Top 10 most influential, 2004: John Pearce – first choice in platforms
When Colonial First State’s (CFS) FirstChoice platform burst onto the scene in May 2002, offering low fees and a simple investment structure, it made a splash, taking big inflows almost immediately.
The platform was ahead of its time.
So much so that it has taken groups like AXA and Credit Suisse — which released their own low cost platforms only this year — up until now to catch up.
As the chief executive of CFS, John Pearce could have rested on his laurels.
Instead, in March this year, he cut management fees for FirstChoice by between 5 and 50 basis points.
And in July, FirstChoice Wholesale was launched, offering average total fees of just 1 per cent for investments over $100,000.
Since then, AMP has dropped fees on its Flexible Lifetime Super products, while ING has also trimmed ongoing fees on OneAnswer.
In the platform market these days, it seems Colonial sets the pace, and others follow.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.