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 would 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.
another cba victim
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 application 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 Financial Ombudsman seeking compensation for losses incurred (my calculations approx $100,000) through CBA's incompetence, and FOS made comments like 'FSP breached its duty to provide its services efficiently, honestly & fairly' but then immediately put the responsibility back on to us as the customers saying we should have followed up our requests within three months.
In our experience FOS will make many excuses in their efforts to protect big corporations and fob off the little people.
CBA Financial Advisers are little more than Insurance/ Finance salesmen. If you want honest advice and good service go to a Independent Financial Adviser.
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