CFS tops latest Wealth Insight report
The demand for and importance of advice is “only getting stronger”, according to CFS, as its FirstChoice platform tops the latest Wealth Insights report.
This annual report surveyed advisers across Australia on 26 service attributes of platforms.
Speaking to Money Management, Bryce Quirk, chief distribution officer at CFS, said CFS offered a Find An Adviser tool which had been well received by consumers and advisers as they sought financial help.
“The feedback we are getting from advisers is that they are getting inbound inquiries from people who are really seeking advice. Australians are looking for support whether it’s about rising inflation or uncertainty in markets for a large ageing demographic approaching retirement.
“The importance and value of advice is only getting stronger and people are looking for help on how they can engage with advisers.”
It was also launching a brand campaign to champion the value of advice.
The firm came top in the Wealth Insight report, up from third in 2021, and Quirk said this had been driven by improvements based on adviser feedback and engagement. It scored particularly highly for technical support, ease of doing business and value for money, having spent 18 months speaking with advisers.
“Advisers wanted it to be easier to do business with CFS and for us to handle things well for them which then makes their job easier. Examples would be pre-populating forms, expanding our investment menu and releasing new capabilities like FirstChoice managed accounts.
“This is a hotly-contested market and advisers rightly have high expectations and we need to continue to deliver to those.”
On the other hand, it scored lower in reporting/communication and administrative support and Quirk said those were two areas the firm would work on.
“Advisers asked us to be easier for them and their clients to understand when we communicate with them, to be more pointed and to not create extra work for them. We’ve got work to do in those areas and we are continually improving.”
AUTHOR
Laura Dew
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