On the 21 September Bt , without my knowledge or permission removed 50 thousand from my super wrap account.
Today is the 3rd of October, the money has still not been returned to me that they removed illegally.
They are now blaming their global account and tax dept rules, for not refunding the embezzled money.
I implore. Everyone to stay clear of these people, retirement was not meant to be like this, bottom line is that they do not care, high fees low returns and can’t even keep hold of my super, shattered.
Westpac & BT investment
I invested $ 150,000 through a Westpac adviser with BT wrap, after trying to contact the adviser numerous times for advice and never receiving contact back although adviser was still receiving fees for non existent advice my original investment dropped by approx. $ 60,000.
After complaining about lack of advice they refunded approx. $ 2,000 , then out of the blue I received approx. another $ 2,000 through an employee of BT wrap with the comment if I wanted to go further to contact the ombudsman .
I was with BT Super 19 years ago, it took me 5 months to remove what was left of my fund, in that 5 months my fund dropped in value by plus $4000. . I was earning $900 a week and personally contributing $180 a week prior to deciding to exit. I see by the reviews nothing has changed.
A Poor Investment Manager
I have invested with BT (Asia Fund) for nearly 23 years, also re-investing almost all the dividends in extra units but the investment has grown only by 30% in the 23 years. How can the fund managers justify their expertise and exorbitant salaries. The good old passbook account of the days gone by would have been an excellent investment.
Poor Fund Manager
Interest on cash deposits are disgusting , bank term deposits will out perform their return up to 6 times . Their top fund manager exec being paid over $200,000 PER WEEK for very substandard returns . Seem's they are our using our money to make themselves very rich while feeding us a diet of spin and excuses for their poor results .
Try leaving the fund! Unbelievable. Told 5 days to rollover, than 10 days, than 14 days max. 20 days later I finally received my funds. No reason why, just bureaucracy. Twenty years with the fund, which preformed poor to average during the boom times, and terrible during the lean times. I should have paid more attention to the fine print.
High fees Low return
I've been with BT for 10 years. It charge me 10K to enter and over 50k adm fees for the past 10 years. Products they recommend are underperformed some are badly negative. They only interested in earning their broker commission but not client's return of investment. Anyway, I'm switching to SMSF.
MY mother has has money invested for about 8 years now. Started off Ok but now on 200K their fees take nearly all the money 'made'. I call it a de-investment fund, her investment is going backwards in real terms. They also were charging a monthly fee for 'advice' which they have never once given. DODGY!
I was sold insurances i did not really need. They sent me a statement by post after first year and not again for 3 years, I then rang them to be told statement are now electronic but I have never received any emails at all. I get a login from them to find my income protection has gone up $150 per month in 4 Years and as it is linked to my super with them i never knew. My super has now been going backwards with income protection and Life insurance as well as all their charges and they have the cheek to take $10 per month for Adviser fees yet they have never told me a about this. VERY POOR SERVICE, MONEY THIEVES.
A Noose I could not avoid
I retired from the ADF after 43 years of continuous service. I had stayed with the DFRDB scheme and apart from a lump sum payout and pension was required to roll over a considerable amount to a nominated super fund as I was under 60 and was going to permanent employment. I am now unemployed, over 60 and unlikely to get a job in this ageist society so I recently put documents in to get my payout as I met the conditions to do so. Seventeen days since express posting to BT I have yet to see this money appear in my account and have lost over 1600 d...ollars in the process which the online account does not explain. I have contacted my account manager (SMS and it is the weekend) and will ring these people in Adelaide who are having such a fun time with my money. I personally would not ever go through this fund again as the only growth has been what my previous employer put in and as it seems a over 1600 dollar fee for the pleasure of sucking your money away.
BT Wrap underperformed Australian Super Balanced fund
After 3 years of being told by our Westpac portfolio manager how well our BT Wrap was performing, we realized that Australian Super Balanced
fund was easily outperforming our high-fee BT Investment WRAP. Our so-called 'managed investment' was not being managed at all, despite
the high fees being paid.. The only one making money was BT, so we got out fast and are now getting decent retuns for much lower fees.
Don't believe their promises
Questions & Answers
Im have recently had a personal injury and i am waiting on my salary insurance with BT,
can you guys provide any info?
How long does funds take to 2 transfer from bt super for life account to your westpac choice account is sonce rolled over
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