CFS launches platform revamp to end fees debate
Colonial First State (CFS) has moved to put an end to the perpetual fees debate between industry superannuation funds and retail master trusts by revamping its FirstChoice Wholesale platform and lowering fees to levels it claims are below those offered by both industry and retail funds.
The revamped product, scheduled to go live to the market early next month, was launched today by CFS chief executive, Brian Bissaker, who said it represented a direct response to the changes flagged by the Government as a result of the Cooper Review and the Future of Financial Advice (FOFA) reforms.
“The investment and enhancements we have made to our FirstChoice platform have effectively neutralised the fee debate and raised the bar on both value and type of services that should be delivered to investors,” he said.
Bissaker said the fees attaching to FirstChoice wholesale would start from a low 0.40 per cent and would average around 0.89 per cent across the 119 investment options.
The changes also see the platform made readily available to retail investors with a $1,500 minimum.
AUTHOR
Mike Taylor
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