Friends With Money #245: Super switching - Are you being misled?
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Friends With Money podcast host Ryan Johnson speaks with ASIC Commissioner Alan Kirkland about online "free super health check" sites, quizzes, and social media ads used as lead-generation funnels that collect contact details, trigger telemarketing, and can pressure people to switch super into riskier, more expensive products.
Kirkland explains ASIC's review and its transparency list (44 firms so far), noting that listing is not a finding of wrongdoing and the list will be updated while the review continues.
He outlines common funnel tactics, investor harms seen in cases like First Guardian and Shield, and why switching into platform products or self-managed super funds can reduce protections.
Key red flags include unsolicited calls, pressure to act quickly, and offers to "find lost super."
Consumers are directed to ASIC's MoneySmart website for trusted guidance and complaints.
00:43 What lead generation means
01:42 ASIC transparency list explained
03:52 Who ASIC is targeting
04:58 Inside the sales funnel
06:52 When marketing breaks laws
08:12 Case study: First Guardian
10:28 APRA vs ASIC and SMSFs
12:51 Red flags for consumers
14:15 Where to get help
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Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.
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You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).
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Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.
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Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.
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The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.
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New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.
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Yes, full episodes with closed captions are available on YouTube.
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Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.
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