Westpac (ASX:WBC) is to remove Grandfathered payments from its wealth management arm.
BT financial Advice would cease making ‘grandfathered payments’ to its financial products.
They are working towards this coming into effect from October this year.
BT will honour its contractual obligations to external financial advisers who are currently receiving grandfathered payments in respect of a BT financial product.
More than 140 thousand customer accounts will benefit from these changes to their BT superannuation, investment, insurance and platform products.
Shares in Westpac (ASX:WBC) are trading 1.96 per cent higher at $28.55