Platforms to help manage advice cost: CFS
As the needs of dealer groups and financial planners change in the wake of the evolving Future of Financial Advice (FOFA) reforms, platform enhancements will play a significant role in managing the cost of providing advice, according to Colonial First State (CFS) platform executive Alan Kenny (pictured).
Kenny’s comments followed the introduction of a number of developments for CFS’s FirstChoice and FirstWrap platforms, which he said came in response to the FOFA reforms.
The FirstChoice platform has introduced a new online practice management functionality, supporting advisers who segment their business by client revenue.
Advisers would be able to configure FirstNet to automate bulk review reports and generate mail merges for targeted client campaigns.
The changes would also allow advisers to send a scanned copy of a client’s signed instructions electronically and receive an immediate confirmation.
In addition, FirstWrap introduced portfolio management tools, which the company said would support the trend of increased use of dealer model portfolios.
“The introduction of FirstWrap model portfolio templates will support dealer and adviser portfolios across managed funds, listed securities and cash providing increased efficiencies leading to less time on administration,” Kenny said.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
