My only job.
I put over 10 years of hard work in to this company.
Everyone was with australian super but the big boss advice as all to join colonial super so we did in((( DECEMBER 2009))) in the process of rolling over to colonial super I had a bad accident doing a job in wearhouse. Please keep in mind I was a data enter operator and had nothing to do with wearhouse.
After 6 major back opps and month and month in hospital the surgeons and doctors told me it will never work again in my life and there's nothing more we can do for you to better yourself.
Doctors told me I am demd disabled. In the year 2013
All my hopes and dreams destroyed.
So now time for colonial super to paid out my tpd claim and even they had the cheek to reject me
Colonial super fund you destroyed my future and all my hopes dreams .
I always finish of my letter/email with thanks for your help and time and have a safe and great day.
But not on this one thank you for nothing colonial
Balance went down and was told this was due to market fluctuations, then received a call back saying it was a fee incurred for switching to a different investment fund. No fore-warning at all when switching fund, If i'd known I wouldn't have proceeded, no remedial action, empathy or anything for the customer.
Try someone else :).
Someone I know was here on a work visa; his visa has since been cancelled and he's been living out of Australia for a couple of years now; but this company still haven't given him his Super; totally inefficient and haven't got a clue how to return your money when it's time to do so :(
The Staff used to be much more courteous. But recently I found most of them to be rather impatient and hysterical over the phone-especially the females- when made some simple requests. I was with Australian Super but chose to join The Colonial First State voluntarily in light of my good business relationship with Commonwealth Bank. I didn't have to but I did so of my own accord.
I think "Some Staff" should be better trained (In fact to be retrained!) and learn to be more emphatic with their customers' needs. In my view, Commonwealth Bank is the best among the other banks in terms of providing services to their customers but the Colonial First State's attitude and standards should be proportionate given the fact that CFS is owned by the CBA.
TERRIBLE!!! - Criminals running this business
From 2007-2015 my superfund was Colonial First State. I would always check my balance to see if it was growing, but it never did. It would actually decrease. Money would continue to go there, but I would never see the amount grow. In 2015 I decided to switch to Australian Super and now my superfund grows $15-20k per year!!!
Colonial First State are criminals and need to be taken to COURT. How is this legal?. How can they get away with this?? Im extremely unsatisfied and upset they have taken money away from my future.
Been with them for almost 15yrs. The platform is dated and not much improvement since, only slight cosmetic changes. The platform doesn't even have the basic of being able to see how your contribution in a particular fund has performed over the years. Need to go through an adviser to obtain that apparently.
Phone support has been good without much wait.
Terrible return ..do not invest with Colonial First State, Do not trust financial advisors that get commissions
This provides a dismal return. A family member had a managed investment fund.
Financial Advisors get commissions , I believe that this is the way the fund gets it clients.
I believe that this is how our family member invested in this managed investment fund.
Canstar is Australia’s biggest financial comparison site, comparing more brands than any other.
They have given Colonial fist state a 3 start rating , they have given Australian Super fund a 5 star rating.
Yet , Financial advisors are recommending CFS, solely because they get a commission.
A significant sum was invested quite a few years ago, not only do the statements show that it lost value significantly over the years and then regained value, which means that you cannot withdraw it when you require it as it might have lost value significantly.
From the 2018 statement , as far as we can see, we calculated that the returns were very poor. In comparison to "Australian Super" an industry super fund that returns 10 - 12% , Colonial First state returns, such poor returns.
Save yourself the stress of watching your money lose value for such a poor return and high fees.
(See review further down of a verified customer of product review that says he lost $67,674.22 in 4 months in a Balanced super fund in the last quarter of 2018, when the economy was stable)
How is this possible in a Balanced super fund, which is not high risk ? and they would have charged fees for losing his money.
When you request to withdraw, even if you have provided all the documentation correctly, as per their requirements, they are authoritative and rude. They delay the process holding onto our funds. They agree that I have provided the documentation correctly as per their written stated requirements. However they want part of it redone, they agree that their documentation stating their requirements needs changing!! and say they aren't just making it up, so that it's hard for me to withdraw... so more delay . Read another product review further down from reviewer "Brisbane" as to how the staff try to belittle you when you try to with draw your funds. This is currently exactly what is happening to me. Any complaint you do lodge , goes back to the people , whose behaviours you are complaining about, more belittling follows.
The value changes everyday going up and down and it is my belief that they delay paying out or just make it difficult for you to get your money out. Possibly hoping you will give up. Obviously a fund so desperate to keep it's customers are losing customers because of their poor performance.
I am currently trying to get the money out and I feel bullied.
Not only do they lose your money, they charge high fees for it and they bully you in the process.
After witnessing all the problems I had trying to get my money out, another family member who joined because of a financial advisor/friend's biased advice (the financial advisor got a commission) is now withdrawing their superannuation funds from CFS, so at least a small victory for myself and definitely a good move for our family member.
Take the time to look at your investment and switch, if CFS is under performing compared to the industry super funds that don't charge fees.
Ripp Offs - Stay clear DO NOT USE Colonial First State!
Consistently lost my money... How is this not a crime?????
How are they constantly losing my money.. my balance drops year after year by over 20%
Do not invest with these criminals!!!!!
Poorly managed. Transfer your fund to an industry one for members and run!
Just got my statement and lost over $2000 compared to the previous 6 months. Clearly the muppets who run this fund don't know what they're doing and just out of Uni.. I am part of the Class action against this fund and hope that plays out well for me to get something back from these thieves.
High fees low returns
unfortunately i join thousands who have been subjected to thousands of dollars per year in fees and a return of negative 2.8%.. I'm sure i read an article recently that stated CFS was supposed to roll over high fee accounts to low fee's as a result of the royal banking enquiry.. it would be interesting to find out what happened, however I won't be hanging around to ask!
I lost over $1,000.00 in 6 months how the hell does that work.
Wasn’t my choice of super but will def be rolling over.
FYI They aren’t even in the top 10 of super performers.
Is it that Comm Bank have offloaded CSF was performing marginally till then.
I've been with them for about 2 years. Had the money been placed into a bank account, there would have been twice the amount. Its incredible how terribly managed this fund is. I empathize with those who have got to stick with them until their loss is recovered - who knows how long that will take. I've basically cut my losses and rolled them over into another fund. Avoid them if possible.
Pat in Sydney
Lost $67,674.22 from 27.8.18 to 23.12.18 such poor management for a Balanced Super Fund.
A substantial loss of value from my super value since mid August, 2018 to 23.12.18 is disgracefull for a Balanced Fund. I would not recommended them.
Never ever deal with these guys ever!!!!
I Invested $3000 over a 1 year period. After the 1 year my balance was $2830. I called up to cancel my account and instead of the staff member performing my transaction SHE STARTED BELITTLING ME..... after 28 minutes of trying the transaction was performed. I asked to speak to the supervisor who agreed that it was not good enough and that the transaction was done..
Next day I called in and asked the final price I would be receiving... and I was told $2720!!! and I rang in again and complained.. they said $2720 had been done..
The following day I got my bank credit and I got $2666.....!!!
These guys are absolute scum, amateur teenage phone operators, rude and clueless on the phone..
I am currently writing to the Financial Ombudsman to make an official complaint..
THERE ARE 39393903 others out there... DO NOT DEAL WITH THESE GUYS>>>> The only thing they are good at ( or on time with ) is taking their FEES OUT...
DONT DO IT TO YOURSELF!!!!
From July 2017 CFS told me that I could get $36K in interest annually. I was living on $26K so, expected to see my money grow. The first 6 months was on target, to give you a false sense of security.
The next 6 months it died and the last 4 months I went backwards.??????
My capital lost $11k in 4 months!!!!!!!
At the end of the day I'm out of pocket $70K in 16 months.
I've now moved to an industry fund ( as of this month ) where my brother has been receiving excellent returns.
My brother is also in a conservative fund as he wants to protect his hard earned money also.
I see that the Commonwealth bank has sold CFS to Mitsubishi. I think they needed to load their coffers to get a good price.
I contacted a financial adviser in December 2017 about money I had inherited and asked what was the best way to manage it. A friend of mine had been with him for years so I figured he would be ok and trustworthy. I really know nothing about the super funds (altho I'm trying fast to understand) and therefore needed to be able to put my trust in someone. First he told me not to leave it in the bank (at this stage I would have made far more money than having it invested with CFS.) His fees have been over $5,000 so far and I have lost over $6,000 - so down $11,000 plus and not improving. I was told they expected I could withdraw $20,000 annually without it effecting my super balance. That's going to be impossible since I am down $11,000+ to start. Why do we have to put our money in super if we do not get any advantage. I want to remove it from CFS but I am so far behind now I can't. Also I can view movement but it is only updated every 3 or 5 days so by time I view it, it has already sunk lower by the next viewing. I hate this system. Are we all being ripped off? Is there an advisory body where we can get advice and help? Who do our politicians have their super with? Probably the best performing!
EXTREMELY POORLY MANAGED INVESTMENT FUNDS
Since the share market decline (25%) of my portfolio, l have seen a huge decline in my cash, fixed interest and property money. The investments are in conserative funds with CFS.
I can understand the drop in shares, BUT WHY THE DROP IN CASH, INTEREST & PROPERTY.
Is it poor management or them gouging customers? Make up your own mind from these facts.
No idea how to manage money
I have been with this superannuation fund for many years.I have been monitoring this company since I retired & their performance is getting worse .They are one of the poorest performers.
very barebone online system
With them for nearly 8 years and the online system has always been really basic with very little features. No app, difficult to manage anything. Their statements are sometimes very slow to come out and sometimes had many issues trying to log into their system. Would not recommend if you are someone who likes to manage their own super online rather than calling someone.
Hopeless thieving organisation
Colonial bought out my previous Super fund. They have provided ZERO service, but continue to collect fees for services they do not actually provide.
Their phone and email "help" is useless. I do feel for the poor staff, but when they are put on the front line they bear the brunt of disgruntled customers, but they have so little authority they can't actually help.
Sound like a typical retail not-so Super Fund really!!
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