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.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
