Colonial First State is expecting to launch a new wrap platform by the end of 2022, having partnered with FNZ.
The firm said FNZ would replace its current solution, which used a mix of technology providers, to create a market-leading proposition for advisers using CFS’ wrap platform and provide a “significantly improved” experience.
FNZ had $70 billion in assets on its wealth platform service in Australia and $2.1trn worldwide and CFS said it had been selected for its ability to integrate with multiple providers.
It had also been working directly with financial advisers to best understand their needs and how the platform could help them day-to-day and said it expected to continue to get feedback from them over the next 6-12 months.
Speaking to Money Management, chief distribution officer Bryce Quirk, said: “FNZ is very capable of integrating with multiple providers so we expect to integrate with other services in the future and to provide the integration of adviser technology. There are also lots of opportunities around data management and how that can provide insights for advisers.
“The new platform will be more streamlined with high levels of automation, the more we can automate at our end, that will reduce the time for the adviser which will increase efficiency.
“All the regulatory change is impacting adviser’s work ability and that has been a challenge for them. So we need the platform to be robust, simple and efficient.
“This is our first step forward since our separation from CBA and is a real decision to be competitive in the platform space to meet the needs of financial advisers.”
Kelly Power, chief executive at CFS, said: “While we already have a strong position in the master trust platform segment, this will greatly strengthen our competitiveness in the wrap platform sector, deliver substantial benefits for our members and their advisers, and allow us to become one of the major players.
“The partnership with FNZ will also allow us to pursue future growth opportunities in the Australian market with a new platform that provides greater choice of products and providers, competitive pricing to deliver a significantly improved service experience for advisers and their clients. A key focus for us will be to work with advisers on the new design to seamlessly integrate the platform into other systems that advisers use every day in their practices.”
