3 / 5
Trust Score
2.5
Reviews
1
Social
5
Featured
4
Technical
Is stateplus.com.au legit?
- Many trusted websites are linking to this site
- The EV SSL certificate is valid
- Linkedin account found with large audience
- We found several negative reviews about this site
- This website has existed for less than 3 years
- Facebook account found but audience is small
- Instagram account not found
- Business not mentioned on Wikipedia
- Pinterest account not found
- Twitter account not found
- Youtube account not found
Reviews Analysis
13
reviews
vs
0
AI declined reviews
0%
NON VALIDATED REVIEWS
Usually stable businesses have more than 5 authority websites mentions, this one has 16 authority websites mentions and 0 mentions in other websites
Based on 13 reviews
Smart.Reviews
3
13 reviews
Stateplus.com.au Review
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Last update: Wed, Mar 9, 2022 2:11 AM
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.
I have been a client of State Plus at Gosford for a long time and for the last few years my advisor has been Bradley. He has done a wonderful job in guiding me through retirement at aged 60 then returning to work part time and his financial advice has proven to be very sound.
I have a Flexible Income Plan with State Plus. I draw out 4% each month as a pension payment and I have also made several one off lump sum withdrawals for home renovations etc. from the account and my balance has stayed pretty healthy. I could not be happier!
My account was originally being debited a small amount each month for financial advice and I was meeting up fairly regularly with Bradley after my retirement but as everything was running so smoothly, I decided to forgo the one on one meetings with Bradley to save on fees. As a result my account is no longer being debited for financial planning fees. I can still make an appointment to see Bradley if the need so arises in the future and I would be charged a one off fee for this at the time.
My advice to anyone reading the reviews is to bear in mind that lots of clients with positive reviews of State Plus may not post them on line.
I have now switched to another industry fund that has better performance (and I did look at this over 5 years etc.)
Also, I was surprised at how good and strategic the financial advice was from my new fund, which is only going to charge for advice if I want it (so no annual fee for advice like StatePlus if I don't need to use it in any year).
StatePlus was OK with advice in telling me where my investments were at. But not strategic in terms of the best options to manage my super and budget. My new fund placed much greater emphasis on advice within my longer-term expenditure needs/goals. I now think this form of advice is essential, not just tracking where your investments are at each year.
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
Now as a private super fund things are a bit different. I have never kept a financial advisor for more than one appointment, they just disappear and I have found out at a much later date. I really cant keep up it it really annoys me.
Personally I kept asking myself, are they trying to steer me in a direction that maximises their profit and not mine? Never convinced my self either way but I always feel uneasy about how advice is tilted.
The advice I got was ok but I did a lot of research and virtually had to argue what I wanted/needed, this is not the way to do business.
I think I can do better so it will be bon voyage to them soon
Advisors are also remunerated based on how much money they bring in to the firm by way of recommending contributions to a StatePlus super fund.
Bunch of thieves. Stay away.
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.
Usually stable businesses have more than 5 authority websites mentions, this one has 16 authority websites mentions and 0 mentions in other websites
Stateplus.com.au Review
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I was booked with one advisor named [name removed] from Gymea office for 5 May with email confirming the same.
Two days later I received an email changing the appt to 28 April with [name removed] from the Wollongong office. No call if I preferred that.
A day later I received a call asking if I wanted an appointment have an advisor that day from the Chatswood. Hell I hadn't even completed the financial report. I explained the 3 different appointments and told them to stop changing crap around and to actually check if I had an appointment. Besides what actually happened to my prior appointments? Oh [name removed] isn't available now. Look just keep it for 5 May.
Later that night, a lady from the Wollongong office called to offer me an appointment. WHAT THE HELL !!!
What kind of crappy show are you all running there. 4 different appointments 3 different offices.
I will wait for them to call again and then I will state you've lost me !!
3 years ago
review by Nick W.