In this Australian Retirement Podcast episode, your hosts Drew Meredith, from Wattle Partners, and James O’Reilly, from Northeast Wealth expose one of Australia’s biggest superannuation scandals and explain what it means for your retirement. With $1.2 billion locked up and nearly 12,000 investors affected, the Shield Master Fund (via Macquarie) and First Guardian (via Netwealth) collapses have sent shockwaves through the industry. Drew and James break down what happened, from aggressive 10-15% return promises and faulty Statements of Advice, to conflicted investment models and “industrial-scale” misconduct.
They explain how ‘lead generators’ and dodgy financial advice referrals drove investments into associated entities and high-risk illiquid assets, why both funds are now frozen without enough money to repay investors, and what ASIC’s investigation has uncovered. Plus, they answer a critical listener question: Should you diversify your super across multiple providers to stay within the $150,000 CSLR protection limit? If you like this Australian Retirement Podcast episode on protecting your super, you’ll love the series. Don’t forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts.
Topics covered today
- Log cabins in Bright/Taggerty – the retirement dream?
- Understanding the Shield Master Fund collapse (Macquarie platform)
- The First Guardian debacle (Netwealth platform)
- Similar firms caught up: Venture Egg, United Global Capital
- The difference between Shield and First Guardian (but similar problems) – Consumer Scheme Levy Relief (CSLR): $150k per person protection explained
Grey Space Advisory – snag a $100 health check
Rask – Get Owen’s best investing research
