Ask for fees before you start
I was referred to a financial adviser when calling CBA, inquiring about starting a new account. I agreed to meet their chosen adviser and sat through two hours of questions whereby I provided information and said I simply that wanted to put some extra money I had into one of their funds and put the rest into super in a 1/3 - 2/3 mix - I was told at the end of this this meeting by the financial adviser that they'd draw up a plan for me, it would take a week or two and that the fee for the meeting on that day, the second meeting, and the plan wou...ld be over $4000! I think that this fee should have been discussed at the very start of the meeting especially, since most of the recommendations I won't be following, especially the insurance and ongoing advice which would have cost an extra $9000 annually - the only advice I will be following was regarding the fund that I rang the bank about in the first place! My advice to people is to ask that all fees be stated up front when dealing with any financial adviser.
Looking for Financial Planning Services?
Read the reviews for Future Assist Financial Services Group
The bank of fraud
Steer well clear from this atrocious bank and their financial advisers and their subsidaries.When it comes to dealing with a complaint they will remove documents from your client file so that you cannot find out what did and did not happen and what was represented and not represented. I retrieved documents from our client file that demonstrated unauthorized trading from their subsidiary financial advice firm Whittaker Mcnaught. Documents that were removed by the CBA included an adviser file note [and other adviser documentation] and all applica...tion forms and switching forms. Surprise surprise documents without any client signatures despite no less than 3 documents stating that the client signature has been obtained which was also removed.The CBA response to this was we do not know why those documents went missing if they did. Yes CBA, they did go missing and it is very obvious why they went missing. The CBA has a history of messing with client files. Please any one reading this do not put yourself in a position of despair, I have had suicidal thoughts with the wreck and havoc they have put me and my family through.It is just not worth it, steer well clear of these grubby people. They will; steal the money you have worked so hard for and kick you in the guts while your down.
Seeking Financial advice for retirement- DO NOT USE CBA FINANCIAL ADVISERS
Our experience has been a long drawn out and costly experience, we invested our superannuation in a retirement plan at 65 in 2005 and elected to receive ongoing service. We asked for a review in Feb 2007 and again in 2008 to consolidate our funds but were ignored by CBA as they were too busy seeking new clients (suckers) because their advisers were directed to do only one ongoing client per month. We received no service and were totally ignored from 2005 to 2012 when we were forced to take control of our own finances.
We took our case to the F...
Questions & Answers
I'm a 76 year old pensioner.
Has any other elderly person tried to get a refund for 'fees for no service' from the Commonwealth Bank's Colonial First State and been told NO. Then, after lengthy discussions, been made an offer, but then told that they are not entitled to interest/compensation. This contravenes enforcements issued by the Banking Royal Commission.
No the RC only makes recommendations it is then up to the govt to implement any not necessarily all recommendations. Law firms are gathering clients together for class action so keep an eye out for them as this will be your best option. The CBA is simply a filthy bank ....they can be caught with their hands in the money till and continue to deny any wrong doing.I doubt they will ever change their culture as this is where they make their profits from through screwing over their clients.
The thing is that they have already been refunding fees for no service and granting interest to consumers for years now as directed by ASIC in 2015/16.
However, as far as I'm concerned 'banking misconduct' has progressed to 'incalcitrant conduct'. I agree that their culture will never change mainly because ASIC, the so called Regulator, was toothless as well as clawless well before the Banking Royal Commission.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.