I think the title of the thread says it all. Be alert - that means do your due diligence on anything you spend your hard earner money on.
If you will take reccomendations either in a SMSF or outside from an advisor, make sure you check their track record of success. What annoys me, is people who do not disclose commissions, if you are not paying an advisor a set fee ask them how they get paid?
The issues are not isolated to SMSF, its outside of super as well. The thing abt SMSF is that it is regulated, if an advisor 'recommends' property in a SMSF they need to be licensed (AFSL) or an auth rep of a license holder, if they are not then they are breaking the law and can face a penalty of $30k+ or 2 years imprisonment. Funnily enough the ASIC fine actually equates to a standard commission these people are getting on a sale of property, then add the finance commissions and you will see why so many are entering the SMSF arena. Everyday Australians are getting spruiked into buying property outside of super problem is - its unregulated....a free for all.
There are good financial planners - try to have a friend recommend a planner to talk to - if they immediately offer a free trip to Queensland - walk away!
I'm in the SMSF game, when someone speaks to us, immediately we educate the client and decide together whether a SMSF is right for you. With the property equation, this discussion can take up to 45 minutes, drawing structures etc.....if its not right and you don't understand the benefits and risks of SMSF, forget about it. Education is key, hence be alert.
Hope that helps
Agree with Westminster and Terry above on both counts
Cheers, Ivan