Telemarketers steered $678 million into 15 advice firms in 17 months, mostly super, and ASIC says some let them do the advisers’ job

A cold call or a social media ad offering a “super health check” was the front door for thousands of Australians who moved their retirement savings in the 17 months to June, the corporate regulator has found.

The Australian Securities and Investments Commission released the results of its review of advice firms that use lead generators on Monday. It looked at 15 licensees between January 2025 and June 2026 and found they took in about $678 million through clients sourced by telemarketers and online marketing, roughly $610 million of it from super.

ASIC commissioner Alan Kirkland said business models built on “slick sales tactics to convince people to switch their super” can leave Australians seriously worse off.

What are lead generators?

They are businesses, often unlicensed, that find potential clients through phone calls, social media ads and online offers, then pass them on to licensed financial advisers, who move their super out of large regulated funds and into other products.

The regulator found the callers often did much more than make an introduction. At some firms they qualified leads, set appointments, gathered clients’ financial details, researched products, discussed investment performance and even talked people through the recommendations in their Statements of Advice, documents only a licensed adviser should be responsible for. In one case a lead generator helped put the advice into effect.

ASIC said some used potentially misleading statements, fear-based claims and performance comparisons that did not compare like with like.

How much money is involved?

Over the 17 months, the 15 firms gained 7,639 new clients through lead generators, about 35% of their new clients. They deducted $9.8 million in upfront advice fees and clients agreed to another $4.5 million in fees every year.

On average that is almost $89,000 moved and almost $1,300 in upfront fees for each client sourced this way, before any ongoing charges.

Why does ASIC care so much?

Because it has seen how this ends. The collapses of the Shield and First Guardian master funds hit more than 11,000 investors, who had put over $1 billion of their super into them, and ASIC says many invested because their financial adviser failed to act in their best interests. ASIC has called its investigations into those collapses among the most complex in its history.

ASIC said the activity it found in this review is likely to be inconsistent with advisers’ legal duties, including acting in clients’ best interests, and puts advisers and their licensees at risk of breaking the law.

“We will continue to take enforcement action under current laws where we find evidence of serious consumer harm,” Mr Kirkland said.

What should you do if someone calls about your super?

Be wary. Only a licensed financial adviser can give personal advice about your super, and good advisers rarely cold call. If someone offers a free “super health check” or says your fund is performing badly, check that they are licensed on ASIC’s Moneysmart website, ask what fees will come out of your balance, and talk to your current fund before moving anything.

ASIC keeps a public list of businesses known to be involved in lead generation, which it has expanded since February.

Go deeper with VNN Premium: Got a call about your super? A typical switch costs $15,700 to $44,900 over ten years, and the checks to make before you say yes — the ten-year cost of a cold-call switch at three balances, the return a new fund needs just to break even, and a checklist to run first.