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I have had two calls this week from a Brisbane based company called Just Sort My Super (Just SMS). This was to review my superannuation and give a 'free' health check. Both calls were quite long and I'd be passed onto different people including a financial advisor from an affiliated company. The main guy was friendly but it felt like he was trying to be too friendly, cracking jokes etc. They asked a lot of questions about my super amount and income, age etc so they could do this health check. They are now advising me to sign up so they can switch me to a superfund called New Quantum, which only financial advisors can set up, with the first years fee being $5500 coming out of my super, and going forward over $3000 if I choose to stay on board. The fee includes the financial advisors monitoring my superannuation to minimise risk and being available for any advice. They are looking at the past returns of the invested ETF's to determine future returns with this new superfund, which they used to determine how much better off I'd be in retirement.

Both Just SMS and New Quantum look to be fairly new (2-3 years old) and even though many Just SMS reviews are positive they only are based on people's experience signing up alone, not their experience 5-10 years down the track. Some users reported pushy rude salesman. I can't find any reviews on New Quantum Super. I feel this is a bit too risky. Has anyone else had experience with this company and do you think this is probably a bad idea?

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    Why did you have calls with them? Did you ask for these calls? I'd generally be wary of people cold-calling me and offering to sell me stuff. Even if they'd get through my spam filter, I'd hang up on them.
    – littleadv
    Commented Aug 19, 2023 at 4:48
  • I did get a call a few weeks back about a free super health check but it was only this week they mentioned costs. Others online were cold called. Commented Aug 19, 2023 at 8:10

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It's a cold call, and you don't even know whether they're really who they say they are. The experience with the recent Medibank Private cyber attack shows that even if you don't sign up with them, just giving them your personal data puts your money at risk.

Now look at their offering: you say they offer to look at past returns to determine future returns. If you look up any reputable fund, you will likely see their historical performance together with the disclaimer that past performance does not determine future performance.

I'm not a qualified financial advisor and this answer isn't to be considered financial advice, so I'm not going to tell you "how safe and legitimate is Just Sort My Super", sorry. You can look up ASIC's advice about how risky it is to give personal information to cold callers. (They're talking about cold callers claiming to be ASIC, but you can draw your own conclusions about cold callers claiming to be Just Sort My Super.)

If you really want someone to look over your superannuation, hire your own financial advisor. Your cold caller is asking $3000 a year ongoing. Here are some articles about the cost of accountants: investopedia (probably USA-based), Oneflare / Airtasker, Service Seeking. I'm not recommending to go with any of these, but the costs of roughly $100 to $1000 per year for personal accounting suggest that an annual budget of $3000 will buy you a lot of legitimate financial advice. The Australian government has some advice about how to find an accountant.

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There is no ownership data available for justsms.com.au.

Their Facebook page has only 16 likes.

That's a pretty large fee they're seeking.

They're cold calling.

I'd say that they are new and sketchy AT BEST, and assume they are better avoided, unless you can find strong evidence to the contrary.

If you want a service, go shopping for it, rather than trusting the first provider who knocks on your door.

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  • Thanks for the answers. Decision made. Just sounds too risky. Commented Aug 19, 2023 at 22:10
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Never, under any circumstances, divulge any personal information (including your name) to anyone who calls you offering services you did not previously seek. This applies to telephone, text, email, and regular mail.

If you do engage one of these people in conversation, inform them that you will call them back as you "don't have time right now". If they don't just hang up immediately they will likely provide you with a phone number. Ignore that number, find the company online and call the number provided on their website. Often if the real company exists they will never have heard of the people who called you.

These operations are usually run from some offshore call center and they are only interested in extracting as much information from you as they can.

Legitimate financial services companies do not cold-call anyone, do not ask questions about your income and assets, and do not offer promises about future returns. Everything these people said to you in your conversations is either phishing for your information or outright lies. They fit the profile of longstanding scams, and are illegal practices in the USA -- I don't know about Australian law.

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  • Thanks for that. Noted. Apart from the risks it takes up too much time during work hours. Commented Aug 20, 2023 at 9:43

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