ASIC targets SMSF confidence trickstersBY MARK SMITH | THURSDAY, 11 APR 2013 11:40AMThe Australian Securities and Investment Commission (ASIC) will target 'unscrupulous' advisers trying to make quick money of the fast-growing self-managed superannuation fund (SMSF) industry. |
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David Woodall
CHIEF EXECUTIVE OFFICER, SUPERANNUATION
INSIGNIA FINANCIAL LTD
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Facing his greatest test yet in metamorphosing MLC Super, Dave Woodall is adamant the juice will be worth the squeeze. Jamie Williamson writes.
ASIC, if you want to know what is going on, head to one of the many "investment" seminars held around the country every week and listen to property spruikers giving financial advice, i.e. building an investment portfolio in and out of super. Some of the information these unprofessional and uneducated people put to their prospects is simply scary and yet no one does anything about it! Many follow up with a home visit, so they can give you more tailored advice around tax, future returns and what you can expect come retirement. It's a pretty easy sell for them too after what's happened to the share market since 2007.
I also don't want to hear Peter Kell give a speech in 5 years time about what went wrong, but it's inevitable if governments and ASIC don't get serious about the property spruikers.
The watch puppy leaves it's kennel for a speach.
After what has been going on from all these so called SMSF specialists I bet it will be less than 3 years before we hear the what went wrong speech.