ASIC Just Named 44 Groups Targeting Your Super. Here's How to Protect Yourself.

You see an ad on social media offering a free "super health check." You enter your details. Then the phone rings. The person on the other end is friendly and knowledgeable. They tell you your fund is underperforming and recommend you switch now.

What they don't tell you is the new fund charges higher fees, carries more risk, and pays a commission to the person who convinced you to move. In some cases, your savings end up in products that collapse entirely. That's exactly what happened to thousands of Australians who lost a combined $1.2 billion through the Shield Master Trust and First Guardian fund collapses.

What ASIC has done

ASIC has published a watchlist naming 44 entities involved in super lead generation: 21 lead generators and 23 advice licensees that have acquired leads since July 2024. Being named doesn't mean a group has broken the law, but ASIC is putting the industry on notice.

Commissioner Alan Kirkland warned that AI-generated social media ads are making these schemes increasingly sophisticated and harder to spot.

The problem isn't lead generation itself. It's when it's combined with high-pressure sales, generic advice, and products that aren't in your best interest.

Why it matters now

More than 2.5 million Australians are expected to retire in the next decade, and average super balances still fall well short of what's needed. The average 60-year-old woman holds approximately $278,000, against a benchmark of $595,000 for a comfortable retirement. Losing even a portion of your super to a high-fee product or a poorly structured switch can be devastating.

How to protect yourself

• Be cautious of unsolicited contact. If someone calls about your super after you've clicked an ad or filled in a form, that's can be a red flag.
• Don't be rushed. Urgency is a hallmark of these schemes. Good financial advice gives you time to think.
• Check the ASIC watchlist. The named entities are published on ASIC's MoneySmart website.
• Verify anyone offering advice. Check ASIC's Financial Advisers Register and ask for their licence number. If they don't provide one, walk away.
• Talk to someone who already knows your situation. Your existing adviser or accountant understands your full picture and can tell you whether a switch actually makes sense.
• Use the ATO's tools. You can find lost super and compare fund performance directly through the ATO website. No third party needed.

The bottom line

Your super is likely the second-largest asset you own. It deserves the same scrutiny you'd apply to any major financial decision, not a snap judgement on the back of a cold call.

If you're unsure about your super, whether it's the right fund, whether it's performing, whether it'll be enough, talk to your Ledgersmith adviser. That's what we're here for.