Lead generation and how it works

Be aware of what lead generation is, to make informed investment decisions.

What is lead generation

If you’ve ever clicked on an advertisement, filled out a form on a comparison website, done an online quiz, or handed over your personal details in some other way, you may have unknowingly put yourself on a lead generation list.

Lead generation is simply the process of identifying someone as a potential sales target. The goal of lead generation is to connect a person (a lead) with a business that sells something that lead might be interested in. This could be anything from shoes to solar panels – and it includes financial products.

For example, you might click on an advertisement that offers to compare your current investments for free. This might mark you as a financial advice or superannuation sales target.

ASIC’s review of advice licensees that use lead generation services

ASIC has commenced a new review of advice licensees using lead generation services as part of its ongoing program of work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation.

ASIC is concerned that features associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses.

Some features to watch out for include:

• Being pressured to act immediately
• Claims that your existing fund is underperforming
• The touting of free superannuation ‘health checks’ and prizes (often via social media advertisements or websites)
• Offers to find and consolidate ‘lost super’ for free
• The involvement of unlicensed people in the advice process
• Predominant engagement over the phone with limited client contact with a financial adviser
• Poor or no product disclosure
• Promises of high or unrealistic returns

Learn more about how to protect your super from high-risk sales tactics.

Who are lead generators?

As part of its review, ASIC is publishing a list of known entities involved in lead generation, those acting as referral partners, and advice licensees or corporate authorised representatives that have acquired leads since 1 July 2024.

The naming of the entities in this list should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.

However, consumers should exercise additional caution when engaging with any business that uses lead generation and exhibits the features previously listed.

This list is not exhaustive and is based on the information available to ASIC as part of our review, at the time of publication. The name or contact details may have changed since an entry was added.

While this information relates to the period from 1 July 2024, some entities included in this list may have ceased involvement in lead generation activities by or after the date of publication.

Stop. Check. Protect.

If someone you don’t know contacts you about your super, be cautious. Your super is too important to discuss with strangers.

It’s important to protect your super from pushy sales calls and take charge of your super. Read our guidance on how to do both those things.