BT is one of the many brands of the BT Financial Group Australia which is the wealth management division of the Westpac Group.
BT has become one of Australia’s leading wealth management companies and helps customers manage, grow and protect their money by providing insurance solutions, superannuation and retirement income products, investment, financial advice and private banking.
With more than $136 billion in total investments as at June 2015, BT’s insurance division continues to protect over 1 million Australian’s with various protection products including life insurance and income protection.
The Westpac Group
Established in 1817, The Westpac Group is the oldest banking corporation in Australia and consists of 5 key divisions:
- Consumer bank: Assisting Australians with their banking and financial needs.
- Business bank: Responsible for all sales and services for small-to-medium businesses in Australia.
- BT Financial Group Australia (BTFG): The wealth management division.
- Westpac Institutional Bank (WIB): Provides financial services to larger institutions.
- Westpac New Zealand: The largest New Zealand banking organisation.
Most of these divisions expand to Australia and Asia, the United Kingdom and the United States, serving over 13 million customers across an array of world class services. The Westpac Group has a 31% interest in BT Investment Management and wholly acquired BT Financial Group (BT) in 2002.
History of BT
The first Bankers Trust Company was established in 1903 in New York, providing trust services to customers of state and national banks on the promise that it would not lure commercial customers away, hence the ‘trust’ part. BT has a strong financial services heritage in Australia beginning 47+ years ago in 1969 when Bankers Trust Australia opened its doors.The Bankers Trust took 40% investment in the newly established merchant bank Ord BT Ltd.
In 1998 Deutsche Bank bought Bankers Trust and sold the Bankers Trust Australian division to the US-based Principal Financial group in 1999, who then sold the BT Funds Management to Westpac Banking Corporation in 2002. Westpac then combined BT Funds Management with the Rothschild asset management business to form an expanded wealth management division of Westpac, called BT Financial Group (BTFG). Six years later, in 2008, BTFG and the St George Wealth Management business merged and formed one of Australia’s largest wealth management businesses.
1903The Bankers Trust is formed in New York.
1969The Bankers Trust establishes an Australian division through a partnership with Ord Minnett.
1998Deustche Bank takes over BT Global Corporation.
1999BT Australia Group is acquired by Prinicipal Financial Group.
2002Westpac acquires BT Financial Group.
2008St George wealth management merges with BT Financial Group
after St George Bank merges with Westpac.
BT Insurance pays over $4 million in claims each week, having paid $208,436,018 in claims to 2,870 clients and their families in 2014 alone. Half of the 2014 claims paid were for Term Life Insurance, and the other half was paid for claims concerning TPD, Living Insurance and Income Protection. With over $136 billion in funds under management and administration, combined with the financial strength of RGA RE acting as their reinsurer, it’s no wonder BT can pay such large claim amounts.
Your Questions about BT Answered
The benefit can cover you for up to 75% of your monthly income, with a maximum of $5,000 and should be considered if you are unable to take out a normal income protection policy, due to:
- Your occupation classified as too dangerous
- Your participation in dangerous pastimes that are too dangerous to insure
- Having pre-existing medical conditions that prevent you from getting cover
- Your current age prevents you from normal income protection eligibility
If you have any questions about taking out a policy with AIA Australia, or concerns about your existing AIA Australian policy, please feel free to ask one of our experts for advice. Alternatively if you’d like to compare AIA Australia with different Australian Insurers, simply navigate to the comparison tool.