This time we see a property investment business promoting free superannuation reviews. While the business doesn’t appear to hold an AFSL, they identify some licensed advisors as “partners”.
‘Simply Super’ advertise on Facebook, offering a “free superannuation review”. (This business is not to be confused with SMSF auditing firm with the same name).
It appears that Simply Super collects information from consumers about their retirement goals and superannuation, and then refers to “one of our partnered financial advisors”. However, Simply Super is a trading name of Property Advice Australia, which appears to make its income from consumers choosing to buy property. Chris Duffy from Burleigh Heads Qld is the Director of Property Advice Australia.
Do the licensed financial planners that receive the referrals take any responsibility for the advertising which is potentially misleading?
Do consumers know when they’re providing their information that they’re providing it to a property investment firm – and not a licensed financial advisor?
Does Simply Super use the personal information provided to target consumer for property investment?
While advertising they are experts in optimising your superannuation, and claiming on their website they operate under the “Best Interest Duty” neither Simply Super or Property Advice Australia appear to have a financial services licence.
Some of their ads ask “Could you live on $56 per day”. This amount is less than the single Aged Pension, which means no-one is likely to retire on $56 per day. While their Facebook ad notes in small print that the $56 per day doesn’t include the Age Pension, their Instagram ads have no such clarification. The ads also claim that superannuation returns over the past two years was “only 2%” but that’s not a figure I can find anywhere.
According to Simply Super’s website, their “trusted advisors” include Dormant Capital and Wealth Conscious, which are licensed to provide financial advice.
The Naysayer 