounts are generally run (either wholly or in part) by specialist investment managers, consultants or experienced advisers, who deliver professional portfolio management principles to managing investments and take a systematic view of the market. Clients can see, and importantly, understand what they own, and you can use this to engage, educate and reassure them through volatile or challenging times.

Client experience

Time is critical, particularly during periods of market volatility. With a managed account solution, you can save time on administration and spend more time communicating and engaging with clients, making tactical investment decisions to protect wealth or capitalise on market movements.

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Adviser Portfolios

Create operational efficiencies, reduce risk with rebalancing orders along with providing the needed transparency and visibility of your client’s investments.


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Managed Portfolios

Managed portfolios, also called SMA's, can work as an “off-the-shelf” or a licensee solution and could be a gamechanger for any adviser looking for efficiency, speed, transparency, and better reporting.

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Tailored Portfolios

BT Panorama gives Managed Discretionary Account (MDA) providers access to a full range of portfolio management tools called tailored portfolios, to create, monitor and manage their portfolios in a customisable solution.

Let's get started

Speak to a BDM to see what managed accounts on BT Panorama can do for your practice or open your account with the registration forms.

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"We believe the value we offer our clients is strategic advice."
Margaret Mote, Chief Executive Officer, Bongiorno & Partners.

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"The big piece was efficiency, the volumes of records of advice weren't adding any value to the client relationship." Chris Davis, Financial Adviser/Executive Director, PKF Wealth.

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"Model portfolios gives us about two full time employees back in business efficiencies." David Price, Director, Representative and Financial Planner, Strategy First.

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How have other practices implemented managed accounts?

Download our discussion paper ‘Managed accounts: insights from financial advice principals’ where advice principals reveal their real-world experience with the managed account model and how to discuss the benefits for your clients and business.

A short video explaining managed accounts (1:46)

What is a man­aged port­fo­lio in Aus­tralia?

A managed portfolio is also referred to as a managed account or separately managed account. Put simply, it is a collection of investments, generally held through a non-unitised registered managed investment scheme, which is managed on your client’s behalf by a professional portfolio manager. Managed portfolios can be accessed through a client’s superannuation, or through an investment platform. In Australia, managed portfolios are regulated by the Australian Securities & Investments Commission (ASIC).

What is a man­aged ac­count in Aus­tralia?

A managed account is also referred to as a managed portfolio or separately managed account. It is a collection of investments, generally held through a non-unitised registered managed investment scheme, which is managed on your client’s behalf by a professional portfolio manager. Managed accounts can be accessed through a client’s superannuation, or through an investment platform. In Australia, managed accounts are regulated by the Australian Securities & Investments Commission (ASIC).

For more information about minimum investment limits for BT Managed Portfolios, please refer to the BT Managed Portfolios Product Disclosure Statement (PDS);

BT Managed Portfolios Product Disclosure Statement – Part 1

BT Managed Portfolios Product Disclosure Statement – Part 2

What are some of the ben­e­fits of us­ing man­aged ac­counts / man­aged port­fo­lios for advisers?

Managed accounts can offer simplicity and scalability with the ownership 4 , tax-effectiveness and transparency of direct investing. For many clients, these accounts will be an attractive means of gaining exposure to a range of investments. With technology at their core, 53 per cent of advisers now use managed accounts, compared to 16 per cent a decade ago 5 .

What is the ben­e­fit of us­ing man­aged ac­counts / man­aged port­fo­lios for clients?

Advisers have more time (in some instances over 15 hours per week) to focus on improving the quality of client experience and investment outcomes for clients. 6

What do I need to im­ple­ment man­aged ac­counts / man­aged port­fo­lios?

If your firm or practice considers that moving to a managed accounts (MA) model and digitising your business more generally is in the firm’s and client’s best interests, you will need to invest time now to reap the benefits later. Advisers who are ‘on the other side’ of this process are reaping the benefits after dedicating 12-18 months to the extra client advice and meetings that come with the transition. Top tips from financial advice practices principals who have successfully implemented managed accounts include:

Make room for exceptions

“Most of our clients have come across to the MDA model and we’ve deliberately chosen a range of different investment options to cater to each client’s risk profiles, cost expectations and preference for active vs passive investments. However, there is a tipping point for fees with the MDA model and it may not always be a cost-effective service for lower balance clients.

Other clients have a personal preference for our advisers to remain ‘hands-on’ with their portfolio. We will continue to have these advice relationships as long as we can add value and act in these clients’ best interests.” 7

Educate yourself and your team

“It’s very important to be the source of truth and voice of authority on the solution you’re recommending to clients. At the end of the day, it’s our business they’re trusting with their wealth. This is why you need a really clear understanding of how the MDA model works and how your provider operates as an investment manager so you can communicate this to clients.” 8

Be transparent

“As you’re educating clients you also need to be clear and honest about your reasons for recommending the service. It really comes down to your confidence that your investment manager is good at what they do and that working with them is in your clients’ best interests. Given the outcomes we’ve seen so far, for both active and passive investment, this confidence has been borne out by the results our clients have experienced.” 9

It's important to remember that support is available. While taking on the MA model is a big change, you are not on your own. There are plenty of peers willing to help who have been through the process and can give advisers the benefit of their experience. There are also a growing number of professional services and providers you can speak to before taking this path, including outsourced investment managers, MDA service providers and platforms such as BT Panorama.

What is a Separately Managed Account (SMA)?

  • A non unitised Managed Investment Scheme (MIS) with a minimum investment as low as $5,000
  • An account constructed on a "model portfolio" basis where each investor generally receives the same portfolio, based on a model constructed by a specialist investment manager
  • Offered with respect to  a range of different asset classes and investment styles, including single and multi-sector portfolios and ESG focussed portfolios
  • Managed by a specialist investment manager who is responsible for the initial and ongoing asset allocation and stock selection
  • an investor will invest in the same shares but will have their own individual tax and income outcomes due to the beneficial ownership of assets

What is an Individually Managed Account (IMA)?

  • Bepsoke portfolios constructed by a portfolio manager, generally made available to Wholesale investors, minimum investment may be as high as $500,000
  • constructed individually for each investor, although each account often shares some common holdings
  • for instance, If an investor wants to have greater exposure to environmentally conscious investments the IMA can be customised by the portfolio manager, specifically for the investor, to include greater weighting in those desired investments

What is a Managed Discretionary Account (MDA)?

  • MDAs have a licensing structure which allows MDA providers to operate investor accounts within their discretion
  • the MDA provider is required to hold an Australian Financial Service Licence (AFSL) with MDA authorisation
  • an MDA can be used to run SMAs and IMAs however they operate under a different licensing regime and in order to enter into these structures, investors should receive personal advice as to their financial circumstances to ensure these are suitable
  • MDAs can provide greater flexibility to allow portfolios to be constructed in accordance with personal objectives, risk tolerance, and asset preferences

What is a Unified Managed Account (UMA)?

  • These types of investments are less common than the ones detailed above. It is an investment account that provides a single overview of all the investor’s investments including SMAs, IMA’s, term deposits, cash, property, and a range of other assets classes.

For more information about the products offered by BT, please refer to the BT Managed Portfolios Product Disclosure Statement (PDS);

BT Managed Portfolios Product Disclosure Statement – Part 1

BT Managed Portfolios Product Disclosure Statement – Part 2

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* Investment Trends January 2022 Managed Accounts Report