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

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.