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. 

Media contact

Simon Downes, External Affairs Lead
[email protected]
+61 0401 461 503