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Protect your super from pushy sales calls

Be super smart. Don't rush to switch and consider the risk.

Page reading time: 5 minutes

High-pressure sales tactics are putting your super savings at risk.

If someone you don’t know contacts you about your super – hang up. They are not looking out for you.

You may have clicked on an advertisement, filled out a form on a super comparison website, or you may not have taken any action at all. Callers can get your data from their own sources, or they might purchase your data from a third party.

Learn what to watch out for, how to avoid pressure and how to protect your super.

When to pause or hang up the phone

What can you do? 

If someone you don’t know contacts you about your super, it’s a red flag. Your super is too important to discuss with strangers.

When you get a call like this:

It is also a good idea to report the call to ASIC

Why sales agents want your super

Typically, these promoters may want you to move your savings to schemes that benefit them – not you.

Some things they might try to push you into include:

During the sales call, the caller may transfer you to a licensed financial adviser. This is a tactic to show they are legitimate, but they will pass back to the salesperson to collect information, provide the advice and close the deal.

What are the risks for this kind of financial advice

This kind of advice does not: 

This kind of advice may: 

Tricks of high-pressure sales tactics

High pressure sales tactics work because they play on human instincts.

It’s normal to feel uncertain, out of depth or under pressure – especially when it comes to money.

But that’s exactly what they are trying to exploit.

Fear of missing out

We all want to make the most of our retirement savings. Promoters play to your fear that time is running out and you may not have saved enough.

Catastrophe threats

Promoters may tell you things will go wrong if you do not act – telling you decisions are urgent when that’s rarely true.

Hope for more

We all want better investment returns and more money. But unrealistic promises are just a way to lure you in. Past performance is not a reliable indication of future performance.

Guilt

You might feel rude for hanging up, pushing back or saying no. They know that – and play on your discomfort.

Social pressure

It’s easy to feel like you should be capable of making quick decisions. But financial matters are complex and it’s best to take your time.

Trust in advice

Promoters will often sound confident and well-informed to win your trust. They may give you brief access to a financial adviser, but don't give you time to consider if the advice really meets your needs. 

Learn how to avoid high-pressure sales tactics

How to take charge of your super

Consider getting financial advice

Financial advice can help you make informed decisions about your super and investments. Shop around and choose a financial adviser you feel comfortable with.

Many super funds offer financial advice about saving for retirement as part of your membership. Comprehensive personal advice may also be available – with fees often payable from your super.

If you decide you do want to change super funds

Most people can choose their super fund. If you decide you do want to switch, choosing a super fund has more information.

Be wary of investment hype

If it sounds too good to be true, it almost always is. Super is a lifetime investment and higher returns come with higher risk.

See investment warnings for more information.

Talk to your current super fund

Contact your super fund for information about your current super investment options, risk profiles, past performance, and fees.  

Find your lost super

You can find your lost super yourself for free.