Last month, a client asked us for the complete paper trail behind one of our offshore hires.
Qualifications. Background checks. The works.
It was a fair request. Any responsible business owner should scrutinise the people and providers they trust with their operations. Suppliers are checked. Employees are vetted. Software vendors are assessed. Compliance partners are questioned.
But there is one important area where that same discipline is often missing:
Who is licensed to advise on your superannuation?
For many business owners, super is one of their largest personal assets outside the business itself. Yet it can receive far less scrutiny than a new payroll provider, a marketing agency or an offshore team member.
That gap is now under a national spotlight.
The government’s super crackdown
The federal government has announced reforms aimed at stopping unlicensed telemarketers and lead generators from cold calling Australians or making unsolicited approaches designed to persuade them to switch super funds.
The reforms follow the collapses of the Shield and First Guardian Master Funds. Around 12,000 Australians reportedly lost up to $1.2 billion in retirement savings after funds were moved into high risk managed investment schemes.
The pathway into these arrangements was often not obvious.
People could see what appeared to be a harmless online advertisement: “Find Your Lost Super” or “Check Your Super.” After entering their contact details, they could be contacted by a lead generator, referred to a financial adviser, and encouraged to move their retirement savings.
The issue is not that every online ad, adviser or super comparison service is unsafe. The issue is that a polished ad, persuasive caller or professional looking website is not proof that someone is licensed, appropriate or acting in your best interests.
Under the government’s announced crackdown, unlicensed real time selling of super related products would be banned. The government also intends to strengthen consent requirements, limit an existing financial advice exemption to established client relationships, increase penalties, and require licensees to take reasonable steps to ensure their lead generation activities comply with the law.
Make verification the default
The lesson for business owners is simple: apply the same due diligence to personal financial advice that you already apply to your business.
When we built IOG Global around independently verifiable standards, certifications and industry partnerships, including ISO 9001:2015, ISO/IEC 27001:2022, a CPA Australia Recognised Employer Partnership, and an AICPA and CIMA Training Partnership, the purpose was not to collect impressive logos for a presentation.
It was to make trust checkable.
A prospective client should not have to accept our claims at face value. They should be able to verify the relevant certifications, partnerships and standards independently.
That is also a sensible standard for anyone contacting you about your super.
Questions worth asking
Before responding to an unsolicited offer, phone call or social media advertisement about superannuation, consider asking:
- Did this person contact me first, or did I independently seek their advice?
- Are they licensed to provide financial advice?
- Can I independently verify their Australian Financial Services Licence rather than relying on what they say?
- Is the person speaking to me an adviser, or a lead generator passing my details elsewhere?
- What exactly am I being asked to move, invest in or sign?
- How is the adviser, business or referral partner being paid?
- Why is there urgency around a decision involving my retirement savings?
None of these questions mean you need to become a financial services expert. They simply ensure you are making a considered decision before handing over personal information or authorising changes to your super.
The business owner mindset
Business owners are accustomed to managing risk.
They review contracts. They check references. They investigate suppliers. They look for proof before trusting someone with payroll, customer data, finances or operations.
Your super deserves the same treatment.
The government’s announced crackdown is an important attempt to reduce harm at the point where consumers first encounter aggressive lead generation tactics. But regulation is not a substitute for personal diligence.
If an offer reached you through an unexpected call, a social media ad or a form promising to “find” or “compare” your super, slow down. Verify who is involved. Check credentials independently. Seek advice only from people you have properly assessed.
Trust matters. But when it comes to retirement savings, trust should be verifiable.
How do you vet the people advising on your super? Curious how other owners handle it.
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