FirstChoice hits $2 billion mark
ColonialFirst State’s (CFS) flagship master trust, FirstChoice, has reached the $2 billion mark in funds under administration less than nine months after its launch.
Kicked off in May last year, the master trust began with $300 million worth of funds rolled over from other investment platforms operated by Colonial and its parent, the Commonwealth Bank (CBA).
By November last year, the master trust had already reached $1.4 billion in funds under administration after a strong showing in the September quarter, where it took $550 million worth of new money.
The rate of funds flow into FirstChoice is currently around $60 million per week.
CFS general manager of distribution Michael Cant says that 40 per cent of this is generated by CBA branch-based planners, 25 per cent by CBA’s third party dealer groups, including Commonwealth Financial Services and Financial Wisdom, and the remaining 35 per cent by independent advisers.
Cant says the product has tapped into the market for mainstream investors.
“Our fees are very good for mid-size investors, and there is also attractive remuneration for advisers,” Cant says.
AUTHOR
Lucie Beaman
Recommended for you
This senior consultant has emphasised why ‘playing the long game’ of cultivating a desirable work culture is vital for high-performing financial advice firms and their teams.
With superannuation funds and financial advisers being the top two sources of information for retirees, a TAL white paper has revealed which they turn to first.
Newly launched wealth technology platform HeirWealth has appointed multiple senior industry figures to its advisory board including former MLC CEO Geoff Lloyd as chair.
Clime has entered into a heads of agreement to divest Madison Financial Group to a rival licensee for $2 million.
