Losing a large amount of money is stressful, especially if you or your partner were planning to retire soon. Many people who invested in Shield and First Guardian are worried about getting their money back, saving for retirement or paying day-to-day expenses while their superannuation account is frozen. There is help available to get you and your family in the best position to deal with these challenges.
On this page
Do I need to get a new financial adviser?
Most people invested in Shield or First Guardian through a financial adviser and many people are paying ongoing advice fees from their super to that person. After what happened, you might not want to get financial advice from that person again – or from anyone. You do not have to continue with your current adviser and you do not have to get a new one if you don’t want to.
Find out how to cancel a financial advice contract.
But, some people who have lost their money in Shield and First Guardian might want to get financial advice about what to do now. A good financial adviser can give you advice about how to plan for retirement or invest your super going forward to recover from your investment losses. If you do want a new financial adviser, we recommend choosing someone who was not involved in selling Shield or First Guardian.
Find out how to choose a good financial adviser.
If you need help getting your super back or making a complaint about a financial adviser or super fund, a licensed lawyer can provide legal advice or assistance.
Find out more about how to get legal advice and help.
Where can I get free help with retirement planning?
Many Shield and First Guardian investors are worried about their retirement and are thinking about how to make a new plan. There are many free resources available to help you.
- The Financial Information Service is a free Government service that provides information about a range of financial topics. You can even make an appointment to speak to someone.
- ASIC’s Moneysmart website has information about super and retirement planning as well as different tools and calculators.
- Super Consumers Australia has published super savings targets to help you work out how much super you need – it might be less than you think:
How can I get help paying my expenses?
If you need help figuring out how to pay expenses or manage debts, a financial counsellor may be more helpful (and cost effective) than getting financial advice. Financial counselling is a free, confidential and independent service provided by skilled professionals who offer practical advice and support. Thousands of Australians get help from financial counsellors every year.
A financial counsellor can:
- assess your financial situation
- give advice about what to do if you’re struggling to pay bills and fines
- help you make a complaint about a financial product or service (e.g. to the Australian Financial Complaints Authority)
- help you negotiate with government agencies, your landlord, utilities, telcos, and other creditors
- assist you if you’re being harassed by debt collectors
- refer you to other services you might need, such as legal, accommodation, health and crisis services.
Find out more about how a financial counsellor can help you.
To find a financial counsellor near you, you can call the National Debt Helpline on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday) or use this map on ASIC’s Moneysmart website.
Where can I get more information?
See the links below for more information about each topic.
|
Topic |
Links |
|---|---|
|
Choosing a financial adviser |
CHOICE – How to find a good financial adviser |
|
Retirement planning |
Services Australia – Financial Information Service ASIC Moneysmart – Plan for your retirement |
|
Free financial counselling services |
ASIC Moneysmart – Financial counselling |