Big 4 bank eyes growth in accounting base

Big 4 bank eyes growth in accounting base

Growth

One big four bank is looking to further leverage the accountant's “trusted adviser” position to gain ground with its wealth management software.

Accountants are a key growth market for Westpac's wealth business, BT Financial Group, as it continues to build the functions and market penetration of its Panorama platform.

Developing SMSF-related services is a principal focus with Panorama, and accountants are appealing given they are often the “trusted adviser” for trustees, head of institutional sales, platforms, BT Financial Group, Christopher Mather told Accountants Daily.

“It’s really important that we don’t just develop capability for those that are in the wealth space, it’s also important that we build capability for those trusted advisers being the accountants,” Mr Mather said.

“If we build something only for one audience, and didn’t acknowledge the accountant, the accountant isn’t going to value what we’re doing,” he said. “There’s not going to be a great synergy across the different advisers of an SMSF.”

“Having an accountant offer... acknowledges the important role the accountants are playing,” he said.

BT Financial Group this morning announced that in the 12 months to September 2017, funds under administration on Panorama have risen 147 per cent from $2.7 billion to $6.7 billion.

About 4,300 SMSFs are now on the Panorama platform.

Big 4 bank eyes growth in accounting base
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