Half of all advisers using FirstChoice: Assirt

Colonial First State has stolen a march with its flagship FirstChoice platform, with the latest Assirt/Wealth Insights Service Level Survey revealing that it is being used by 50 per cent of advisers.

This represents the first time in the history of the survey that a platform has managed to achieve such a dominant position in a market boasting more than 40 players.

Despite only being launched in 2002, advisers have flocked to the platform for its combination of value for money, efficient service and competitive commissions.

Colonial First State chief executive John Pearce was understandably delighted with the statistic, which he attributed to the company’s general rule of providing a fantastic service.

“We really stick to our principles of great value and great service and we never compromise on that,” he said.

“Part of this is the turnaround time of applications and confirmations from the time you put in an application there is always only a 24 hour turnaround time.

“When you look at some of our competitors, they have a two to three week turnaround time.

“We are also the first to get out our half yearly statements, which really assists financial planners at tax time.”

Wealth Insights managing director Vanessa McMahon said being the first to market among the new generation of mini-platforms also helped FirstChoice in its success.

“While it doesn’t have all of the choices and offerings of some other platforms, many advisers say that it caters for most of their clients most of the time,” she said.

The Assirt/Wealth Insights survey, now in its 14^th year, was conducted in April among more than 855 financial planners chosen at random.