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StatePlus
2.0 from 24 reviews

Reviews

Review distribution

5 star
2
4 star
1
3 star
2
2 star
8
1 star
11

Thieves

published

State Super has boosted its fee income by linking products to overpriced and pretty lame financial advice services. I have been charged for financial advice services not provided on many occasions. State Super self disclosed fees for no service to avoid royal commission scrutiny. Getting my money back has been a draining experience. As soon as I have my money I will join an industry fund - avoid this fund- they are a bad smell from the eighties.

Transparency
Customer Service

gtp

gtp

  • 3 reviews
  • 7 likes

Ok but you could do better.....

published
Transparency
Customer Service
Grieving Widow

Grieving WidowMurray Region, NSW

Very Poor Treatment of Reversionary Beneficiary

published
Customer Service
Laura M.

Laura M.Sydney Surrounds, NSW

Great Service

published
Transparency
Customer Service

MSWONDERLY

MSWONDERLYSydney Surrounds, NSW

  • 3 reviews
  • 2 likes

Poor returns, high fees on allocated pensions

published
Transparency
Customer Service

Wood duck 3

Wood duck 3Curtin 2605, ACT

Choose a better performing fund

published

Been with this mob since 2012. I recently moved to a better performing industry fund.
Handy hint. Ask your new fund to move your money across. Don't talk to State Plus.
I have been taking the minimum 4% allocated pension, but in recent years my lump sum has been shrinking. It should have been growing.
So the gross return has been less than 4% plus the 1.6% fees. Meanwhile the median return of all super funds has been around 6.5%.
I was sent a list of the 10 worst performing funds in 2017-18. State Plus was on it.
On top of that I have had a different adviser every year when my annual review came up and this year they forgot to remind me the review was due. I found half my fees are for 'advice'.

Transparency
Customer Service

Neil

Neil

  • 2 reviews
  • 5 likes

Failure to repay fees for no service

published
Customer Service

Linda

Linda

  • 2 reviews
  • 7 likes

Lack on contact, bad returns, fees for no service

published

My husband and I have been with StatePlus since 2014. Our financial adviser left and we were not told by Canberra Office. This office used to be responsive but since the move to Nishi it is very difficult to get anything out of them, let alone a return phone call. Both my husband and I have left messages for contact with no results. We are both considering moving our money out of this fund to a more customer-focussed fund that has better returns and lower fees.

Poor performance

published

Am a new member and find the returns to be very poor and my fund is decreasing despite being assured that as a retiree drawing a monthly pension, my funds are in safe portfolios. I get the impression that the fund managers are not managing the funds well and hence their investments are risky. I am disappointed having them manage my super.

Non disclosure enabling Financial Advisor to act in self interest and keep me on bundled product

published

Been with this mob for 13 years and had a change of financial advisor. The new advisor disclosed my options and fee structure. Immediately realised I had been kept in the dark and been manipluated to benifit the previous advisor. The product had changed 5 years ago and could have been unbundled but this option was not disclosed until there was a change of advisor. Effectively this meant paying for fees that I did not value nor need resulting in a significant loss. After complaining and getting nowhere have escalated to the STC and am awaiting outcome.

1 comment
JandI
JandI

I have just been informed that the Superannuation Tribunal has confirmed that I have just cause and they are now investing. Stay tuned.


Nona   I go now

Nona I go nowAU

  • 10 reviews
  • 10 likes

Become more complex to monitor

published

Been in Allocated Pension (Balanced) for many years, paying for financial advice that I didn't really need. Now moved to the Fixed Income Plan product which includes billable financial advice (ie: if no advice, no fee). Returns are lower than Australian Super (7% / 12%), but exposure to risk would be lower. Admin performance lets them down.


Keller

KellerSydney

Non-disclosure.

published

Very disappointed with high fees and lousy returns. Much information in my view withheld particularly in relation to what was laid bare by Royal Commission.


Meg

Meg

  • 2 reviews
  • 8 likes

Where are our ANNUAL statements from last financial year???

published

Still in my email inbox sits the email of 10 September 2018 stating that I should disregard all previous mentions of my 2017-18 annual statement and that it would be ready shortly. Nothing has happened. Every two weeks I ring the 1800 number to a call centre which seems to be fielding queries from all sorts of funds, each time to be told it will be ready shortly. Anyone joining this fund nowadays must be nuts!!! Warn your heirs and successors, fellow retirees. It was good as State Super Financial Services, seems shonkier by the week ever since as we are merged and acquired and are told the new logo/service/location/login/website are all "exciting".


SSFS to Stateplus

published
Paul38

Paul38Illawarra, NSW

  • 6 reviews
  • 20 likes

State Plus, a private fund

published
1 comment
Paul38
Paul38
DHD

DHDCANBERRA

Back office fails

published

We have had a string of problems all related to the back office. Alas it seems that the Canberra Office has little connection with its customers. This is most recently highlighted by the move to the Nishi Building. Who in their right mind would move a business that is suposed to be focuessed around client needs to a location where the parking is limited? The web site suggests 1.3km from bus interchange. Have the forgotten the large number of retired clients? Time to move on.


Mark B

Mark BCanberra

  • Verified customer

Sound financial advice

published

I found State Plus has provided me with helpful and consistent advice. Thus was especially true during the GFC when it was tempting to move the funds. I changed planner when my long time planner retired and the transition to a new planner was fine. I’ve done very well out of State Plus - well done guys.


mountain dame

mountain dameSydney Surrounds, NSW

  • 9 reviews
  • 16 likes

Incompetent or dodgy?

published

David Mitchell

David MitchellTheodore 2905, ACT

  • 4 reviews
  • 7 likes

Canberra Office

published
2 comments

As there has been no action or resolution on the Canberra managment matters, my wife and I now have to drive both ways from Canberra to the Liverpool office of State Plus where we have been warmly welcomed and received professional advice.


Broken Top

Broken Top

  • 3 reviews
  • 13 likes

Check out the figures - if you can

published

Page 1 of 2

Questions & Answers

CEC

CECasked

Was with SSFS which changed to Stateplus - Stateplus not returning anything - account on $450,00.00 is losing money - I have an allocated pension - can I change to another fund. I receive health card etc - but no centrelink pension

1 answer
Richard P
Richard P

Yes, can definitely change providers - no exit fees from Stateplus. It would be prudent to check some of the larger funds operating such as Sun Super, Australian Super, Uni Super or the like. Basically should be aiming to lower fees and have a fund that has decent long term performance. In the current climate - for any retiree - risk management should still be key - but nonetheless can still have your money working for you. Advice should be not bias on product - that is difficult when in Stateplus your advisers are being paid by the fund itself - so if the fund is not working in your favour, they would not be advising you to change. Any more info - feel free to contact me on 04301 90009. Even a 1% difference amounts to a lot in dollar terms, problem is that the industry makes it awfully complicated to cipher through the information. Even option names are misleading, as in industry funds one balanced fund is different to another balanced fund. Main objective though for retirees, should be to have peace of mind and manage risk on their life savings - which across most funds can be done.

The other aspect is to ensure advice is separate from the product investments, this was an initiative that came out in July 2013 and as a result funds have had to change the way they charge on investments to ensure that advice related charges are separate. Hence the onslaught of re-funding clients advice related charges for no advice provided. Important to build a relationship with an adviser that delivers on service, as opposed to just charges.


Keller

Kellerasked

Does anyone think StatePlus is a worthwhile organisation to handle their money? I think there has been much undisclosed information since the legislation changed in 2015. There appears to be a lot of unhappy clients.

6 answers
Paul38
Paul38

For precisely the above reasons we moved to Unisuper. Eight years with State Plus cost us almost 40k in undisclosed fees.......and this was only where we could really pick up what fees were really being levied. When we really pressed them and compared more visible fees we discovered that they were very high. Consistent Market performance at the bottom end of the spectrum was also a concern. We accept that no one can be at the top indefinitely and that this years loser could be next years winner...BUT....eight years at the end of the spectrum??

Johbd
Johbd

StatePlus was originally State Super Financial Services and I am not convinced the change has been good for investers as their balanced fund performance last year was close to 5% after fees where as other funds were achieving over 8%. The fees are about average but not as low as some of the industry funds As a rough example I draw about $1800/month from my RO fund which costs $6000/annum or $500/month to manage and receive yearly financial advice. This seems excessive to me

I was caught by the Jan 2015 changes which grandfathered your existing arrangements but if you want to change your super provider the new arrangements come into force and part pensions can be reduced significantly. In summary I think fees charged by Superfunds is excessive for very ordinary returns and as far as I know there is no way of reducing them by say not having the financial advice which is basically 40% growth, 60% defensive and drawing your pension payment from a cash fund to avoid selling growth assets when the equity markets are down as they are now.

StatePlus
State P.StatePlus

Dear Keller

Thank you for your interest in StatePlus.

With more than 60,000 clients and over 25 years of experience in planning for retirement, we’ve helped thousands of Australians get the most of their superannuation schemes and achieve their desired lifestyle in retirement.

Our clients have given us a 96% satisfaction score*, one of the highest of any financial company in the world. The industry has seen enormous change in recent times. We believe in transparency with our clients and are committed to continuously reviewing and improving our processes and services.

Why not attend one of our seminars to learn more about the benefits of a good financial plan. You can sign up for a seminar near you through our website https://www.stateplus.com.au/find-a-seminar

Once again, thank you for your question. If we can be of further assistance, please don’t hesitate to get in touch.

Best regards
StatePlus

*StatePlus TNS Client Service Survey RYQ2 2017 Report


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