My unfortunate dealings with Hostplus, with whom I invested a very substantial rollover, has revealed a level of incompetency, unprofessionalism, lack of knowledge and at times, downright rudeness, beyond anything I have experienced with any other financial organisation. I have opened a SMSF as a result and have been endeavouring to remove my funds from Hostplus (all the paperwork is in order) for over a week, with error after error occurring, and still no end in sight. The staff are well trained in âactive listeningâ but little else.
Their perceived cheap fees are a reflection of their complete lack of service. Do yourself a favour folks, and steer clear. I currently have a matter lodged with AFCA but that seems to have had little impact on how they are handling my matter; well not in a positive way.
Hi @Unbelievable. Itâs useful to hear of others experiences. Hopefully we can all learn from our shared ones.
You have mentioned you are transferring your funds to an SMSF. These have high ongoing costs, costs to establish and strict ongoing compliance requirements.
For the benefit of others are you able to clarify,
- Why did you choose Hostplus in the first instance?
- Are you able to relate specifically what HostPlus has done differently to your expectations?
- Why have you now elected to set up a SMSF rather than use another major super fund?
- Does your management strategy for your SMSF utilise a professional financial advisor or third party for investment support?
Many Financial advisors direct clients requesting products to WRAPs, direct share investment or borrowing to fund investments. Something âsophisticated investorsâ are familiar with, less so for the average home investor. Hopefully it all works out. Hostplus has a positive reputation. I have at least one family member who can relate only positive outcomes with HostPlus.
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@Unbelievable, welcome to the community.
What type of errors have been occurring? If possible it would be great to know (without any personal information).
It would be useful to know more details about the problems you are having to give community members insight to your plight.
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Amount is very substantial and all cash. Latest problems as follows: Loss of paperwork. Found after 6 days. 8th July large amount sent to wrong a/c despite clear, confirmed instructions. Bulk of funds left in HP a/c despite instructions for their disbursement. HP employee had not followed instructions properly despite having spoken with me to ensure clarity. 9th July unsatisfactory solution offered to problem they created. Would have caused further delays.Team leader took over. Agreed my solution would solve issue but advised since âonlyâ 3 working hours left, may have to wait until next day. Unacceptable! 10th July rang HP at 9am to ensure instructions would be actioned by close of business that day. 12pm rang HP as only a portion had been actioned. Bulk still remaining. Was advised that instructions were in system and all would be finalised that day. 2pm received call from HP again wanting clarification. Checked my a/c to find previous portion sent that day had been reversed back. Full balance again in my a/c. Rang HP but received no explanation why. By close of business, no action taken. Received phone call from HP 5.30pm to check if all was okay. NO! Has now taken over 10 days and they still have my money earning zero but still charging fees. Am losing substantial income daily as result, as my SMSF a/cs are established. Have reported matter to AFCA and will be seeking compensation. HP is inept and lack knowledge. This is only the latest debacle which prompted me to leave. They know about âactive listeningâ but are unable to provide professional or timely service at the expense of the client.
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Hi,
1.Chose HP after researching Money Mag and Choice. Returns were acceptable and fees low. Have recently contacted both magazines with my experience.
2. HP are inept and lack knowledge and ability. Have been given incorrect info/conflicting info in past. Even been spoken to rudely over a mistake they made. Has taken several days to try and rollover funds to SMSF. Still not finalised despite correct paperwork provided. They employ people with good âactive listeningâ skills but nothing gets done. I just posted reply to other person on this forum giving more detailed account of what has just occurred. Am receiving no return despite 100% cash investment and still getting charged fees.
3. My investment strategy is simple and I have the skills to manage SMSF. Set up cost was $1560 total. Went with H & R Was easy. Wish Iâd done it sooner. Ongoing annual fees should be around $2500 tax deductible if not in pension phase. Much cheaper than fund fees, given the large amount invested. Do not intend to use outside professional investment advise (apart from accountant) except what I read myself. Will have enough to see my days out unless the world goes completely mad. Obviously would not necessarily recommend SMSF unless you have some financial skills.
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