BT Financial Group has grabbed $500 million in funds under management in three months as part of a financial planning turf war in which 14 practices formerly aligned with Commonwealth Bank-owned Count Financial moved to the recently launched BT Select.

The shift pushes BT Select’s funds under management to $2.1 billion from $1.6 billion in April and has been facilitated by payments of $500,000 or more to some practices.

BT Financial GM Advisory Mark Spiers told insuranceNEWS.com.au the payments are “support to help people transition to our environment, not inducements or incentives”.

Costs covered include communication with clients, seminars, necessary reviewing and restructuring of investment portfolios and systems and hardware costs, which Mr Spiers says can be very significant.

Count Financial did not respond to interview requests from insuranceNEWS.com.au, but CEO David Lane has reportedly written to planners operating under the BT banner offering to talk to them about growth plans and pledging to treat all planners equally.

Mr Spiers says the moves to BT are a result of dissatisfaction in several allied planning practices following the Commonwealth Bank’s $373 million takeover late last year and a desire to maintain long-standing BT links.

“We’ve had a 25-year relationship with [some Count planners],” he said.

“We’re an industry leader in a dislocated and fractured market. In times of unprecedented change, it’s natural that some people reassess their business plans and come over to us.”

Mr Spiers says the practice moves are not a result of a tussle between Count and Westpac-owned BT but should be seen as part of a broader industry consolidation. A further four advisory groups will join BT Select from other alliances in the next two months.

BT will not take equity in the practices joining BT Select. Principals will be able to choose to retain their licences or to come under the BT umbrella and they pay service fees.

Mr Spiers says BT Select’s growth plan is targeting planners who are “very aspirational and growth oriented”.