Colonial First State (page 3 of 4)

People may rant about being charged for insurance (which you can cancel if you really don't want it) or fees (their fees are pretty low in comparison to plenty of the other superfunds), but they get great returns for the asset mix you choose. I can see some of their more aggressive investments give a really impressive return (20%+ in the 2016/17 year) but of course those are risky. If you like to be conservative, then there are still great returns when you want half of your money in cash or more. So many options to choose from as well. They don't win awards for nothing.

Joined the Employer Super Fund in 2012 after being highly recommended by Financial Advisor, and assured of automatic acceptance and no waiting period. Paid the premiums and then when I needed to claim was (eventually) told i didn't qualify and had no cover.
Now 4 years later and I tried to do a Hardship claim for $10K, and spoke with 2 different people by phone. Was emailed docs and then rang again and was talked through the process to complete them. One week later I followed up claim and they said I filled in wrong paperwork! Tried again and claim rejected.
Have now transferred to Australian Super.
But CFS / Comminsure were successful in sending me to the scrapheap.

I required a CGT estimate on making a withdrawal from a CFS fund. When I first contacted them via phone, they advise that "no CGT will be payable". I then decided to get this in writing, so phoned again and was then informed they can't provide an estimate on CGT amounts, despite the first customer service officer I spoke to doing so. They did advise that another area of CFS could do this, however they had no idea how much it would cost and asked me to simply contact that area of CFS direct. I'm sorry, aren't I still dealing with the same organisation...why do you want me to find out something you should already know. THE WORST customer service experience I've had with ANY financial services (dis)organisation.

Currently paying $800/month in "fees" and yet I hear nothing from this mob for anywhere up to 12 months unless I ask them what they are doing. They offer nothing you can't do yourself - best to walk away

My parents used it as it was highly recommended by their accountant....their money just kept disappearing lower and lower each time and nobody could explain the charges and fees. NEVER EVER AGAIN will we take advice to do something like this again.

Since going back to our normal term deposit bank account, the money is staying exactly where it should...in my parents pockets.

It's so confusing that in the end you have no idea what is coming in and going out.

Keep it simple folks.

2% return and hidden management costs (about the same) on my growth investment,,.Inflation & cpi's mean you
end up with basically nothing .Better to hide your cash under your bed

I phoned two months ago to consolidate my accounts and made changes to some covered I had. Guess what, two months later, when I checked my online account, nothing was changed, NOTHING! I called again to inquiry, I got transferred twice, and the last person said "oh absolutely, we can see you contacted us two months ago, we will have a look into our phone record..." Me: "Oh ok, how long does it take?" The person answered "48-72 hours." Are you asking me to wait 3 more days for you to check your recordings? You know what, I bet I would not get any answer and then asked to wait again while you keep charging me fees from both of my Colonial accounts which should be consolidated months ago!

Terrible company, I recommend to your enemies.

Do not be so stupid! The worst! I have had an investment fund with Colonial for 15 years now and on initial start up 10k was deposited with regular monthly contributions from that initial investment. Based on the product information dated 2016 it suggests 10k invested date of inception 1997 would be worth 100k today seems like a very different story from what my current balance shows. The fund looks like it has returned me less that $4k in 15 years! Not even keeping inline with inflation. Would have saved myself the effort putting it under my bed. Absolutely mad! Thanks for nothing colonial.

I found Colonial First State brilliant to deal with.
Very helpful with my enquiries & excellent communication.
I would highly recommend Colonial First State.
Thank you

Colonial First State is the worst company I have ever come into contact with. The staff are unprofessional, tell you the wrong information, not helpful at all. Please do yourself a favour and use any other super company! Very disappointed.

The commonwealth review result is out. They are not guilty of wrongful financial advice. My dad waited 6 years to get his money back. No interest paid on this. He is dead now. Thanks Colonial First State.

Residing overseas have investment with CFS fund is still in my family address in Australia. Completed request to transfer funds to my Australian bank account. Replied saying my signature did not match that on file. Wanted certified copy of my passport from police officer (selected from acceptable overseas list). Posted certified copy signed by a detective via registered mail together with signed covering letter signed by me. Emailed me that they are still unable to verify my signature. Does anyone know where I can go from here. Am concerned about not taking advantage of Aus $ when at its highest and falling value of my account - what is with this company?.
E Woodhead

I have put a rollout request from Colonial super to Australian Super. Instead of transferring my whole money they hold some investment return and reverse as an error and keep my Colonial Super opened without knowing me. They deduct all the money as a fees and charges. I thought they have transferred all the money to Australian Super. When I received a statement from them I asked them why this account is open consultant advice me there was an error for investment return and that is why they reverse some money to my Colonial super (instead of transferring my money to Au Super) and keep my account open. This super fund is fraud. They keep members money and deducted all the crap fees and charges without even informing the member.

I've been off work now for about 15 months due to medical reasons. I have a super account with these guys and I pay extra for Salary Continuation Insurance, so I thought I could claim when it became apparent that I was going to be off work for a while. It's been 12 months since they sent me the paperwork to lodge the claim. Throughout this time, I've sent them medical reports and medical certificates from specialists all saying that I'm unwell. Colonial First State told me today (a year later) that my claim has been declined and they can't provide me with a reason for it.

do not use. refused to let me access my funds to withdraw them, sent me on a paperwork tail chasing expedition. the less people putting money into this damned company the better!!!!

CBA sent me to CFS, two years later CFS had lost over 30% and refused to rollover remnant funds for years to my new SMF. Now I have an offer for compensation that has not moved in nearly a year. No sign of ethical behavior from advice, management, returns, access to funds, compensation, etc. "A very bad performer with very poor or negative returns, withheld access to funds unduly, and negligible customer service". Bye bye retirement money before you retire and probably after you die. Never again.

Only few hours on the day of inspection for the property, I call to make sure the property is still available. The inspection is confirmed and ongoing. While waiting for a while and nobody show up I call to find out what is going on. The answer from the receptionist :"Sorry the property is rented out!" . I took the day off from work for that inspection and receive only wet shoos!