Westpac announces changes to wealth management division

Company News

by Anna Napoli

Westpac (ASX:WBC) has announced changes to its wealth management division, BT Financial Group.

BT Panorama customers will now be charged a price of 0.15 per cent per annum asset based administration fee across their platform assets.

The fee is capped when assets reach $1 million.

Meantime, from October this year a new online adviser services hub, BT Open Services will be available to both self-licensed advisors and dealer groups.

The revenue impact of the pricing changes will ultimately depend on customer take-up along with new growth in customers and funds under administration.

Shares Westpac (ASX:WBC) are trading 0.3 per cent lower at $29.81

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