I am a little late to the party, it seems
Ok, the main issue with switching to LEDs is that people use their eyes (which, frankly, suck at doing the only thing that they do, and that is see, especially when it comes to short wavelengths [below 500nm or so]) to try and match how bright their old halide or T5 fixture was. If you tried to match the brightness of a metal halide lamp, which are notorious for emitting enormous amounts of green and red in comparison to LEDs (especially the spectrally-anemic cool white LEDs you are using), the intensity of the LEDs would be orders of magnitude higher to get that same 'bright' look. The use of cyan (490nm) or green (530nm), and in some cases red (630-660nm) can help to make the light appear brighter without the added intensity (as they are not very intense), but are very overpowering when more than just a couple are present and can (and do) cast colored shadows with surface agitation. If using a proper high-CRI neutral white, the addition of green and red are really unnecessary and the light will appear plenty bright because they are not as heavy blue as cool white LEDs.
In addition to the spectra being very, very different, PAR values are not directly comparable to that of a metal halide. IE, if a coral is under 250 PAR illuminated by a 14K halide, putting it under 250 PAR provided by a mixture of blue and white LEDs that also match up to around a 14K color temp will really be
more PAR than the halide, as it is not being spending so much energy in green and red, which corals are very inefficient at absorbing. Obviously halides grow corals just fine, despite significant amounts of energy being spent in those wavelengths (which actually are necessary for color rendition, aka how much light is available for our corals to reflect, if they don't receive enough light to excite their pigments, they won't show up and will look washed out or grey), but with LEDs, we can really fine-tune the growth spectrum to match what corals absorb best (428nm, 448nm, 470nm).
You mention color loss, but you didn't specify as to it being bleaching or just a loss in specific colors, such as red or orange corals (which are notorious for having poor color under cool white LEDs). From describing it, it seems like you're having corals bleach out, which means that you're giving them too much light, going back to you may have been trying to match the brightness of your previous lighting, which is a no-no with LEDs, and will certainly lead to bleaching and death of corals.
They are dimmable, so turn them down. Start at no more than 50% intensity, and leave it there for a few weeks to a month for things to start to recover (some corals may take longer than others), then increase it by 5% weekly (or every other week would be better) until you are satisfied with the amount of light, or corals begin to lighten again. In that time, I would continue to search for a PAR meter.