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
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
