Changes to the way we provide personal advice

As you may have seen, we have announced that from 30 June 2019 we will no longer provide personal financial advice through our internal financial adviser network, BT Financial Advice. We have also announced, from 30 September 2019, we will no longer provide personal financial advice through our authorised representatives of Securitor and Magnitude.

At Westpac Group, we believe all Australians should have access to quality, affordable financial advice and for over 30 years we have provided personal advice to help our customers achieve their financial goals. 

We are committed to supporting customers’ investment, insurance and superannuation needs and will continue to evolve our offer to meet our customers’ needs.

Central to this and how we service our customers has been to regularly review and evolve our offering. With many financial advisers now operating under their own licence, and in a changing market we are evolving again.

Importantly we are working on a range of options for customers, including providing alternative servicing arrangements. As we work through this process we will be in touch about what these changes mean. Above all, we remain committed to supporting our customers’ financial goals.

What do you need to do?

Right now, you don’t need to do anything. In the meantime, if you have any questions we are here to help:

  • If you are a customer with an Ongoing Advice arrangement, we will be in contact with you in the coming weeks to outline the next steps and options as they relate to you.
  • If you have advice that is in the process of being implemented (i.e. Insurance claim or Superannuation rollover), this will continue and your financial adviser will be in touch with you shortly to discuss the progress and next steps.
  • If you have a BT super, investment or insurance product you do not need to do anything at this time.
  • If you receive advice through a Financial Adviser who is an authorised representative of Magnitude or Securitor your financial adviser will be in contact with you shortly.

We have provided answers to a range of questions that our financial advice customers may ask. For further information, please call 1800 630 374 and a BT specialist will assist you.

How do I know if this change impacts me?

All customers who receive Ongoing Advice from a BT Financial Adviser will be contacted shortly via email or by mail.

If you are unsure if you are an Ongoing Advice customer you can call 1800 630 374 and a BT specialist will assist you.

What does this mean for my super, investments and/or insurance?

If you have a BT super, investment or insurance product you do not need to do anything at this time. We will be in contact with you if there is anything you need to do or be aware of in relation to your products as a result of this announcement. In the meantime, your super, investments and/or insurance will continue to be managed in accordance with the instructions that we have been provided by you or your financial adviser.

If you have a question relating to your super, investment or insurance product please call 13 21 35.

I receive advice through an authorised representative from Magnitude or Securitor, what does this announcement mean for me?

We have announced, from 30 September 2019, we will no longer provide personal financial advice through our authorised representatives of Securitor and Magnitude. There is no immediate change and your Financial Adviser will be in touch with you soon.

Why has Westpac decided to no longer be involved in the provision of personal financial advice?

For the last 50 years we’ve been supporting financial advisers and their clients to achieve their best financial future. There have been a lot of changes since we first opened our doors in 1969. And we’re proud to say we’ve led some of those changes. Central to this and how we service our customers has been to regularly review and evolve our offering. With many financial advisers now operating under their own licence, and in a changing market we are evolving again.

Where do I go if I want to receive personal financial advice?

We will continue to support our customers with their financial goals, whether you prefer to manage your money yourself or with the help of a financial adviser. Customers who would like to consider personal financial advice can visit the MoneySmart website which has a register of financial advisers who provide personal advice. Use this register to find out where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.

Can I still contact my financial adviser?

If you have a financial adviser through an Ongoing Advice Service you can still contact your adviser who can assist you with any servicing needs you may have in the immediate term. We also have a dedicated team to support your enquiries who can be contacted on 1800 630 374.

Frequently Asked Questions - Life Moments

We have compiled a range of questions our customers may like to consider in relation to better understanding their financial needs at particular life moments.

For further information, please call 1800 630 374 and a BT specialist will assist you.