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Plum Financial Services

Plum Financial Services

1.1 from 29 reviews

See the Best Retail Funds in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

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1 star
27

Andrew w

Andrew wMetropolitan Adelaide, SA

  • 2 reviews
  • 2 likes

Avoid this company.

published

Employer sent funds this account, real battle to get the money back. They don’t respond to emails and when you send private information in the form of certified copies of a license , they just loose it and refuse to investigate. Potential identity fraud.

Transparency
Customer Service

wish I had read these reviews before

published

20+ years with these guys. Can't recall one positive interaction. Had health issues so thought would lose cover and not be reinsured if moved elsewhere (prior condition etc) so stayed with Plum. But that was a waste as they make it almost impossible to claim. Exorbitant fees, crap returns and continually being locked out of web site. Every interaction ends up being difficult and stressful.

Transparency
Customer Service
Insurance Options
Income Protection
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WARNING - DO NOT USE - RIP OFF

published

Warning, poor performing super.

they claim that the account is performing at a certain % that included my contributions....

I closed the account and charged me exorbent fees. After I closed the account my employer accidentally paid into plum account again and plum charged me $400 exit fees on $1400 of super.

Transparency
Customer Service
Insurance Options
Income Protection
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Displeased_1

Displeased_1South East Queensland, QLD

  • 4 reviews
  • 4 likes

Website performance is as abysmal as their fund performance. Avoid at all costs!

published

I've been with Plum for over 8 years, chiefly for the employer-subsidised life and TPD insurances. I just left the minimum $5,000 and would roll-over additional funds every 6 months into my personal Netwealth Super Wrap product. Netwealth is far more cheaper, and I get to buy directly Australian and International shares. Plum's website is one of the worst I have ever encountered, assuming one can log in. It takes forever. The performance of their funds reflects this also. The only way to make any money with Plum is to keep it in one of their bond funds. Costs are relatively astronomical. To be avoided.

Transparency
Customer Service
Insurance Options
Income Protection
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Disgraceful service - they hold your money!

published

Rang 3 times after being verified (Thurs) and told that my money would be released. Now surely with the New Payments Platform they could send to my account on the Thursday once verified after all they're owned by NAB. 4th phone call and now they say it's in the queue on Monday and may take another 72hrs!!!. Why so long? Why not informed accurately the first 3 times? It's not your money PLUM it's mine!!! Making short term interest off my money once I've requested it should be outlawed!! Plum and NAB - Disgraceful and incompetent.

Customer Service
Insurance Options
Income Protection

MargK

MargKMackay

  • 3 reviews
  • 4 likes

Thieving Mongrels - Take from the poor, give to the rich!!

published
Customer Service
Insurance Options
Income Protection

Susan and Paul

Susan and Paul

  • 2 reviews
  • 4 likes

Absolutely deplorable customer service

published

Regrettably I have been with this company for over 20 years. Service is deplorable so far I have waited 1 month to receive my entitlement on retirement due to inept process and procedure. You are just a number with this organisation, there is no personal customer service - every email is automated and just says the same thing over and over again. I have to constantly ring to find out what is going on with my claim. Don't go there, or get out while you can.


The most incompotent company you can possibly deal with

published

Incompetent and uncooperative.
I have made numerous complaints but nothing is ever done.
Every single interaction I have had with Plum has been a disaster.
Do not join Plum and if you have your money with them get it out now before its too late.

Matt

MattMelbourne

Poor Performance

published

This was my companies nominated super, I wish I had never gone with them. They had very poor returns, I hate to think how many extra years I will have to work thanks to them providing such a bad performance. Please do your research and select a better fund.

Andrew

AndrewBrisbane

Could not organise a sh# in a toilet!

published

Hopeless and slow service, PATHETIC returns. There should be a class action lawsuit on how these guys invest/embezzle customers retirement funds. Proper RUBBISH!!


Max

Max

  • 16 reviews
  • 3 likes

avoid

published

Web side is misleading to Customers. Information is delayed. Processing of orders is badly delayed. Staff is polite, but gave me incorrect information in 75% of my queries - seems Plumb's information misleads the staff as well. Staff knows about the issue and, so it seems, leaders. The later denies all. Overall impression- company seats on their backsides doing what they like best: after all they've got your money. Avoid


Rubbish!!! zero rate!!! never go there

published

Rubbish!!! zero rate!!! never go there, they useless. Can not withdraw 100 dollars for four months and close the F***** account


henryfg42

henryfg42Brisbane

Extremely uncooperative

published

RUBBISH! If I could give it ZERO stars I WOULD!!

published

I have had only negative returns since July 2015. I have contributed over $17,000 since that period and my balance is only just over $10000 more. So overall growth has been MINUS 5%!!! $7000 DOWN!!
I am LEAVING this fund and I will NOT be recommending this fund to ANYONE I know.

dogstar14

dogstar14Metropolitan Adelaide, SA

  • 4 reviews
  • 1 like

Payout of super death benefit - disgraceful

published

My sister in law passed away about a year ago and left an 11 year old daughter behind who we now care for. We received all the probate documents and jumped through a few hoops (which we understood) so we could submit a claim for death benefit. However 4 months later we are still no closer to the estate being paid the death benefit and balance of super. How hard can it be? These people have no compassion or empathy at all.

1 comment
dogstar14
dogstar14
Ozgaza

OzgazaSydney

  • 8 reviews
  • 19 likes

Avoid Plum

published

Plum became my ex-companies default fund and the difference was noticeable, lousy returns, lousy service which became even worse when I left the company..negative returns, fees and taxes were eating up my nest egg so I quickly rolled my money over to ING Bank Term deposits and then into their Balanced Fund..no fees no charges and rip-offs. The Super Industry is riddled with Crooks who are feasting on our money and the good returns are going to the rich..a complete scandal.....but Avoid Plum all together.


John

JohnPerth, WA

  • 5 reviews
  • 1 like

Consisted in lossing my money

published

3 years negative returns and love the extra fees as well. Time get money out while I've still got some there.

1 comment
John
John

Well been year odd now got hole 3.2% growth before fees ect .not waiting anther year i want to retire one day


Bad and mad-a total rip-off

published

Just been through the wringer via both email and phone with Plum. They are not only among the highest fee charging financial institutions, but totally inflexible. I only wanted to access a small amount of my super and leave the rest. Regardless, they had a flat $75 'exit fee' which I had to pay even though I wasn't exiting. When I pointed out that they would make this ten times over with the amount of ongoing admin and management fees if I left the majority of my investment in the fund, they still insisted on the charge. Needless to say I am now withdrawing my total amount of Super and going to a more realistic industry super fund. Moral of the story..do not consider Plum for your Super-you will be ripped off.


Very poor fund

published

I left a company that payed into plum to another company that also payed into plum!
That's were the fun began I had to transfer my insurance first then transfer my super too the second fund other wise I'd lose $500.000 insurance cover
Plum transferred the insurance but didn't change over my super!!!!! 12 months later $1700 in fees because of their incompetence.
When I asked for that money to be refunded into my account I was told NO it's my fault because I didn't check.
Without Prejudice they are thieves.
Anyone with plum or thinking of going with plum need there head red.............


worst company in the world

published

Trying to make a claim TPD with this company is just impossible all they do is set up a call centre so you cant actually talk to anyone except some fool on the end of a line that should be selling phone plans not dealing with the rest of your future. They are single headedly ruining my life to the point I will have to sell my house, the delay in the claim is by no means my illness or illegibility for TPD as I am dying but the delay is due to there complete incompetence and internal structures. Complete lack of empathy or evening understanding for there members well being they just couldn't care less.


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Questions & Answers

disgruntled bhp employee

disgruntled bhp employeeasked

Why did bhpbilliton switch from Russell to Plum if Plum performance is so poor? Also is Plum tied in with MLC and/or NAB .As far as I can see performance is largely relative to quality of personnel and these seem to be on the move constantly from one fund to another. I cannot get any response from Plum from questions I have raised.

1 answer
Lauren2
Lauren2

Hi, we use Ellerfield Financial Planning - they have been around for a long time and can give advice/help on Plum products and investment strategies


kevin7

kevin7asked

I am rfetired 73yo and have $70,000 in plum which is doing nothing is there a better situation for me this is my total savings??

1 answer
Lauren2
Lauren2

We have used Ellerfield Financial Planning - they can give advice on Plum super accounts and where you invest - very happy with their service


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CategoryRetail Funds

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