Kelly Power

New research from CFS reveals Australians approaching retirement are carrying a significant mental load, with many uncertain about their financial readiness and whether they’ll achieve a comfortable retirement.

Now in its third year, the CFS Rethinking Retirement report tracks how Australians feel as retirement approaches. The findings show that for many, retirement remains a financial challenge rather than a milestone to look forward to.

Just over half of Australians (51%) now say they feel prepared for retirement – an improvement on previous surveys, but the research shows there is still work to do for a majority of Australians to feel confident.

More than half (54%) worry they won’t have enough money to live comfortably, while 50% are concerned about unexpected health or aged care costs and 37% fear outliving their super savings.

The pressure is especially acute in the decade before retirement, with 61% of Australians aged 50–59 worrying about whether they have enough in savings to live comfortably.

The gap between when Australians hope to retire and when they expect to is equally telling. On average, Australians aspire to retire at 62, but believe they will need to keep working until 66. This four-year gap points to a mismatch between ambition and financial confidence.

There has also been a sharp shift in the amount Australians believe they need for a comfortable retirement. The research shows that the average amount Australians now believe is needed for a ‘comfortable’ retirement has moved above $1 million – an increase of $183,000 from the last survey.

Kelly Power, Chief Executive Officer of CFS Superannuation, said, “What this research makes clear is that retirement today is no longer just a financial transition. For many Australians, it brings a range of questions and considerations – from whether savings will be enough, to how to navigate an increasingly complex system. These are challenges many people are working through, and they need the right support to do so with clarity and confidence.

“Retirement is not a universal or linear experience. It is deeply personal, and so are the questions people bring to it. That is why we believe Australians should have access to the right guidance and support to help them approach this stage of life feeling informed, prepared, and in control,” added Ms Power.

Retirement pressure weighs more heavily on women

Women are significantly more likely to experience retirement-related stress, with nearly two in three (62%) worrying they won’t have enough money to live comfortably in retirement, compared with 48% of men.

Women are also more likely to be concerned about unexpected health and aged care costs (53% versus 46%) and about the prospect of outliving their superannuation savings (41% versus 34%).

The gender gap has persisted despite gradual improvement over three years of CFS surveys. The proportion of women who feel prepared for retirement has risen from 29% to 43%, while men’s preparedness increased from 44% to 59%. The distance between them, however, has remained largely unchanged – reflecting a structural confidence gap that persists across individual circumstances.

When it comes to the type of retirement Australians believe they will achieve, only 35% of women believe they will have a comfortable retirement, compared to nearly half of Australian men.

Financial advice plays a critical role in retirement outcomes

Financial advice is again a strong differentiator when it comes to retirement preparedness. More than three quarters of Australians who receive advice (77%) say they feel prepared for retirement, compared with less than half (45%) of those without an adviser.

Recent CFS member data reinforces this – those with a financial adviser are more likely to hold an investment risk profile suited to their life stage, rather than defaulting to more conservative approaches that can erode long-term retirement outcomes.

“The Rethinking Retirement report consistently shows that access to advice makes a tangible difference. Australians who receive it feel meaningfully more confident about retirement. Planning for retirement is complex, but the path forward becomes much clearer with the right support in place,” added Ms Power.

“That’s why improving access to financial advice is critical. We strongly believe that reducing barriers to advice, like cost, will help more Australians get the support they need to plan and retire with confidence.”

Read the report. 

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Craig Day

Australians are increasingly using artificial intelligence (AI) in their daily lives but most remain reluctant to trust it with decisions about their money, according to new research from Colonial First State (CFS).

While familiarity with AI is growing, human judgement and accountability continue to matter most when Australians are making key financial decisions. More than four in five Australians (83 per cent) say access to human interaction is important when it comes to their finances, particularly around decisions on superannuation and long-term investments.

Even among Australians who regularly use AI, confidence drops sharply when financial outcomes are involved. While more than a quarter of Australians use AI every day, just 9 per cent would be comfortable with it determining their investment outcomes.

“When it comes to important financial decisions, people want the confidence that comes from trusted professional advice,” said Craig Day, Head of Technical Services at Colonial First State. “That confidence comes from working with someone they have developed a relationship with and who understands their personal circumstances, applies judgement, and is accountable for the advice they give.

“While there’s a clear recognition of the value AI can bring in saving time and improving access to information, many people draw a clear line when it comes to their finances. They want people, not technology, making the final decisions. AI can support better outcomes, but it works best when it complements the expertise and oversight of a qualified financial adviser,” Mr Day added.

AI welcomed, but only up to a point

While Australians are comfortable with AI assisting with simple financial tasks, confidence declines sharply as it approaches decisions tied to long‑term outcomes and financial security.

42 per cent are comfortable using AI for everyday activities such as budgeting, product comparisons or tracking spending.
This falls to 38 per cent when AI is used for transactional banking such as management of everyday accounts and payments.
Support drops further for AI involvement in investment management, with fewer than one in three Australians (29 per cent) saying they are comfortable.

Trust in AI is weakest among older Australians and women, who consistently report a stronger preference for human oversight when it comes to their personal finances.

While trust in AI is higher among younger Australians, high-net worth investors and more frequent users of the technology, even these groups see confidence fall sharply when AI is used for financial decision-making. Respondents cited concerns about data security, privacy and the absence of human oversight as the biggest barriers to greater use of AI in this area.

What Australians want when it comes to AI and finance

Around two-thirds (64%) of Australians expect AI to become common in financial services within five years, but they have clear expectations of how it should be used.

Before Australians are prepared to pay for AI‑driven financial tools, they are seeking stronger safeguards including clearer regulation (29 per cent), better data security (25 per cent) and the ability to opt out of automated services (25 per cent).

For now, human judgement remains central to how Australians want financial decisions to be made.

“People want AI introduced carefully, with safeguards and clear human responsibility for decisions that shape their financial outcomes. Australians still want reassurance that a qualified professional is applying judgement and standing behind those decisions. AI can support better outcomes, but trust is built through human accountability, not technology,” Mr Day added.

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Kelly Power

Colonial First State (CFS), in partnership with AIA Australia, today announces the launch of a new digital insurance claims service designed to make it simpler and faster for members to lodge an insurance claim.
CFS currently supports members with more than $80 million in insurance claim payments each year, and based on ASIC data, is among the quickest superannuation funds to pay death benefits.

The new functionality enables members to lodge Total and Permanent Disablement, Salary Continuance Insurance and Terminal Illness claims online through the CFS Insurance Portal in FirstNet or the CFS app.

The launch of digital claims builds on CFS’s ongoing investment in making it easier for members to manage their insurance online, following the introduction of digital insurance quote and application services last year.

Kelly Power, Chief Executive Officer of Colonial First State Superannuation, said the launch reflects CFS’s continued focus on improving member experiences through technology.

“Members who are lodging an insurance claim are often going through some of the most difficult moments of their lives. The new digital insurance claims service is designed to make that experience simpler and less stressful by giving members the flexibility to lodge a claim in their own time, reduce paperwork, and access support faster,” said Ms Power.

Damien Mu, Chief Executive Officer of AIA Australia, said that a cornerstone of the partnership with CFS has been transformation and innovation.

“We are always looking for opportunities with CFS to deliver better experiences for members, and digital claims represents a major step forward. We know that people can be at their most vulnerable at claim time, so anything we can do to make the process quicker and easier will have a real impact. It’s also really important to us that our fund partners have a frictionless and efficient digital experience with us, so we are continually improving our technology suite,” said Mr Mu.

Key features of the new service include:

• Smarter, faster lodgement: AIA’s claims rules engine uses adaptive questioning to streamline the process and support quicker time to decision where appropriate, with the long-term aim of increasing the proportion of claims that can be automatically assessed.
• Third party support: members can nominate a family member, support person, adviser or solicitor to help manage the claim. Representatives receive their own secure link and can assist with lodgement on the member’s behalf.
• Save and resume functionality: members can start a claim, save their progress and return to it when ready, removing the pressure to complete everything at once.
• Early support and intervention: claim triaging helps connect members to the right support sooner, with accelerated decisions available for eligible claims. Real-time tracking provides members with an immediate status update on their claim.
• Automated updates and reminders: SMS and email notifications help members and their representatives stay informed and on track with required information.

  —-ends—-
  Media enquiries
  Steven Reilly
  Director, External Communications
  Colonial First State
  E: steven.reilly@cfs.com.au
  M: 0431 711 470
  Sarah Phillips
  GM Corporate Affairs
  AIA Australia
  E: sarah.phillips@aia.com
  M: 0498 494 791
  About Colonial First State
  Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 and its subsidiaries which include Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) and Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL). CFS is majority owned by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR), with the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (CBA) holding a significant minority interest.
  About AIA Australia
  AIA Australia Limited (ABN 79 004 837 861 AFSL 230043) is a life, health and wellbeing insurer with over 50 years’ experience, currently protecting the lives and livelihoods of more than 3.1 million Australians. In 2021, CommInsure Life was integrated into AIA Australia. The company is part of the global AIA

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Adam Lubofsky

Colonial First State (CFS) has announced a new partnership with Safewill which will give almost one million CFS members access to an online Will-creation service with legal review and digital estate planning services at no extra cost.

With more than half of Australian adults not in possession of a legally valid Will^[1], the service addresses the two most cited barriers to creating a Will – cost and complexity – and makes CFS the first superannuation fund to roll out a long‑term, scaled Safewill partnership as part of its member offering.

CFS members can quickly create a legally valid Will using an easy-to-follow online process, with each submission reviewed by Safewill’s affiliate law firm. Members can also organise and store important documents in a secure digital vault that their nominated beneficiaries can access when needed.

As part of its broader commitment to making super easier to manage, CFS is also introducing a new online beneficiary feature that allows members to update their beneficiary nominations digitally, making it faster and easier for members keep important details up to date.

“Our goal is to help members feel confident and supported across every stage of retirement planning,” said Marissa Powe, Executive Director of Retirement at Colonial First State.

“Estate planning is often put off because it feels complicated or expensive, but it doesn’t need to be. The partnership with Safewill removes those barriers and gives our members simple, secure tools at no extra cost so they can put a Will in place, protect what matters most, and plan for the future with confidence,” added Ms Powe.

Supporting financial advisers and intergenerational planning

The partnership also supports financial advisers without an existing estate planning or legal partner and is available to any adviser with CFS clients.

Advisers can incorporate a completed Will and digital asset inventory into holistic advice, align superannuation death benefit nominations with the client’s broader wishes, and document preferences that support intergenerational wealth transfer. The secure digital vault helps keep records current and accessible for executors and families, reducing unnecessary administration.

“There is a natural connection between superannuation and estate planning. Superannuation is often one of the largest assets people have, yet it typically sits outside the estate, making it critical that binding death benefit nominations and Wills are considered together,” said Adam Lubofsky, Founder and CEO of Safewill.

“By supporting members earlier in the estate-planning and nomination process, funds can help reduce complexity and uncertainty at the time a death benefit is paid. This partnership reflects Colonial First State’s member-first approach to retirement planning and helps members to protect their wishes and reduce uncertainty for their families,” added Mr Lubofsky.

The Safewill partnership sits alongside CFS’s growing range of retirement services, including the CFS Retirement Hub, retirement and age pension eligibility calculators, and a specialised guidance team who provide support to help CFS members feel confident in their retirement decisions.

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Notes:
[1] Australian Law Reform Commission, 2019

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Kelly Power

Colonial First State (CFS) has announced strong double digit returns over the year to 31 December 2025 for members of its MySuper balanced and growth equivalent funds.

The FirstChoice Employer Super growth fund (MySuper Lifestage 1975-79) delivered an 11.6% return, while the FirstChoice Employer Super balanced fund (MySuper Lifestage 1965-69) delivered a 10.1% return.

The calendar year results follow industry-leading returns for CFS’s MySuper members in FY25, with independent researcher Chant West ranking CFS’s Lifestage options best overall for aggregated MySuper performance across one, three and five years to 30 June 2025.

“CFS has been investing Australians’ retirement savings safely and responsibly for more than 30 years and we are thrilled to have once again delivered strong investment performance for our MySuper members,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.
“Our members continue to benefit from a disciplined investment process and sustained focus on maintaining low fees,” added Ms Power.

CFS Chief Investment Officer Jonathan Armitage said the strong results reflected its commitment to diversification and building portfolio resilience in uncertain investment conditions.

“Our performance was built on investments across a number of asset classes. It was a strong year for global shares, particularly those hedged against currency risks. Australian small companies also performed particularly well,” said Mr Armitage.

“Our members further benefited from the astonishing performance of emerging markets, which delivered strong double-digit returns last year. Looking ahead, we do expect conditions to remain uncertain, so diversification will continue to be important,” added Mr Armitage.

The 2025 results mark the third consecutive year that members invested in CFS’ MySuper Lifestage 1965–69 balanced and 1975–79 growth funds have achieved double-digit growth. Alongside industry-leading performance, CFS MySuper members also continue to benefit from annual fees that are 11% lower than the super fund average​.

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Bryce Quirk

Australia’s financial advice practices want to serve more clients but are constrained by capacity and process inefficiencies, according to the 2025 Advice Practice Profitability Report, commissioned by Colonial First State (CFS) and conducted by Empower Business Advisory.

Drawing on insights from more than 500 advisers and support staff, the report delivers a comprehensive view of the operational realities, strategic priorities, and growth ambitions shaping Australia’s financial advice practices.

Despite ambitions to expand client relationships, advisers are falling short of growth targets and managing only marginally more clients. The average adviser now manages 112 ongoing clients, up from 110 in 2024, and aspires to serve 152. Fewer than one in five (18%) say they are at their ideal number of clients or looking to reduce them.

When asked about the barriers to serving more clients, an increasing proportion of advisers are finding themselves or their client service teams operating at full capacity, climbing from 35% in 2024 to 42% in 2025. Inefficiencies in providing advice, such as producing statements of advice, is the next most cited barrier at 27%.
Building more profitable practices is the top strategic priority for advisers over the next three years (54%), followed by increasing capacity to serve more clients (50%) and streamlining processes (44%).

“Advisers want to serve more clients and streamline operations, yet capacity constraints are rising. This highlights a critical dynamic – platform selection is a strategic enabler of growth,” said Bryce Quirk, Group Executive Distribution, Colonial First State.

“The 2025 Advice Practice Profitability Report shows that advisers using CFS FirstChoice serve 30% more ongoing clients than those on other platforms, while maintaining strong profitability. FirstChoice outperforms the industry average across each of the business impact metrics tracked in the study, with its strongest lead in adviser satisfaction for lowering the cost of serving clients, reducing business complexity, and supporting simpler advice strategies,” added Mr Quirk.

Platforms will play a key role in boosting advisers’ operational capacity, with more practices planning technology stack reviews (28%, up from 22% in 2024) and better system integration (32%, up from 23%).

Advisers using CFS’s FirstChoice as their primary platform reported serving an average of 139 clients compared to the 107 served by advisers using other platforms.  This is achieved through operational efficiencies delivered by the platform, with features such as the client onboarding tool launched in 2024 saving an average of 31% of the time required to establish an individual account and 36% for a family with three or more accounts.

Advisers who use FirstChoice Managed Accounts extensively, defined as using managed accounts with at least 80% of their clients, report positive business outcomes that directly benefit clients. These include helping to keep advice fees low (85%), reducing business complexity (90%), and providing an effective solution for clients with simpler advice needs (92%).

“Building more streamlined and profitable practices is a key strategic priority for most advice firms, with the majority focused on simplifying operations and increasing revenue per client over the next three years,” said Recep Peker, Managing Director of Empower Business advisory. “Many see platforms playing an essential role in expanding their operational capacity, and want to partner with those offering robust, consistent processes that give them the confidence to scale sustainably and achieve their growth ambitions.”

“Advisers are also looking to reinvest their efficiency gains back into their businesses and clients. Beyond serving more clients, they say greater capacity would allow them to refine their business models and strengthen their value proposition to clients, while also achieving better work-life balance for themselves and their teams,” said Mr Peker.

Read the 2025 Advice Practice Profitability Report.

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Eliza Wu

Colonial First State (CFS) has announced a strategic partnership with the University of Sydney Business School to launch the CFS Future AI PhD Internship Program, a new initiative aimed at accelerating the responsible development of artificial intelligence (AI) solutions and driving innovation in the wealth management sector.

The program will embed University of Sydney doctoral candidates within CFS teams, combining academic research and industry expertise to prototype and test AI tools that help employees work more efficiently and harness new technologies. PhD students will contribute to four projects spanning investment, human resources, risk and compliance, and technical advisory.

“This partnership reflects our commitment to building a future-ready workforce. By investing in emerging talent and exposing our people to cutting-edge research, we’re creating an AI-ready culture that will enable our teams to develop new capabilities which will lead to improved outcomes for our members and the financial advisers we work with,” said Shenaz Waples, Group Executive for People and Culture at CFS.

“These PhD internships are pivotal in fostering both learning and innovation. They provide our graduate research students from the University of Sydney Business School a unique opportunity to collaborate directly with Colonial First State on complex business projects. These projects emphasise the human-centered application of AI, effectively bridging the gap between theoretical research and practical business applications,” said Professor Leisa Sargent, Dean of the University of Sydney Business School.

The program is part of CFS’s AI strategy to improve experiences for employees, members and financial advisers through the responsible use of AI and a culture of continuous learning.  Investment in people is central to the strategy with key initiatives including the AI Centre of Excellence and the Ignite AI Talent Program, which equip CFS employees with the skills to adopt and apply AI safely and effectively.

“AI and cloud technologies are pivotal in our mission to help Australians achieve financial freedom. Our partnership with the University of Sydney brings deep technical capability into our teams. It’s about moving fast, solving real problems, and scaling innovation responsibly,” said Jeroen Buwalda, Group Executive for Transformation, Technology and Operations at CFS.

“Internships like these are invaluable in providing our PhD scholars with new insights into complex issues facing business and society. They present a great developmental opportunity for our doctoral researchers to grasp how their research can be applied to deliver tremendous impact on business practice,” said Professor Eliza Wu, Associate Dean (Research Education) at the University of Sydney Business School.

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Jonathan Armitage

Colonial First State (CFS) has appointed J.P. Morgan Asset Management (JPMAM), a USD3.8 trillion global asset manager, as an underlying manager for the CFS Emerging Markets and CFS Global Shares strategies, both of which are multi-manager single sector options.

CFS’s multi‑manager funds are managed by specialist portfolio managers selected through a rigorous due‑diligence process that assesses performance capability, investment process and risk‑management discipline.

“Our decision to appoint J.P. Morgan Asset Management to manage allocations within our global and emerging markets equity options reflects their depth of research capability and disciplined investment approach. Their strategies provide access to high-conviction stock ideas supported by extensive on-the-ground insights and a robust global research platform. This appointment aligns with our commitment to delivering strong, risk-aware outcomes for our members,” said Jonathan Armitage, Chief Investment Officer at Colonial First State.

The JPMAM Global Select and Global Emerging Markets Analyst strategies provide access to top stock ideas, driven by on-the-ground market knowledge and the rigorous insights of 80 fundamental research analysts^[1]. They use a common valuation model that focuses on long-term fundamentals and cover over 2,500 stocks^[2].

“We are delighted to be appointed and appreciate the strong engagement with CFS throughout the process. It was important for us to showcase our core investment strategy, where stock-level decisions serve as the primary alpha driver. The depth and breadth of our research team is our key differentiator as a leading global active manager and we are proud to see our active equities platform grow to be a multi-billion dollar business through the support of our Australian clients^[2]. All of us at JPMAM are excited by the opportunity to further extend our partnership with CFS,” says Andrew Creber, Australia and New Zealand CEO, JPMAM.

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Notes:
[1] Source: J.P. Morgan Asset Management as at 31 March 2025
[2] Source: J.P. Morgan Asset Management as at April 2025

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John Meagher

Colonial First State (CFS) has announced that over $20 billion is now invested in CFS Managed Accounts, cementing its position as one of the fastest-growing managed account providers in the market

“Surpassing $20 billion invested into CFS Managed Accounts reflects the benefits financial advisers are realising from our significant investment in managed accounts infrastructure, expertise, and broad menu options,” said Frances Taylor, Executive Director of Managed Accounts at CFS.

“Our ambitious roadmap is focused on providing advisers with managed account solutions that provide them with efficiency, transparency and enable them to deliver better outcomes for their clients.”

CFS now offers managed accounts from 59 portfolio managers and is expanding its international managed accounts series with the Fidelity Global Top 50, which will be the eighth international option available to advisers when it launches in November.

To continue supporting advisers with dynamic, data-rich insights for client conversations on managed accounts, CFS has launched new digital reporting functionality on CFS Edge, with CFS FirstChoice going live in early October.

CFS also announces a new strategic partnership with MST Financial to introduce Sandstone Insights – a premium research platform designed to equip advisers with ASX 200-listed equity research and streamlined tools to help them deliver faster insights and greater value to clients.

“In an environment flooded with market data, this collaboration helps advisers cut through the noise – offering clear, digestible research to support confident conversations with clients about Australian shares,” added Ms Taylor.

Through the platform, advice professionals can create personalised watchlists with alerts, access buy, hold or sell notes for all companies under research coverage, view in-depth company ratings with monthly updates on Sandstone Insight’s top-rated investment recommendations, and get trading ideas that highlight short to medium-term opportunities based on market trends or other events.

“We are delighted to be partnering with CFS as they continue to innovate and develop new ways to help advisers deliver the best possible outcomes for their clients’ investment portfolios,” said John Meagher, Manager for MST Financial’s Sandstone Insights.

“We hope that our stock research and market insights will support advisers with ideas and information as they navigate the Australian equity market.”

The Accelerate Series of managed accounts on CFS Edge also continues to gain momentum with advisers, licensees and portfolio managers due to the benefits it provides to clients through reduced investment fees and discounted platform administration fees.

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Kelly Power

Colonial First State (CFS) and Morningstar has announced new functionality on the FirstChoice platform which enables advisers to utilise existing client data via seamless integration with Morningstar’s AdviserLogic software.

Developed in collaboration with Elemnta, the new functionality enables advisers to open new accounts more efficiently with time-saving pre-population of up to 15 forms, the ability to set up multiple accounts simultaneously, with the process completed via secure and simple digital consent.

“This is another significant enhancement to the award-winning FirstChoice platform which will give advisers more time to focus on their clients,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

“The CFS Advice Practice Profitability Report found that advisers using FirstChoice as their primary platform serve more ongoing clients. The new integration functionality will further enhance operational efficiency for advisers,” added Ms Power.

Morningstar Director of Wealth Products, Rick Di Cristoforo, commented: “For over a decade, our core financial planning platform, AdviserLogic, has earned the loyalty of Australian advisers by consistently delivering a market-leading digital advice solution. With this integration, we’re continuing to fulfill our commitment to help advisers reclaim valuable time, enabling them to focus more on their clients.”

“By boosting efficiency, streamlining compliance, and automating daily processes, this seamless integration empowers advisers to maintain full control over their client data,” added Mr Di Cristoforo.

Shaun Green, Chief Executive Officer at Elemnta, said: “This integration marks another successful outcome of our collaboration with CFS, demonstrating the power of our integration capabilities to address critical pain points in the advice and product landscape and ultimately enhance client satisfaction. As former advisers ourselves, we deeply understand the challenges advisers face today, and this insight fuels our mission to create meaningful operational efficiencies.”

The AdviserLogic integration follows the recent launch of CFS’s FirstChoice Business Optimisation Service which helps advisers implement the Elemnta onboarding tool and integrate managed accounts.

In the 2024 Wealth Insights Service Level Report, FirstChoice was named best value platform for the tenth year in a row, in addition to being ranked first for technical support, ease of doing business and administrative support. Notably, CFS’s FirstTech team achieved top ranking for technical support for the twelfth year running.

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