Superannuation is one of the most important financial assets most Australians will ever have. With more than $3 trillion in retirement savings nationally, it’s no surprise that Australians are frequently approached by advisers, brokers, or even cold-callers offering to “compare your super” or help you find a better deal.
While reviewing your super is a smart move, it’s important to be cautious. Recent incidents, such as the First Guardian scandal, show how things can go wrong when offers seem too good to be true.
Why People Compare Super
The idea behind superannuation comparison is straightforward: different funds have different fees, investment options, and performance histories. By comparing, you may find ways to:
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Reduce ongoing administration and management fees
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Access better investment options
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Combine multiple accounts into one for simplicity
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Improve insurance arrangements
For many people, a review can genuinely improve outcomes. However, the way these offers are presented—and who is presenting them—matters enormously.
The First Guardian Fiasco: A Cautionary Tale
In 2025, First Guardian, an unlicensed operator, came under scrutiny after allegations surfaced that its representatives were making aggressive cold-call offers to switch members’ superannuation accounts. The claims included:
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Misleading statements about fees and returns of existing super accounts
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Pressure tactics to get members to transfer balances quickly
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Failure to properly disclose licensing and regulatory compliance
The fallout was significant. Members who switched without proper advice sometimes ended up with higher fees, less suitable investment options, or compromised insurance arrangements. Regulators and the media warned Australians to exercise extreme caution when approached about super switching.
Key Red Flags to Watch Out For
If you are approached about comparing or switching your super, here are some warning signs to consider:
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High-Pressure Tactics
Legitimate financial advice will never rush you into decisions. If someone insists you must act “today” to avoid losing out, this is a red flag. -
Unclear Licensing
Any person offering advice on super must be licensed under an AFSL (Australian Financial Services Licence) or be an authorised representative. You can verify this on the ASIC Financial Advisers Register. -
Overpromising Returns
Be wary of claims that a fund will “guarantee” higher returns or beat the market. All investments carry risk, and no one can guarantee performance. -
Vague or Missing Fees Information
If fees are not clearly explained—including ongoing administration, investment, and insurance fees—avoid the offer. Hidden fees can quickly erode your retirement savings. -
Unsolicited Contact
Cold calls, text messages, or social media messages offering to compare your super are often the first step in a pushy or non-compliant approach.
How to Protect Yourself
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Do Your Homework
Use reputable comparison tools, such as Canstar, Chant West, or SuperRatings, and cross-check performance, fees, and insurance options. -
Seek Professional Advice
Speak with a licensed financial adviser before making any changes. They can assess whether a transfer or fund switch is truly in your best interests. -
Check the Fund’s and Adviser’s Credentials
Ensure the super fund is APRA-regulated and the adviser is listed on the ASIC Financial Advisers Register. -
Understand the Costs
Make sure you know about exit fees, contribution caps, insurance implications, and investment risk before making a change.
The Bottom Line
Superannuation is too important to take risks with. While reviewing your super can provide significant benefits, the way it’s offered matters. Incidents like the First Guardian fiasco serve as a warning: aggressive marketing and unlicensed advice can cost you money, security, and peace of mind.
Always take your time, verify credentials, understand fees, and seek independent, licensed advice. A careful approach ensures your super works for you, rather than against you.