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Colonial First State

Colonial First State Questions & Answers

1.6 from 76 reviews

12 questions from our users

Roger W.

Roger W.asked

Where does first colonial super rate in top 40 in Australia?

2 answers
Tim
Tim

Hey Roger.
To be honest with you i don't care where colonial rate in the top 40.
My opinion i would not rate them in the top 100.
Why don't you tell me were colonial rate in the top 40.

daniel calvo
daniel calvo

they are not to trust. i paid salary insurance (1500 AUD /6 months) for 7 years without having benefit from it and without having requested it.


Wenston Seoo

Wenston Seooasked

Hi Officer : It 's Wenston Seo . I am a this Super member. Would you tell me Colonia First State , ABN number ? My super Account number is [details removed]
Thank you.

No answers

Brian

Brianasked

When you receive distribution they give it to you in units and then reduce the unit price to suit, how can that be legal

No answers

Colleen W.

Colleen W.asked

I was burnt in a house fire & spent two weeks in the burns unit & off work for about six weeks. Can I claim on my super

1 answer
hammerhead
hammerhead

You should be able to under hardship contact the fund


Terry K.

Terry K.asked

I checked my super balance today and see I lost 2765 dollars from a balance of 73000 dollars how's this possible

No answers

Ricky

Rickyasked

Hi there, just wanna ask Regarding essential super. How to stop or cancel investing money? I mean, when I get pay or my employer contribute money into my account I just wanna leave the money like that don’t wanna invest. Hopefully you guys will try to understand my question. Thanks

1 answer
Sox
Sox

Hi
If you don't want to have your super invested in the stock market,select the cash option only on your super policy.
Regards
Bob.


Wenston Seoo

Wenston Seooasked

How can change address ? I was moved house.

No answers

Myra N

Myra Nasked

What would my fees be if I had $150000 invested with colonial?

2 answers
Arty
Arty

Too much

JOHN G
JOHN G

They will suck u dry....


Phil

Philasked

Where do you make a complaint and close account?

4 answers
Nik
Nik

Scholl.com.au is the place I visited to make complaint. I never heard back from anybody. I'll never buy a product from them again or that reason alone.

Kev O
Kev O

Hi Phil, its no use complaining to them ,what i did was withdrew in stages and transferred the funds to a term deposit ( the best rate you can find) however leave a small amount (eg $50) rather than close the account because they will hit you with a $300 exit fee if you withdrawl the whole lot....cheers kev

Phil
Phil

This is why we need a complete inquiry into banks and this mob thanks kev for your answer i will do that after i see planer from social security its free what they get away with is criminal high fees when i talked to them my fee were reduced to half how are they acting in your interest it cost me did not make money above my fees time to be rid of them .


June

Juneasked

I'm applying for funds to be released on grounds of severe financial hard ship -
Has anyone had any problems getting the funds?
Their reviews are pretty bad

7 answers
TFC
TFC

Molly I originally had a problem with them delaying payment because of living overseas and having my home address in Australia. After jumping through all the hoops eg. submitting the release form and then having to supply a certified copy of my passport, which they initially rejected, about a couple of months later I did receive a ''sorry for all the mix up" and advice that they would transfer the funds to my nominated account. This was after I said I would take the matter further. I needed the money for a deposit on a house and the delay cost me getting this particular property.

TFC

June
June

Thanks TFC - I had to send so much information - wanted to be sure I covered everything as not to delay my application.
But still don't understand why 2 forms Early release of Super on financial hardship grounds with all ID signed & 2nd form Super withdrawl form also asking for all ID's to be signed.

JOHN G
JOHN G

Near impossible....Game players Colonial ....Get a lawyer....!


chris johnson

chris johnsonasked

Our financial advisor has recommended CFS for our super, we have been with Rest, anyone made the switch? Feeling a little unsure.

4 answers
James Saville
James Saville

I put some money into a number of managed funds administered by CFS at a time when I simply did not have time to administer all the cash in our SMSF. But I invested some more money through a Comsec account where I did all the decision making. I did better than the supposed experts at CFS. Reason is clearly that CFS mostly trades across the entire ASX 100 or so, irrespective of whether they are dogs or not. Then charges a bundle despite poor performance. And they give such slow feed back that decisions about selling are always made with incomplete information (like Wednesdays' closing prices being the most recent available on Friday afternoon. CFS's so called advisors give poor service for stupidly high fees. I'm doing far better working through a broker. Do it yourself if you are financially competent or get into an industry fund. Don't deal with CFS. James

John Strang
John Strang

Chris, We invested $40k with CFS some 5 years ago, received interest payments initially & then the funds were frozen on 1.3.10 with no interest payments made since. There have been 16 payments made & still awaiting a final, albeit small amount ($290.83) remaining. As the Colonial is a part of the CBA group I had expected that Colonial would have been underwritten by CBA, but the CBA chose to hide behind the Colonial corporate entity - legal but un-Australian & socially unethical. Poor effort.
No, I would not recommend dealing with CFS based upon their poor, woeful management performance. Cheers JS

Althom
Althom

Wouldn't recommend investing with CFS. They are not pro-active and basically have a very vanilla bunch of investment options. There is no evidence of their "financial gurus" actually taking action based on trends or actual events.


Alicat17

Alicat17asked

Can anyone tell me how the 15% entry tax that First State charge on my super fund compares with other funds?

1 answer

I thought that CFS like other super funds only charges a 1-2% spread on buying and selling prices on products (ie you sell for 1-2% less than you buy) plus a 1% to 2% annual management fee, depending on product. The bad old days of 4% entry fees / broker commissions are apparently history. You may be talking about the 15% Government tax on tax deducted contributions, which you can't avoid.


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