Property spruikers intensify SMSF attack

Property spruikers are increasing their efforts to capture the lucrative SMSF market, offering financial planners up to $10,000 for leads.

In a Business Insider story last week, Chris Pash writes about the aggressive sales tactics being used by spruikers to snag a share of the $558 billion held in self-managed super funds (SMSFs).

The article pointed to ASIC’s recent statement in which it expressed its disappointment that people are not being adequately informed of the risks associated with unlisted property schemes.

Last week, the corporate regulator said property schemes have become popular investment vehicles for such people, but “they do carry risks as well as opportunities”.

Melbourne-based JBS Financial head of strategy Jenny Brown was quoted saying she’s been offered up to $10,000, or four per cent, of the purchase price as spotter’s fees if one of her clients buys property for their superannuation fund.

“I’m active on social media and maybe that makes me a bit of a target,” she said.

“But the approaches I’m getting are constant, sometimes two or three a week.”

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