Colonial the FirstChoice in the tech stakes
In an analysis that has seen technological efficiency and user-friendliness rated as key differentiators, Colonial First State’s FirstChoice platform has emerged as a clear winner in this year’s Wealth Insights Platform Service Level Survey.
The survey of 886 advisers, released this week, revealed Colonial FirstChoice was rated as having the best service levels in the industry, followed by the Macquarie Wrap and Navigator platforms.
Commenting on the survey results, Wealth Insights managing director Vanessa McMahon said the 2008 survey results revealed a key shift in the platform space, with technology and consumerism having become the key drivers for change.
“In recent years we saw commissions, products and menus as being the drivers, but they have become commoditised and been supplanted by the manner in which the embedded platform technology can actually help time-pressed planners,” she said.
McMahon said the importance of technology in assisting planners to do their jobs had become increasingly important in circumstances where the relationship between planners and platforms was no longer just about transactions, but about servicing an ongoing relationship with clients.
The chief executive of Colonial First State, Brian Bissaker, said he agreed with McMahon’s analysis and the manner in which technology had become a key differentiator.
“And that is heartening in circumstances where we have invested a lot of money in ensuring that FirstChoice delivers really good functionality,” he said.
“I think the importance of technology and how it helps planners is also reflected in the increasing numbers who have sought training and a better understanding of how it helps them to drive efficiencies,” Bissaker said.
He said that while the platform had considerable capabilities, it was important that it was efficient and easy to use from a basic administration point of view, especially during periods such as June/July 2007, where there had been particularly high volumes.
“The ‘Better Super’ changes not only drove a whole lot of new strategies but increased the number of underlying transactions per strategy,” Bissaker said. “That makes it imperative that the underlying technology works and gets it right.”
McMahon said FirstChoice had been rated the leading platform across a range of measures but, significantly, had emerged as number one with respect to technology.
She said based on technology alone, FirstChoice had taken first place, followed by the Asgard platforms and then Macquarie.
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