5 questions from our users
Has anyone from ESSSuper explained why the fees have quadrupled over the past 3 or 4 years? I'm in the Accumulation Fund and paid $820 in fees for a balance of around 320,000 in 2017. In 2018/19 I have been charged $3,796 in fees with only a $45,000 increase in my balance. How did this gross increase happen without members creating an enormous stink?
What happens to the rest of my dad's super as I am his benafactor don't they have to pay out what's left over ..if any was.?
I have my superannuation in ESSS accumulation fund. My wife has hers in another fund which paid more than 4% higher return for the previous financial year than ESSS. Can anyone tell me why ESSS returns are so much lower than other funds? They say that they are a "Platinum Fund" but what does that mean? It must be just a title meaning something else. Maybe the colour of their brochures or likes. The returns are certainly not platinum, Gold or anything near that.
My wife's super account is also in another fund and also appears to have a higher return than ESSS. The reason for this appears to be that most accounts in super funds are High Growth. ( Make some inquiries ) You take the risk of good returns as against the higher losses. I originally had my investment split between Balanced / Growth. Early last year I put it all in Growth and the benefits were noticeable. If I had of gone to High Growth it would have been even more substantial. The share market seems to go 'dormant' between April to September and becomes more active between Sept to March. You can change your investment at anytime and online at ESSS. Check the returns and you will find ESSS, and I still maintain they are a little bit conservative, are quiet comparable to all other funds. Hope this helps.
I had taken this into account and checked the returns on the 'Balanced Fund' of both ESSS and my wifes fund for both the 16 -17 financial year and also the YTD monthly returns. The comparison was based on the balanced fund not the higher growth options. When I checked all of the investment options of both funds her fund paid higher returns at all levels of investment.
My problem with esssuper was the final interview after 35 year with them, went for about 10 minute with the financial adviser just given a few books and telling us to make up our own mind. The financial advisor we end up going with spent 90 minutes with us and mapped it out on a white board, and ask a lot of questions about what we want and what we need, His professional interview was incredible and it didn't cost us anything. Esssuper was amateurish and we went all the way in to the City for a 10 minute interview. Please advise?
ESSSUPER was once a stand alone fund but was rolled over into the State Fund by the Labor Government of the time and since then performance and customer service has gone down hill. They are reluctant to give 'financial advice' as they person giving same has to be a registered financial planner and they probably don't want to spend a few bucks on one. I am with them and am seriously considering giving them the flick for their poor customer service and performance. Even their own graphs show that they consistently underperform the industry average.
Your experience is similar to a number of members I have spoken to. The fund is great while you are working (Defined Benefit) but you seriously need to get some advice from a professional (as you have done) before you commit to staying with this fund.
PS: You won't get an answer from them as they probably do not monitor this portal.
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