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Worst customer experience to date
The horrendously slow and outdated platform, lack of transparency (investments and holdings) and poor customer service are pale in comparison to the even worse experience I had when exiting the fund.
When all other funds I've been with simply reject money if it's received after exiting (in my case it was an employer contribution), Australian Ethical re-open your account without your knowledge or explicit consent - charging fees and insurance premiums for insurance you never consented to (and that they don't know whether you are eligible for)....I dealt with the same customer support representative on many occasions and found them to lack compassion, empathy or understanding of the issue at hand. This was definitely my worst super fund experience to date (and I've been with 6 different funds so far).
Wanting to get a lump sum payment from my super. In the past I have supplied certified identification which has remained valid for 12 months. Apparently the rules have changed and each time I apply for a payment I have to recertify my ID. This would not be so bad but given the covid situation it requires a trip to officeworks to print my ID and then a trip to a post office. Given a member of my household has preexisting health concerns this new requirement poses a risk. I supplied certified ID three months ago, why cant this still be valid as it used to be.
Very poor customer service. Outdated platforms
Australian Ethical started off good but over the last 12 months something changed. Still no mobile app but ok, platform shows very limited information on performance of your super with only a 3 year historical chart - no days, weeks or months. Customer service 1/10 - no response to requests / feedback. When changing investments it takes over 10 days to switch so you can lose a lot. Finally no break down of investment gains & loses in account activity or chart for daily, weekly, monthly and yearly timeframes. Also no detailed information on investments i.e specific companies, types of shares and markets. Australian Ethical does have potential. For platform ideas check Xpress Super, Guild Super and Future Super. Will review again later
Don't waste your time or money
I had moved my super over to these people. And the fees were extraordinary, my account earned nearly no interest, and was just getting eaten away by combined fees of nearly $100 per month.
I then rolled it over to another super fund. I received a letter from them indicating I had a small amount left in the account that I was eligible to withdraw. The process was horrendous, and took over three weeks. I had to supply the same documents to them repeatedly via post, email and website upload, as they were unable to locate or verify them on severa...l occasions. What should have taken a week, took over three weeks and if had not have followed it up daily I would have never have received the funds. They didn't return calls. The amount continued to reduce as I waited for the payment.
NO ONE HOME?
Have tried to access my super online which I need to do to change my insurance cannot do over phone, my super is showing 0, nadda nothing, it is incorrect, I know the super is not nil they know it is not nil but can they fix it, can they heck, have advanced computer skills have done everything they told me to do twice, even logged on to site with another computer so its not just my laptop, this is so disappointing if they cannot do the simple things what are they doing with our super I changed because of the social conscience theme they promote but am struggling with the lack service and results
Great fund, performs well, communicates well and it's ethical
I have super with AE and have been for a few years. I picked them for ethical reasons but their communication & financial performance is great too. I'm now buying some of their managed fund products.
Ive been with Australian Ethical for 2 years now and Im not changing for anything.
Changing over was extremely easy, and fast.
When Ive help Ive received excellent customer service.
I can trust that my money isnt supporting dodgy industries that are destroying our beautiful planet.
- Verified customer
Be conscious of where you put your super investment
I've been with Australian Ethical Super since 2015 and have been more than satisfied with their offering. So long as their performance is above average I'm more than happy to put my money where I know it's going to ethical companies and those trying to do the right thing for the environment, humanity and the world.
Super pleased to hear recently that they won the Inifinity Award 2022 from Super Ratings for leading the industry in sustainable behaviour and responsible investment principles. In addition, their growth fund has actually been the t...op performer over a 1yr period in the Super Ratings. That just goes to show the ethical investing can perform just as well and better than other funds that don't apply ethical factors to their investment choices. Well done Australian Ethical and keep building a strong company for the future.
Do not choose this super fund
I have been with this Super for over a year
I regret switching over to them and I will be switching to try another
They do not reply to emails
They are not at all helpful
I am so disappointed
I tried to do the right thing by the planet but unfortunately this super is not good at all
They are not fair or caring
Dont waste your time
Not 100% cruelty Free
Australian Ethical Super is very misleading.
Unfortunately if you want to make sure a super is 100% cruelty free, you will need to go to a GOOD financial advisor, who will look into things and ask questions and even make phone calls, as my last advisor, told me Australian Ethical Super was good for my needs, but was not. My new advisor is setting me up with Net wealth. I am getting out of Australian Ethical Super as it is NOT 100% cruelty free, but rather 95% as my advisor really did his homework, and finding me the correct fund.
It is also cheaper in fees and returns better and have so many more choices on where to invest your money.
ZILCH ZIP NADA ZERO
I was an Ethical Super member from day dot when super first came in. I persisted and persisted but they literally gained me ZERO dollars. Bad customer service. Increasing fees with nothing to show for it. My records were always unable to be found because they had changed admin companies. Not ethical in their treatment of long stand members at all. Rolled into a new fund 7 months ago and have now made more in that time THAN LITERALLY YEARS with Australian Ethical
Terrible performance they always find excuses to increase fees out of the blue, life insurance premiums are hefty.
Four years, they have a bad performance fees >investment returns, loose money instead of making it. I was charged 688 fees on a 6500 account made 50 dollars from investment.
A super fund that feels good!!!
A super fund that is clear and honest in it's goals and fees. Is very easy to change your investment options and provides the tools through it's website to make doing so easy and hassle free.
I joined in 2015 and unfortunately have only had minimal work since then, yet my investment has increased by 49.4053% with the contributions I have been able to make, and by 42.4089% excluding my contributions. That's over 10% per annum excluding contributions!!! This is a much better return than I ever received with the industry super funds I have been wi...
Mismanagement at customer expense
Last year Australian Ethical changed its fund manager. Despite the availability of technical solutions that would have prevented the need, it decided to change every members membership number. This resulted in the predictable confusion, inability to access fund information, and repeated phone calls to resolve problems during the changeover period. The worst was, however, yet to come. Due to each member now having an old and a new membership number, when AE reported contributions to the ATO it double reported member contributions leading to ...my (and no doubt many other members) receiving letters from the ATO demanding money with menaces as it appearing that we were over cap. More calls. More time wasted. To compound the error I was advised by AE to ignore the letters from the ATO. When I ignored their advice and contacted ATO, the ATO advised that had I not contacted them my file would have been sent to a debt recovery agent. Thus had I followed AEs advice I would have ended up with an adverse credit rating. All of this could and should have been anticipated by a competent project manager. That it was not and that AE thought it was OK to outsource the problem to their clients tells us what we need to know about AEs management competence. Their response to a formal complaint was effectively to blame the ATO even though the error was clearly AEs. I suggest you look elsewhere for an ethical fund. I currently am.
- Verified customer
Australian Unethical Super
Early in 2018 I found out that I was getting charged adviser fees when I have never received or requested any financial advice from Australian Ethical or any other company. When I complained, AE assured me I had authorized deductions some time ago however they were never able to provide any evidence of this 'authorisation'. Despite my complaint they continued to deduct adviser fees on a monthly basis while I still did not receive any service. After a number of calls over +6 months and lodging a complaint they washed their hands and sent me contact details of a financial advisor for me to liaise with to get a refund!!!
My advice to anyone considering joining this super fund is stay away!!!
- Verified customer
The customer service is really terrible, so disappointed
I wanted to do the right thing and change to an ethical fund, but in the process of trying to transfer my account and my insurance I was just met with really bad and condescending customer service. They simply don't care about their customers. I have changed my husband into this fund and made our business fund of choice, but will now change it all over again to a different fund, probably future super which was the other one I was considering. I asked to put in a complain and the person advised me that they will get back to me in 30 days and I can expect up to 90 days for the resolution. I suppose that says a lot about the company.
What about AMP?
It hasn’t escaped my attention that AE holds investments in AMP and other institutions being investigated by the Royal Commission. I understand that I pay higher fees for a more rigorous screening process. Two questions arise:
1. How effective is the screening if we are investing in so called ethical company’s that admit to breaking the law and behaving unethically towards regulators and customers.
2. How effective is the so called advocacy strategy of buying shares in these big unethical banks to influence behaviour as a shareholder? No very effective it would seem.
I want to believe in AE approach but this undermines my confidence.
Questions & Answers
hi i would like to do investing but im not sure of what and how/ can you help me? thanks
Australian E.Australian Ethical
Hi there - thanks for getting in touch.
We offer Superannuation (https://www.australianethical.com.au/super/) and Managed Funds (https://www.australianethical.com.au/managed-funds/).
Is there an area of investment you're particularly interested in? You're welcome to give us a call to discuss in more detail:1300 134 337
We hope that helps get you started.
I have super with AE and I'm now considering putting money into one of the AE managed funds. So far I like the approach AE takes. The fees are pretty high though. How can you justify this?
Australian E.Australian Ethical
It's always nice to hear that one of our Super members is considering one of our Managed Funds as well! We're glad you like our ethical approach to investing - and you would already be aware of our competitive performance returns.
Fees are about many things, including the level of engagement of the fund managers, and a matter of scale. Australian Ethical has a particularly high level of engagement, because of both our ethical screening, and our active investment style. Despite this, since 2013 we’ve more than halved our fees. It’s just one of the ways that as we grow, we’re making sure to share the benefits with our investors. You might also be interested to know that we are one of the best valued ethical investment funds in Australia when you take into account what our product offers. You may also find that other ‘ethical funds’ may not offer a comprehensive ethical screening process, for example only screening certain negative industries, or best of industry.
You may be interested in some of our wholesale funds, which offer the funds at a substantially reduced fee. You can find more information on our wholesale funds here: https://www.australianethical.com.au/managed-funds/fees/.
You can find more on the performance of our managed funds here: https://www.australianethical.com.au/managed-funds/performance-and-returns/
If you want to discuss our investment options, don't hesitate to call us on 1800 021 227.
- Julian at Australian Ethical.
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I would like to know if Australian Ethical discloses 100% of their assets and also if there is any investments linked to Wilson, Broadspectrum or any other torture providers be it onshore or offshore, directly or indirectly? Thanks
I am so sorry for not being able to respond to you earlier. Transparency is a key priority at Australian Ethical. That’s why we list the companies we invest in across our investments. To view the companies we invest in, please visit https://www.australianethical.com.au/companies-we-invest-in/.
Sherin at Australian Ethical
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