FirstChoice wholesale debuts as retail platform hits $7 billion
By Rebecca Evans
ColonialFirst State launched its FirstChoice wholesale platform last week while also announcing a record $7 billion funds under administration for its retail counterpart.
“This is largely due to the FirstChoice relaunch in May, which saw a reduction in fees, the addition of 12 new investment options, including boutiques, and enhanced service tools,” Colonial First State general manager distribution Richard Nunn says.
Nunn says the wholesale structure is available to investors with $100,000 and has no entry or exit fees, with a similar investment menu to FirstChoice and access to around 65 investment options.
The cheapest price on the platform will be 0.3 per cent for fixed interest products and up to 1.2 per cent for international equities with investments, superannuation and pension products all available under the new structure.
“We want to have a product solution for every adviser, regardless of their business model,” Nunn says.
Fees for advice will be charged by agreement between the investor and their adviser, but there is a function for advisers to levy any charges through the platform.
Nunn says the wholesale platform has already stirred interest from the superannuation sector.
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