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
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
