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Update regarding RACQ Financial Planning

As of the 4 May 2021, RACQ Financial Planning has entered into an agreement with Bridges Financial Services Group Pty Limited (Bridges) for the sale of the business of RACQ Financial Planning. From 18 June 2021 onwards RACQ will no longer be providing Financial Planning services.

Financial planning FAQs

Background

RACQ recognised a greater strength in partnering with a strong, reputable provider- Bridges Financial Services. This decision will enable RACQ to focus on what we believe is a better alignment to our operations, helping our members build strong foundations for their financial wellbeing to forge a path into financial advice.

Established in 1985, Bridges, a subsidiary of the IOOF group, has grown to become one of Australia’s largest national financial planning and stockbroking organisations and has become the preferred partner for the customer-owned banking community. Bridges Financial Services Pty Ltd (Bridges). ABN 60 003 474 977; ASX Participant; AFSL No 24083 is a leading and highly respected wealth management business which can provide you with advice on wealth creation, pre and post retirement planning, insurance, estate planning, margin lending, stockbroking services and much more. With over 60 offices and more than 160 professional financial planners around Australia who are committed to providing quality financial advice and helping customers achieve their financial goals. You can learn more about Bridges at www.bridges.com.au.

Bridges Financial Services is part of the IOOF Group, which has a long history of providing advice compliant to the needs of its clients. RACQ Financial Planning currently utilise the services of Actuate, a Licensee of IOOF Group.

What does this mean for me?

RACQ Financial Planning will no longer be authorised to provide financial advice from 18 June 2021. At this time, a financial planner will contact you for your next scheduled review under Bridges Financial Services (AFSL No 24083).

RACQ will work together with Bridges Financial Services in relation to the business transition.

We are strong believers in looking after our people and their future, however, we also recognise that changes may occur in relation to your appointed financial planner. You, as our client, are our priority when decisions are made and we assure you, that if any change occurs to your financial planner or client service associate as a result of the transition, RACQ will contact you directly to keep you informed.

No, there will be no change to your investments, super or pension in the short term. These products, along with your strategy will be reviewed on a yearly basis into the future. If appropriate, either your strategy or your products may change according to your needs.

Bridges Financial Services are bound by law to provide advice in your best interest. They have a strong reputation of providing quality advice since 1985 having over fifty-four thousand clients across Australia.

Bridges Financial Services has a number of existing locations in Brisbane City, Fortitude Valley, Toowoomba, Cleveland, Robina, Mackay, Townsville and Cairns.

Fees

No, there will be no change to your advice fees in the short term. Your service needs, along with your strategy will be reviewed on a yearly basis into the future. If appropriate, either your strategy, your products or your service level may change according to your needs.

No, there will be no change to your investments, super or pension product fees in the short term. These products, along with your strategy will be reviewed on a yearly basis into the future. If appropriate, either your strategy or your product fees may change according to your needs.

Important information Show more

RACQ Financial Planning Pty Ltd is a Corporate Authorised Representative (Representative number 293929) of Actuate Alliance Services Pty Ltd AFSL 240959, ABN 40 083 233 925. Actuate is a wholly owned subsidiary of IOOF Holdings Limited ABN 49 100 103 722.

This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.