Newspaper article The Northern Star (Lismore, Australia)

Keep Your Super Safe from Crooks' Clutching Claws

Newspaper article The Northern Star (Lismore, Australia)

Keep Your Super Safe from Crooks' Clutching Claws

Article excerpt

IF YOU have a self-managed super fund (SMSF), you don't just need to watch out for the strict laws and regulations that govern SMSFs. There is also the risk of losing your hard-earned retirement savings to investment spruikers.

One of my favourite investments sayings is, a[approximately]If it sounds too good to be true, then it is' - and this certainly applies to investment spruiking.

The explosion in the number of SMSFs in recent years has been accompanied by an even faster growth in the number of cheats and swindlers out there who are trying to get their hands on your hard-earned money.

Recognising that this represents a large risk to our superannuation system, the Australian Federal Police has set up a specific unit to monitor the activities of these investment promoters around small DIY super funds. Unfortunately, that unit is growing.

These investment promoters are exploiting two ever-yday character traits - the desire to make money fast; and trust. …

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