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