Changes to the way we provide personal advice

As you may be aware, the Westpac Group announced that we will no longer be providing personal financial advice through our internal financial adviser network, BT Financial Advice, from 30 June 2019. We will also no longer be providing personal financial advice through the authorised representatives of Securitor and Magnitude from 30 September 2019.

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.

I have a question - who can I speak to?

If you have any questions about this change, we are here to help. For further information, please call 1800 630 374 and a BT specialist will assist you.

 

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

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

From 30 Sep­tem­ber 2019, we are no longer pro­viding per­sonal fi­nan­cial ad­vice through the au­tho­rised rep­re­sen­ta­tives of Se­cu­ri­tor and Mag­ni­tude. You can contact your adviser directly to understand what their new Australian Financial Services Licence arrangement means for you. For more information, contact BT on 132 135.

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 you with your fi­nan­cial goals, whether you pre­fer to man­age your money your­self or with the help of a fi­nan­cial ad­viser external to the Westpac Group.

For cus­tomers who would like to con­sider receiving per­sonal fi­nan­cial ad­vice, we have a re­fer­ral model avail­able to con­nect cus­tomers with an Ex­ter­nal Ad­vice Provider (EAP). EAPs are third party fi­nan­cial plan­ning prac­tices ex­ter­nal to the West­pac Group. If you de­cide to en­gage an EAP, they will be re­spon­si­ble for any ad­vice or other ser­vices they pro­vide to you. For more in­for­ma­tion on our ex­ter­nal ad­vice re­fer­ral model, please con­tact our ded­i­cated team of Wealth Con­sul­tants on 1800 209 291. The team is avail­able from Mon­day to Fri­day, 8.30am to 6.30pm AEST.

Alternatively, customers can visit the ASIC 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.

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.