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mountain dameSydney Surrounds, NSW
- 10 reviews
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. ...Read more
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.Similar opinion? Write a review on ieatwords.com.au!
David MitchellTheodore 2905, ACT
- 5 reviews
Canberra Office
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 final...Read more
ly 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.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.
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Broken Top
- 4 reviews
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,...Read more
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 yearSimilar opinion? Write a review on ieatwords.com.au!
Find out how StatePlus compares to other Retail Superannuation Funds
Know better, choose better.
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.
Similar opinion? Write a review on ieatwords.com.au!
Excellent
The best super fund Ive ever had they give full service advice that is personal to my needs. Love the place.
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OleBobSydney
- 3 reviews
- 7 likes
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 mone...Read more
y! 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 sameSimilar opinion? Write a review on ieatwords.com.au!
Ripped OffCanberra Central 2601, ACT
- 24 reviews
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...Read more
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.Similar opinion? Write a review on ieatwords.com.au!
Questions & Answers
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
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
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.
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
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??
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.
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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David Mitchell
We have just had our third Canberra Office Senior Financial Planner resign in 20 months, with no one advising us and just before the crucial end of financial year period.
I have on three occasions ov... Read more
er three days complained and asked to speak to someone at a senior executive level to discuss my concern about the management of Canberra office, but have had no reply.