??!
1 photo
Mercer Wealth Solutions

Mercer Wealth Solutions

1.4 from 13 reviews

Worst customer experience. I cant wait to change

My company initially set me up with Mercer as the default super and I wish they had not. Every time I call I don't get any of my issues sorted (like confirming contribution dates vs tax years) and they are just not helpful. I would not recommend them to anyone.

Transparency
Customer Service
Insurance Options
Income Protection

Useless Customer Service, and hopeless at passing on Notes on their computer systems.

My sister passed away and I'm trying to tie all the loose ends, and Mercer just like REST Super both absolutely belong in the pile of crap that they came from.

Customer Service

Woeful customer service and poor advice

I've been with Mercer for more than 20 years, and have just been offered a voluntary redundancy. I called Mercer to check on my redundancy benefit - after 25 minutes on the phone I was assured that it was my current balance, which I knew to be incorrect. Gave them a poor rating on their end of call survey and got given a different number to call. Told my story again, got the same answer but insisted that they check. Phone call back the next day and was told that yes, my payout would be substantially more. Making a life changing decision at a stressful time needs accurate information and Mercer is incapable of providing this.

Customer Service
Insurance Options
Income Protection

Won't give me my money

I didn't realise that Mercer managed RBF, but that may explain things. I sent payment insructions to RBF and waited for the payment. Three weeks later I rang them and the customer service person was very nice and helpful. The money was with the payments team for processing and was ready to go. I imagine that means deducting tax and pressing OK to send to my account. She had asked them to prioritise the payment. Nothing happened, so a few days later I rang and was told the estimated processing date for the payout, 40 days from sending the payment instructions. Again the customer service rep was fine, but the delay in processing and the conflicting information surprises me. Some places have a set processing time, like 30 days or 5 working days, but there was no such time mentioned and I felt as though I'd actually been put back in the queue for ringing to query them. I am still waiting.
Quite happy with the financial return - it was only a small super account - but I am not happy about the fact that they won't actually give me the money nor say why.

1 comment
An update - the payment date has come and gone. I rang to find out why the money had not arrived and was told that everything, including the sending of instructions to the bank, had happened. RBF simply hadn't released the money. this had affected a number of people, not just me. Another 2 or 3 days might see some action. Apparentlly persuading them to part with the money takes time. Perhaps they need to keep it till the end of the week to get more fees? Anyway, next month I will do another update on my fight to get my money, since I am now finding a bookie to take my bet that I don't see it this side of Christmas. I would give one star now if I could.

Bad Advice

Based on Advice I received from Mercer I took out Trauma insurance. I had the policy for over 10 years and eventually cancelled due to a change in lifestyle. At this time I found out i wasn't actually covered. Upon review of the initial application, it was obvious. However we went to MERCER for advice which they gave but at no time did they advise the policy was not suitable. Be careful read the fine print, MERCER wont help you, they want their payments and don't care, we all done MERCER.


MERCER - POOR SERVICE AND NO RETURNS OVER 9 YEARS

I have been with mercer for a number of years as it was a default provider with a previous employer. Over the past 9 years mercer has given no return on my super as a member of there personal superannuation division. The super I have to date invested with mercer is the sum total of what I had then plus what my employer has put into it over that time. Mercer has not passed on to my account for nine years any return for investing my money.
I have spoken with mercer on different occasions to have them review what has gone wrong, only to be told by them that its all OK. They have showed no interest in reviewing the past nine years and correcting this issue. Looking at what other Superannuation bodies have returned over the past several years, shows me that Mercer cannot be trusted to invest retirement money and to give even a modest return.
Their performance summaries show there has been returns in there investment category reviews and yet nothing has been passed on. Do I have to put this in the hands of the ombudsman to investigate and force a systems review of all Mercers practices, as Mercer themselves don't seem interested at all, after all they have my investment and they are pocketing all the returns.
If you are looking for an investment company to look after your super, I would strongly recommend going to somewhere where you can get some care and a better return than 0%.


Felt Pressured

I recently had a preliminary consultation with Mercer but at no stage did I say I would be going ahead with them. Therefore you can understand my surprise when, at completion of the consultation I was handed a form and asked to "sign here". At that point the consultant caught me by surprise and also asked for my driver's licence of which a copy was taken before I realised what was going on. I then explained that I wanted more time to make a decision and the consultant was extremely put-out, saying that I had been nodding my head throughout our conversation. I had always believed that nodding to someone when they are explaining something to you is a polite and discreet way of letting them know you're listening and understand what they're saying. Not an agreement that you are ready to sign up and hand over more than $3000, without even having a chance to digest the abundance of information given. I was told I should sign up on the spot whilst all the information was fresh in my mind, as I was likely to forget most of it by the time I got home. When I said no, I was then handed another form which I was told I HAD to sign before I left, to acknowledge various pieces of information etc. but it wouldn't commit me to the $3000. Upon reading the fine print of this particular form, I would have actually been agreeing to the release of my financial information to other parties, among other things. I refused and was told "if you don't sign it now and decide to go ahead later, I'll have to send it to you to sign, so it's just easier to sign it now."
Really Mercer? These tactics are unprofessional to say the least.
I have never felt so pressured. A less assertive person would probably sign.
I felt truly uncomfortable and intimidated, and was shaking when I left.
The consultant implied that I had wasted their time.
I would like to give some well-meaning advice to Mercer.... please don't pressure unsuspecting potential clients to sign up on the spot. I most likely would have signed in a day or two, I just wanted to do it at my own pace.
Now I will go elsewhere.


Mercer is Hopeless

Mercer manage super funds for RBF in Tasmania. I retired three months ago and I am still waiting for information to be released by Mercer to enable me to make a decision re a payout or a pension. They do not communicate, they behave like public servants, ducking and diving and blaming other agencies for the delay, and don't respond to questions put to them. I have decided to get away from Mercer as soon as I can, well as soon as they will let me! Retirement should be a happy time, but not with Mercer.

I would give it zero but they wont let me

It has taken me nearly 6 months to move my money from this fund. They have without question the most inept record keeping and customer service processes I have ever encountered. Despite repeatedly providing them with certified documentation to facilitate a name change and transfer of funds and two separate phone calls from their administration staff assuring me they have received the documentation and the transfer would be processed I have just received another letter in my maiden name (after it receiving letters which acknowledge my name change) telling me that they have insufficient documentation to process the change. This appears to be a pattern with Mercer who I can only imagine do so stop people taking their money out of a fund with unreasonable fees. I am still waiting for this to be resolved.

If you ever have to deal with them take notes of names, date and times, as they are completely inept at keeping their own records.

I dread to think how much money they are making of the average Australian who can't be bothered with this much aggravation for something that doesn't affect them while they are young.

AVOID AT ALL COSTS!


Got out as soon as I could

The company that I worked for put us automatically into this fund. Fees were very high and I watched my money take 3 steps forward and 2 backwards. My money would have been better in the bank in an interest bearing deposit. As soon as they found out that I had changed to another fund they took my money out of where it was and automatically put it in another one of their funds and charged me for it. They then denied me access to the previous fund that they had it in and didnt provide documentation of what they had done. This company is in no way transparent with what they do with their customers funds. I dont trust them
Nothing
Not transparent.

Failing clients of Mercer. Zero star rating

As a person who has been employed for many years I was looking forwards to my retirement and collecting the super owed to me by Mercer.
I went about providing the necessary documentation which had to be certified. An officer of the ATO provided the first certified copy of my drivers licence. As we all know this shows enough to positively identify me in a myriad of circumstances.

Not good enough for Mercer, the date had been omitted when I asked why the money has not been paid.
Mercer claim to have sent two letters about this matter of which I have received neither.
Okay. Next I send in to them an identical photocopy of the same drivers licence. This time certified by an ex JP of NSW and currently a serving member of suitable rank in the ran.
This time I actually get a letter stating that my certified document is a photocopy, and again not suitable.
They now have two certified copies of the same drivers licence with two separate witnesses.
Neither certification is a photocopy. I understand what the word "original " means. So too do the persons certifying the document.

When I rang again, I was told that Mercer have to be careful because of terrorism and identity theft and a pile of other irrelevant [censored word removed].
To have the Financial Services Ombudsman follow up on this matter will take months as Mercer are allowed to waste 45 days of my time before they respond.
My advice to potential Mercer clients. In my opinion I believe you would be wise to seek super investment elsewhere.

Footnote: even my email address is invalid according to this site

Excuses, excuses and inflammatory statements.


OK

Sell Job. Under these uncertain times what's the point of "unit Price" means nothing to a potential investor .. show me the performance !!!
Good Education.
Where are the funds performance charts ??? not buying if I don't know the "price"


OK

This fund is okay if you don't care so much about fees and want a lot of help with your super. It also has one of the best range of investment choices I've come across. But the proviso to that is that you should be on an employer sponsored plan, otherwise the already high fees get even higher. I looked elsewhere and have not regretted the decision.
Quite good advisory service if you're on an employer sponsored plan. Wide range of investment options. Excellent website.
Expensive fees wise. I ended up switching to an industry fund which had much cheaper fees, if not the extensive investment options.

Questions & Answers

Sorry, there are no questions yet.