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StatePlus

StatePlus (page 2 of 2)

1.9 from 25 reviews

Reviews

(2)
(1)
(2)
(8)
(12)
  • Transparency
    2.2 (6)
  • Customer Service
    1.8 (8)
  • Rates and Fees
    1.0 (1)


Broken Top

Broken Top

  • 3 reviews

Check out the figures - if you can

published

Get accounting advice as well as financial advice

published

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.

Excellent

published

The best super fund Ive ever had they give full service advice that is personal to my needs. Love the place.

OleBob

OleBobSydney

  • 3 reviews
  • 7 likes

What the hell is going on here?

published

Ripped Off

Ripped OffCanberra Central 2601, ACT

  • 23 reviews

Leave your money where it is

published

Page 2 of 2

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Questions & Answers

Polly

Pollyasked

Have been with StatePlus since 2014. Now have a Flexible Income Plan, and have been paying 0.75% for annual adviser meeting, as well as other fees. Last years return approx 5.4%. Like other comments on this site, am questioning the benefit of staying with this organisation, and would like to compare with other providers. My questions:
1 how to compare apples with apples ( ie like with like )
2. what are the pros and cons of withdrawing and investing with another organisation?

No 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.

8 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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