CFS teams up with Viridian Advisory on advice offering
Colonial First State (CFS) has announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
CFS’ partnership with the Australian financial services business will enable CFS FirstChoice superannuation, pension and investment members who do not have a financial adviser to access affordable one-off, topic-based advice from Viridian.
This will cover specific topics including personal investments, debt, superannuation, pensions, retirement planning and Centrelink, CFS stated. The solution was designed to meet the significant demand for affordable advice across its member base.
Members can access this advice in modular blocks starting at $500, with any combination of blocks capped at $3,000.
According to CFS, Viridian Advisory was chosen based on their scale, national reach and openness to creating an affordable, one-off and topic-based advice solution for CFS customers.
CFS will also consider expanding this approach with other licensees as demand for advice continues to grow among its members.
Kelly Power, chief executive of CFS superannuation, remarked: “We support a growing and vibrant financial advice sector. Our research clearly shows that Australians who receive some form of advice feel better about their financial position and are more confident about their retirement.
“The reality is that we have a large member base that cannot afford comprehensive advice. By introducing this new model, we are enabling our members to access affordable advice suited to their specific needs at a particular point in time.”
Brett Arnol, general manager of advice at Viridian Financial Group, said the firm recognises the barriers that many Australians face in accessing quality advisers.
“Our investment in technology over the past 10 years, along with developing new advisers into our network via our Professional Year program, has allowed us to provide affordable advice to more Australians through this digitally driven engagement model,” he commented.
The announcement comes less than a month after CFS announced its tailored digital financial advice offering at just $88 per annum.
The new solution was designed by Otivo specifically for CFS FirstChoice superannuation members who are not currently seeing an adviser. Members will be able to access advice in relation to their super investment options, contribution strategy and insurance arrangements.
Speaking with Money Management following the announcement, Paul Feeney, CEO of Otivo, said the firm is also in discussion with multiple super funds and industry players at the moment.
“We are wanting to partner with large financial services firms who have large client bases or large membership that will benefit from having that personal advice,” he said.
AUTHOR
Jasmine Siljic
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