ASIC has raised concerns about three companies advertising self-managed super fund services on social media.
Skybridge Portfolios was using its Facebook page to advertise the benefits of SMSFs, including statements such as: "Get yourself a SMSF for your Super - from $99, fully advised. No industry fund can compete with this."
Tatnell DLS made similar recommendations on YouTube. ASIC said the YouTube advertisements were "favourably comparing SMSFs to other superannuation funds without explaining or referencing the range of factors that will contribute to whether an SMSF is better performing or lower cost to consumers than industry and retail funds."
Finally, Urban Seed Project Marketing displayed videos on YouTube which linked to a website promising "SMSF qualified" and/or "SMSF friendly" real estate, which ASIC argued was misleading given the (unsubstantiated) implication that some properties are more suited to investment through an SMSF than others.
All three companies have removed the offending advertisements and have said future social media advertising will "undergo appropriate review and approvals processes."
"Accuracy in advertising is integral to maintaining consumer trust and confidence in the SMSF sector. ASIC will continue to take action where we see advertising that might mislead consumers, whether that advertising is on social media or more traditional media," ASIC chair Peter Kell concluded.