CFS announces platform fee reductions
Colonial First State has announced fee reductions across its superannuation and investment platforms.
The company announced to the Australian Securities Exchange (ASX) that it would be lowering costs to members across its FirstChoice Wholesale platform, FirstChoice Employer Super and FirstWrap Plus platform effective from early June in line with updates to the relevant product disclosure statements.
It said the changes were projected to result in a total benefit to members of approximately $68 million a year with the impact on net profit of around $45 million.
Commenting on the changes, Colonial First State acting executive general manager, Kelly Power said the changes were aimed at making the company’s platforms and investments as cost effective as possible.
The company also announced it was introducing three new low-cost Colonial First State Index options (Conservative, Diversified and Growth) to both FirstChoice Wholesale and FirstWrap Plus with investment fees on existing CFS Index Options being reduced.
The company said FirstWrap Plus tiered administration fees would be reduced by 30 per cent, FirstChoice Wholesale would introduce improved fee rebates for members with a stating balance of $100,000 and FirstChoice Employer Super would have investment fees reduced.
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
