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!!
We invested $500,000 in 2008 prior to GFC, our funds have still not recovered (as of 2018). Excessive financial planning and advice fees were eventually stopped by the open review scheme by CBA. Elected to have distribution reinvested into the funds this year - money hasn't showed up. Some nonsense excuse about the distributions being paid into the fund at large - thus diluting the unit price of our funds. Artificial manipulation of unit pricing to suit no one other than CFS. Biggest regret of our lives. As soon as we get our money back - we'll take it out. Would have made much more if left it in the bank.
Most hopeless Organisation to deal with
My wife has 2 Super accounts with CFS, one in her married name and one in her maiden name. Attempts to have both accounts combined into her married name have been nothing short of horrendous. When told it had been done we found out that it hadn't been. There are always excuses that the signatures on file don't match, which is not strange given the signatures are 15 years old. Then there are always other excuses as to why requested things haven't been done. Don't even consider trying to draw part funds from managed accounts - lost paper-work or a myriad of excuses to delay things. We would not and could not recommend CFS to anyone.
Super - nearly lost $12,000 because of sloppy Colonial First Sate IT system/prcesses
Had an issue with my Super with Colonial First State. I made several transfers from my bank clearly marked as voluntary contributions using their coding. Most went through okay but for some reason some had an employer contribution tax deduction made - 12% deduction. Took a few letters to sort out including sending them PDFs from my bank of the transfer statements to show I had done the correct thing. Basically sloppy IT systems (glitches) in Colonial First State. Very annoying and I could easily have missed their tardy processes and lost around $12,000. Very annoyed.
Colonial last choice
Bad internal processes. The letters all signed by some important person in the company to customers seem to be generated by algorithms. The only thing colonial cares about is taking your money eg the pathetic death / insurance benefit that you will never actually benefit from but from which colonial 1st slugs you with from day 1. No matter that you are healthy, dont smoke and run marathons. No matter that you were never asked did you want it in the first place. 1 colonial 1st. Customer 0. Even when you have exited the fund 1 month ago and colon...ial has made contributions to your nominated fund the colonial algorithm still sends out a letter asking that you pay them for the unpaid insurance payments for the last 2 months. They go on to suggest that you top up your no longer existent colonial 1st super account that you asked to close a month ago. Why? Because it is an algorithm nothing more nothing less. Colonial 2 customer 0.
Inefficient and slow
Rang them to ask for a withdrawal form to be sent snail mail. Over 2 weeks still waiting. Said it would take about 10 days as it is going via a third party - Australia Post !!!!! Hello, don't most letters go via Australia Post, it is not a parcel just an envelope.
Undeniably bad set of processes
I've not experienced any issues with employees, who have actually been pretty quick in their dealings with me, but the processes are appalling. I've moved out of Australia now and claiming back the super that was paid under DASP, they won't pay international payments, so my ONLY option is a cheque in a foreign currency, plus I've been asked for a certified copy of my passport, which can't be emailed or faxed to them, so I'm forced to send that by post from the UK. Really not good at all, wouldn't recommend to anyone.
Banking Ombudsman here I come
I took my money from MLC wrap that made good money, having been convinced by Commonwealth to move to Colonial First State.
Result, MLC Wrap made good percentages growth, CFS less than half of MLC.
I had 4 financial advisers in 30 months.
In that same time frame Not one share was moved, touched, changed..
I paid full fees, until I sacked their so called service calls.
Disgraceful. Deceitful. Incompetent. Worst of the worst.
Took my fees annually for managing my 250K funds over 15 years but in the end sent me a letter to apologize as wait for it... nobody from Colonial First State was actually overlooking or managing my fund. It had been in limbo all this time. And the balance is 5K less. Refund of $1700 for all the trouble with an apology was all I got.
Please note CBA introduced me to this fund at the outset with effusive praise and recommendation. Crooks looking after crooks?
Disgraceful. Some of their staff should be on charges.
CBA employed two slimes to sell us CFS as a tax free income source (allocated pension).. Problem is the return does not match short term bank deposits and the investment capital has spiralled down. If we had left the money in property we would have had about 300$ appreciation plus monthly returns many many multiples of what CFS returns on the diminished investment. Incompetent at best. Closer to crooks in my opinion.
Absolutely terrible. Park your money elsewhere.
My very kind aunt invested $5000 for me back in 2008, my current balance is $3500. Yes this investment was made pre-GFC but it has not recovered whilst the markets largely have.
These guys have sat on my investment like lazy buggers, doing absolutely crap all with their thumbs up their butts like the numpties they are.
I could have invested this money myself back in 2009 when Domino's shares were like $4-$5 and literally duodecuple-d my money August last year when their shares peaked at about $70.
These nongs have no clue, I will be withdrawing my money and parking it in my own investments (ETFs and shares).
Crappy no-knowledge mouth-breathing noobs.
CFS manages Commonwealth Bank Essential Super fund - Avoid at all costs.
I set up this account to make cash deposits when I could afford it into this Super fund. On 30/6/17 I transferred monies to Comm Essential Super to get the government financial benefit. Comm Bank to Comm Bank account transfers always occur immediately so I was sure I would meet the government's requirements and get the benefit. WRONG. I was unaware that CFS managed the account and had used my funds for three days before depositing it in my account - so through no fault of my own I didn't meet the government requirements and therefore didn't get...the financial benefit. CFS, using my moneys put their greed and self-interest before my interests. In my view banks have no place in Superannuation funds. I spoke to CFS on the phone twice and got nowhere. The first officer was pleasant but could do nothing. She put me on to an ignorant male who tried to talk down to me and tried bully-boy tactics that may have worked on some customers but I am better educated than him and while I was direct, I remained unemotional. His 'punch line' was that I should have read the small print. That was the best he could do when he lost the moral ground.
A good investment
I have been with CFS for about 15 years with my super. Took a real big hit when the GFC happened, but my investment has recovered and gone from strength to strength. I log in to my account regularly to check my investment and would recommend others do the same, that way you can't complain about losing money.
Been great returns
Been with mob before it was colonial , was just state bank , invested two $10,000 funds into their imputation fund back in about 1994 , over $300,000 these days, geared share fund and global resources funds also done great, very surprised by the negative comments from other reviewers.
Look at performance and THEN look at everything else.
People may rant about being charged for insurance (which you can cancel if you really don't want it) or fees (their fees are pretty low in comparison to plenty of the other superfunds), but they get great returns for the asset mix you choose. I can see some of their more aggressive investments give a really impressive return (20%+ in the 2016/17 year) but of course those are risky. If you like to be conservative, then there are still great returns when you want half of your money in cash or more. So many options to choose from as well. They don't win awards for nothing.
The Truth About Colonial First State Call Centre
The reason CFS call centre is back or the reason the whole client operations department is bad is:
1- There is no internal collaboration between them
2- The call centre hates the admin department and vise versa.
3- Really really really bad management. The managers of the call centre create all this metrics they call KPI as a measure of performance so they can measure themselves and qualify for a bonus at the end of the year. Now the problem with these metrics is that is not customer focused. What I mean by that is that it doesn't benefit the...
Questions & Answers
Where does first colonial super rate in top 40 in Australia?
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.
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]
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