Failure to repay fees for no service
Been with the fund for 50 years! They refuse to acknowledge I was charged fees for no service and all they are concerned about is avoiding any responsibility and compensation (the critical point I have continued to impress upon them is that I was never told I was being charged for the services I continually declined). They have absolutely no reciprocal loyalty for their clients and do not address personal issues. I would be interested to know how many of the 40000 odd clients they are assessing get compensation and what their circumstances were. Very interesting too that there is currently a barrage of positive advertisements on facebook - have never seen such advertising by stateplus since the brc. I suggest this is in response to mistrust and disloyalty they have to their clients! Would be more beneficial to publish the results of the review they are conducting. Not one bit happy with a fund I have been with for so long and have a substantial account with. I am planning a move to another fund with cheaper fees and better growth results. They couldn't give a damn regarding my intentions!
Lack on contact, bad returns, fees for no service
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.
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
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.
Nona I go now
Become more complex to monitor
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.
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.
Where are our ANNUAL statements from last financial year???
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
I have ben drawing an allocated pension from SSFS/Stateplus since 2007. Since the change I find that the returns are poorer and the fees are fairly high. 1.4% on their balanced fund. Higher returns mask high fees and perhaps justify the fees if the higher returns can be maintained.
Looking at my situation I draw an allocated pension of about $1900/month and on my balance of about $440000 attract fees in the order $6000/ annum or $513/month. Therefore it is costing me $500/month to pay me $1900/month with my own money. Good value for money? I think not.
As I am drawing a part CSS pension I am effected by the Jan 2015 changes on how Super balances are treated for assessment to the aged pension. If you were receiving an allocated pension prior to the 1 Jan 2015 deadline
your balance was grandfathered and the previous conditions prevailed for assessment regarding the aged pension. However if you wanted to change your Super fund and changed providers the post Jan 1 2015 regime would apply to your roll over balance regarding the calculation of the part aged pension This has the effect of trapping you in your fund otherwise you will be assessed under the new ruleswhich in my case meant losing most of the part aged pension. This of course is not the fault of Stateplus but I cannot remember my financial adviser warning me of the implications of these changes which should have been part of their duty to put the financial interests of the client first. Clearly this did not happen in this case
State Plus, a private fund
We were led to believe that this fund was an Industry Fund, which it is not. I have been on an allocated pension for almost 8 years and only recently found out that my free annual meetings were costing me in the vicinity off 5k a year on top of poor returns and high fees. The staff have always been very polite and appear to be helpful,that is until you decide to transfer your funds to a better performing fund. The final straw came when I received a letter in the mail advising me that almost 5k had been refunded to me as I didn't have my annual meeting in 2015, it is now 2018. This is at a time when the Royal Commission into Banking is happening! State Plus have had notification of my instructions to transfer funds for 3 weeks despite the fact that legally they are required to transfer funds within 24-48 hours. I have been told on several occasions that everything is in order and the transfer will take place. Now there is a freeze on all processing. The sooner This is settled the better.
Back office fails
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.
Sound financial advice
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.
Incompetent or dodgy?
We have been with State Super for many years mainly with one adviser. It worked very well for us until just before the global crisis. Because advisers are given a bonus to keep you in the less secure growth funds, our adviser became aggressive regarding our desire to take a safer course. Since the name change to State Plus service and even before, we had a succession of different, less personal advisers.
We decided to transfer our funds and that is when we really became concerned. We had advice in Nov the funds had been transferred. Two weeks later "the cheque's in the post" we were told. More than three weeks later after emails, phone calls and finally a threat to go to the financial ombudsman, a manager organised the transfer within 24 hours. As it was a considerable sum, and we had missed out on earnings for nearly a month, we asked for compensation. A resolution was promised within 45 days. After more emails we agreed to an offer however that has not eventuated so we are taking our complaint to the financial ombudsman.
My wife and I have been with State Superannuation/State Plus in Canberra for nearly 12 years since 2005. Over this time and due to a high turnover of staff, we have been bounced from one Financial Planner to another, which has not allowed for consistency in advice on our investments, especially during the period of the GFC. When we have been able to finally find professional and committed Financial Planners that understand our needs, they ended up leaving the Canberra Office due to apparent management issues.
After only 18 months ago finally deciding to move our accounts to the well managed and high performing Woden Office of State Plus (where we finally found an excellent and professional Financial Planner), the Canberra Regional Manager without any consultation with clients, in December wrote to us advising us of ce us of the closure of the Woden Office and telling us we must again use the most inconvenient Canberra Office we had only recently left.
As a consequence of the Woden Office closure in December, most of the staff from that office have since left State Plus, including once again our Financial Planner of only 18 months, causing us a great deal of inconvenience, anger and stress.
Due to my past concerns falling on deaf ears, it appears State Plus HQ don't care about the problems in Canberra and the impact they have on their staff and in particular the Canberra regional clients. If it wasn't for the excellent service of few a individual and now departed Financial Planners, and our late stage in life, we would have left the company long ago. We are now seriously considering that option.
Check out the figures - if you can
With my wife having some money in HESTA and a lot of money with StatePlus it appeared to me that StatePlus's performance appeared lacking, so I decided to do a comparison. This was an eye opener!
Whilst the staff at StatePlus seem friendly and helpful enough, their website appears to be designed to confuse and make it VERY difficult to compare their organisations returns with others in the market place; I cannot even find any long-term performance results - surely their funds didn't all just magically appear about three years ago!
Anyway, after muddling through their information it would appear that, with a very similar asset class mix, my wife can get at least a 50%, and possibly 100%, better return with other leading (industry) funds. This would mean many, many thousands of dollars additional growth in our nest egg each year
Get accounting advice as well as financial advice
There are some competent Planners, but unfortunately they can only provide financial advice and not accounting advice. I was a client of State Super now Stateplus and decided to take my business to an accounting firm who also specialised in financial management. A far better result for me. When I first went to Stateplus the planners were very friendly and provided sound advice, but in 2015 when most of the planners that I had seen left, I felt it time to move on as well. It's a shame that the Canberra City office is run so poorly, since the new manager and practice manager have been employed.
The best super fund Ive ever had they give full service advice that is personal to my needs. Love the place.
What the hell is going on here?
First my adviser quits. Actually, it tuns out he quit 6 months before they bothered to tell me. Then I get another adviser, and she quits. They spend millions of dollars changing the name and the website, which barely works any more. My friend's planner, a different person entirely, has quit as well, and she is distraught. She met with the state manager, who fumbled his way around on a computer, and she basically had to EXPLAIN TO HIM how to fix her tax!!!!! While sitting in there brand new furniture and expensive equipment wasting my money!
I just met with my new planner, and she has no idea what she is talking about, just tried to get me to put more money in with them so they could charge more in fees! Turns out she used to work for A BANK!
Every time I ring up, I end up in some call centre somewhere, where the person has no idea what I am talking about. When I FINALLY spoke to the girl in the office she was extremely rude, and just tried to get me to sign something so they could take more fees out, despite not being able to help me when I ring. She told me I had paid up for three months, but when I checked my statement it turns out she was lying, the fees come up every month, not in advance!!!
Then I find out has now been sold to another fund entirely. Good luck to the new owners, but my retirement is not a commodity to be bought and sold.
I was a client here for years - the service in the last year has been absolutely disgusting - you should be ashamed of yourselves taking our money, wasting it on all, hiring staff who just try to sell to me. I can see why my planner has quit now, and luckily google is available!!!
I referred friends and colleagues here, but I am so upset right now with what happened to my fund, I will be leaving and never looking back. I will be telling them to do the same
Leave your money where it is
The policy of StatePlus can be summed up in 'Get their money then gouge them for fees.' The customer service and financial advice standards are appalling. StatePlus only act in their best interests, not clients. They are sneaky, deceptive and misleading. They lack honesty and integrity. If you want to turn your hard earned money into less money become one of their sucker clients. They love their fancy offices and million dollar views because they are paid for by you. They claim their fees are only up to 1.5 per cent, but do the numbers properly and they are actually charging you 50 per cent, or more, of what your money earns. StatePlus is the next big financial scandal waiting to hit Australia. Not that they are worried as they will be long gone to the Bahamas with your money.