Imagine waking up to find your retirement savings gone. That’s the reality for more than 12,000 Australians after the collapse of the Shield Master Fund and First Guardian Master Fund, which wiped out $1.2 billion in superannuation.
The good news? You can protect yourself. Here’s what you need to know.
Superannuation isn’t a scam—financial advice isn’t a scam—but scammers are out there!
Super is one of the most powerful tools for building wealth. Financial advice, when done right, helps families plan for a secure future. But when fraudsters, conflicted auditors, and slow-moving regulators slip through the cracks, the entire industry suffers—and honest planners get unfairly tarnished.
What good financial planners actually do
- Listen first: Sit down with families, understand their goals, and map out a long-term strategy.
- Manage risk: Build diversified portfolios—not gamble with your future.
- Support retirees: Structure income so you can live with confidence.
- Educate: Improve financial literacy for everyday Australians.
- Protect the vulnerable: Safeguard widows, injured workers, and disabled clients from costly mistakes.
How to keep your super safe
- Beware of pressure tactics: If someone pushes you to switch super fast, stop and think.
- Ignore clickbait ads: Unrealistic promises of high returns are a major red flag.
- Do you homework: Check if the person is an actual adviser and is authorised on the ASIC Financial Adviser Register.
Why you might be targeted
- Promoters of these schemes often benefit financially— push you into a new product for fees/commissions.
- They might recommend setting up a self-managed super fund—even if it’s not right for you—this would incur set-up and ongoing admin fees.
- Create urgency with ‘limited-time offers’ so you feel pressured to act fast.
Red flags to watch for
- Cold calls from strangers
- High-pressure sales tactics
- Free ‘super health checks’ or prizes via social media
- Offers to find and consolidate ‘lost super’ for free
- Unlicensed people involved in advice
- Mostly phone-based contact with little face-to-face interaction
- Poor or missing product disclosure
- Promises of high or guaranteed returns—if it looks too good to be true, it often is!
What to do if you’re contacted
- Hang up immediately
- Block the number
- Report it to your super fund—especially if you have shared personal details
- Talk to someone you trust—a family member, friend or your Pinnacle adviser
What you can expect from your Pinnacle Adviser
- Personalised advice: We get to know you before making recommendations. All advice is tailored to the individual.
- Transparency: Full disclosure of fees and comparisons in a Statement of Advice (SoA).
- Face-to-face or video meetings: No rushed, same-day sales.
- No cold calls: We never pressure you into switching products.
- Ongoing support: Your journey doesn’t end once advice is given—we’re here for the long term.
Bottom line: Your super is your future— and we’re here to protect it.
Scammers can be sneaky, but you’re not alone. At Pinnacle, we offer a safe, professional review to make sure your retirement savings stay secure. Whether you’re already part of our family or know someone who needs guidance, we’re here to help every step of the way.