Colonial First State reclaims top spot in Wealth Insights platform rankings


Bryce Quirk

Colonial First State’s First Choice platform has ranked first for overall satisfaction in the 2022 Wealth Insights Service Level Report. An innovative program of enhancements and improvements has helped boost its ranking from third in 2020 and 2021 to number one this year.

CFS’ FirstChoice was ranked #1 across six categories:

  • overall satisfaction
  • technical support
  • ease of doing business
  • value for money
  • reporting/communication
  • administrative support

In addition, FirstWrap has moved up to #4 position for overall satisfaction.

CFS Group Executive and Chief Distribution Officer, Bryce Quirk said: “We are incredibly proud of these results. These strong satisfaction levels are testament to our ongoing commitment to deliver what advisers want, and providing them with the tools and support to service their clients.”

“We have been listening to adviser feedback on what they need for their businesses and clients. It’s great to see the changes we’re making are helping to increase efficiency for advisers and make their lives easier.”

The independent recognition from advisers follows an 18-month program of listening to advisers and making improvements in areas that matter most to them and their clients. It comes as CFS builds momentum with its four-year $430 million transformation program, focused on modernising and digitising its platforms, reducing the time and money advisers spend on administration and compliance, and boosting adviser skills and education.

Mr Quirk continued: “While we’re in early stages of our transformation, these results tell us we’re on the right path and energise us to keep making our platforms even better. We’re committed to keeping pace with the changing needs of advisers and will continue to invest to deliver the things that matter most to them and their clients.”

The result of this year’s Wealth Insights Service Level Report highlight the success of the program of work over the past 12 months where CFS has been:

  • providing even more choice by adding more of the best rated and most in-demand investments to available offerings including FirstChoice Managed Accounts and low cost geared index options
  • enhancing our digital solutions, including modernising FirstNet Adviser with more efficient functionality, such as pre-filling of our most popular forms and enhancements to our consent process
  • connecting more Australians with quality advisers via the Find an Adviser tool and championing the value that advice can add through a new brand campaign
  • investing in technical support through our FirstTech team, which has been ranked number one for the 10th consecutive year by advisers
  • transforming FirstWrap into a more efficient, market-leading wrap platform through the new partnership with FNZ and with the upcoming release of a new FirstWrap app.

The annual Wealth Insights Platforms Service Level Survey is used to track, measure, and improve the service offerings of Australian platforms and the crucial drivers of adviser satisfaction. The survey asks financial advisers from across Australia to rate the main platforms they use on a scale of 1 through 10 across 26 service attributes. Wealth Insights is an independent provider of market intelligence and consulting services with over 25 years’ experience in the Australian wealth management industry.

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