CPA Media Release
Beware unsolicited promises of superannuation boost after tariff uncertainty slashes account balances.
- Callers prey upon concerns about reduction in super savings
- You could be getting unlicensed financial advice – or worse!
CPA Australia is warning Australians to beware of unsolicited financial advice relating to the recent drop in superannuation balances caused by global trade disputes.
The superannuation balances of millions of Australians have plunged following the imposition of global tariffs by the United States, because the success of many funds is partly linked to the performance of global stock markets.
CPA Australia is aware of super account holders receiving unsolicited calls claiming to provide a super health check. These calls include an offer to review the individual’s super fees and insurance costs, as well as their investment options, to help grow their balance.
Richard Webb, CPA Australia’s Superannuation Lead, says unsolicited calls that offer financial advice may often be merely unscrupulous, but could also be criminal in their intent.
“There’s a high chance you’ll be getting unlicensed financial advice, or these calls could be designed to steal your personal information – or even your superannuation savings,” he said.
Mr Webb encourages Australians to look and listen out for clues that the call may not be legitimate, such as:
- The call comes from a withheld number or another suspicious-looking number like a mobile.
- The caller is vague or attempts to skim over where they are calling from, such as using an acronym.
- They ask ‘have you heard about this’ to gauge your level of knowledge about the issue at hand.
- They create a sense of urgency, trying to convince you that you need to act quickly and quote statistics or other ‘evidence’.
“If you receive a call, an email or SMS like this, do not click on any links and do not hand over any personal details such as your super account number, passwords or any other information,” he said.
“Do not make any decisions about your superannuation without first talking to a licensed financial adviser or your superannuation fund.”
Australians can get legitimate financial advice about their superannuation and other retirement savings by engaging a licensed financial adviser. In doing so, individuals are encouraged to check the official Financial Advisers Register.
Featured image: Richard Webb, Superannuation Lead, CPA Australia.
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I wonder how much of an employee’s superannuation fund balance is being diminished or is being lost through the malaise of the Super Fund’s management and investing team that handle the many thousands of their client accounts?
Are super’n account-holders permitted nowadays to state how they want their super’n accumulating funds invested?
Let’s face it, most employees simply trust their Super Fund management team to act in their best interests, in how their retirement money is invested.
Employee persons should realise that this kind of mindset is absolutely stupid.
Back in my working days, I had requested a copy of my Super Fund’s Trust “Deed” upon my reading this same, I had never read such a cold and dread foreboding document ever since I had read the passage in the Robert Browning poem as follows:
“Childe Roland to the Dark Tower Came” is a journey of perseverance in a desolate landscape, confronting fear and embracing defiance against insurmountable odds.
Returning to the superannuation topic, ever since the losses in almost everyone’s Superannuation Balance because of Trump’s Tariffs have since taken a steep dive, another was when the USA inspired GFC had struck the world.
Not our nation’s fault, but that of the damned USA.
Any Alliance with the USA should be burnt to ash.
Wall Street had immediately schitt itself. I had since vowed, never to trust any at all financial investment, in the US share and or stock market, ever again.
I was baffled how anyone would dare to make another future Super Fund investment, in the good old US of A.
In closing, the only losers that had resulted, were the many thousands of their Super Fund contributors.
All the businesses that had attached themselves with the Super Fund’s consent, such as Insurers, Law firms, Money collecting agencies, Auditors, Consultancy firms, Advertising agencies Accountancy firms ad hoc, all had still received their agreed annual percentile fees for doing nothing other but Jack Schitt.
“Are super’n account-holders permitted nowadays to state how they want their super’n accumulating funds invested?”
Obviously, Williambtm doesn’t have a super account, otherwise he would not have made such an uninformed post.