With the imposition of global tariffs by the US, the superannuation balances of millions of Australians have plunged as the success of many funds is partly linked to the performance of global stock markets.
Richard Webb, CPA Australia’s superannuation lead, said the association 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,” Webb said.
“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.”
Webb said if people do receive one of these calls they should look and listen out for clues that the call may not be legitimate, such as the call coming from a withheld number or another suspicious-looking number like a mobile, or the caller making vague attempts to skim over where they are calling from, such as using an acronym.
He said the caller may also ask questions such as “have you heard about this” to gauge the receiver’s level of knowledge about the issue at hand or they may create a sense of urgency, trying to convince the person that they 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,” Webb said.
“Do not make any decisions about your superannuation without first talking to a licensed financial adviser or your superannuation fund.”
CPA added that Australians can get legitimate financial advice about their superannuation and other retirement savings by engaging a licensed financial adviser, and should check the official Financial Advisers Register.
