We get it. ASIC’s reports aren’t exactly light reading. But we care about your retirement, so we’ve done the hard work and pulled out what you need to know. 

In the report, ASIC found 62% of SMSF advice that it reviewed, didn’t meet the best interests duty, leaving some people worse off.¹ So before you take advice to open an SMSF, here’s what to look out for and how to make sure the advice is in your best interests.

1. You’re told to set up an SMSF straight away

2. When advice talks control, but leaves out the details

ASIC identified control as one of the most overused and least-explained reasons given to clients. An SMSF does offer more control, but it also means more work, more responsibility, and more risk.

You’re not getting complete advice if an adviser can’t clearly explain:

• what control involves
• what decisions you’ll be responsible for
• alternatives that offer similar levels of choice without the workload.

3. Your existing fund’s performance and fees aren’t discussed

A quality super fund may already offer:

• competitive long-term investment returns
• affordable fees
• flexible investment options
• insurance cover

Rolling your super out without a proper comparison could leave you worse off. ASIC found advisers often didn’t compare options or glossed over the long-term impact on clients. If you don’t see a clear comparison, ask for one.

4. Beware the social media SMSF hype

Be cautious if the advice is promoted around a property deal, a masterclass or a seminar that promises high investment returns.

Some SMSF advice chains are linked to developers, asset managers, or related businesses. ASIC’s review found advisers sometimes acted as order-takers, pushing clients into products or structures connected to their own business interests. If someone else stands to benefit from your SMSF more than you do, that’s a major red flag.

5. No discussion about costs, risks or ongoing responsibilities

Running an SMSF isn’t just about investing, it comes with time, cost and legal responsibilities. You’ll need to stay on top of super and tax laws, even if you get professional help.

There are also ongoing costs, including:

• accounting and audit fees
• legal and administration costs
• investment management fees
• insurance (which isn’t automatic in an SMSF)

It’s also important to note, that you take on the legal responsibility for running a SMSF. If something goes wrong, you’re the one held liable, not your adviser.

If an adviser doesn’t talk through these obligations, or whether you have the time, knowledge and interest to manage them, you’re not getting the full picture.

6. You feel rushed or pressured

Good financial advice helps you make confident choices. It doesn’t push you to sign documents on the spot or highlight limited time offers. Take your time. Ask questions. A trustworthy adviser will welcome that.

7. There’s no written plan about how your SMSF will help you meet your goals

Best-practice advice should come with a clear, personalised strategy. It should explain:

• how the SMSF will be set up
• the investment plan
• how risks will be managed
• how your retirement goals will be supported

If the plan is vague or templated, that’s a concern.

What good advice looks like

Good advice means you leave the conversation with a clear understanding of what’s right for you. That includes:

• A full view of your options: whether that’s an SMSF or other super arrangements, you should understand the pros, cons, and alternatives.
• A personalised strategy: recommendations should be tailored to your goals, risk tolerance, and how much time and effort you’re willing to invest.
• Clear explanations of responsibilities and costs: you should know what running an SMSF involves, from trustee duties and compliance requirements to fees and investment risks.
• Support that prioritises your interests: the adviser should act in your best interest, explaining everything clearly and helping you make decisions you’re comfortable with.

Thinking about an SMSF? We can help you.

¹ ASIC Review of SMSF establishment advice November 2025

² Chant West Super Fund Performance Survey, June 2025, MySuper – Growth (61% - 80%). Net returns for periods to 30 June 2025. Net returns for periods to 30 June 2025. Past performance isn’t a reliable indicator of future performance. The value of investments can rise or fall, and investment returns can be positive or negative.

The performance figures utilised reflect the performance for the former CARE Super fund investment options only pre-1 November 2024 (other than the Long-term option (Managed Income only)). Performance history for Spirit Super investment options prior to 1 November 2024 is available at caresuper.com.au/performance.

³ Advice is provided by one of our financial planners who are Authorised Representatives of Industry Funds Services Limited (IFS). IFS is responsible for any advice given to you by its Authorised Representatives. Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.

This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you. You may also wish to consult a licensed financial adviser.

Before making a decision about CareSuper, you should consider if this information is right for you and read our Product disclosure statement, Target market determination and Financial services guide. These are available at caresuper.com.au/pds or by calling 1800 005 166.
Past performance isn’t a reliable indicator of future performance. The value of investments can rise or fall, and investment returns can be positive or negative.

CareSuper Pty Ltd (Trustee) ABN 14 008 650 628, AFSL 238718. CareSuper (Fund) ABN 74 559 365 913. Advice is provided by CareSuper Advice ABN 78 102 167 877, AFSL 284443. Consider the PDS and TMD at caresuper.com.au/pds. A copy of the Financial services guide for CareSuper is available at caresuper.com.au/fsg.