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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Kelly Power

Key points

• Landmark expansion will give Australians access to integrated, whole of‑life retirement income and wealth management solutions – the most comprehensive offering of its kind in the market.
• Expanded partnership with Challenger with broader integration into CFS’s super and non-super ecosystem, including guaranteed and investment-linked pensions, as well as a complete range of annuities directly available on the FirstChoice and CFS Edge platforms.
• New alliance with Generation Life, powered by BlackRock’s global investment capabilities, to deliver investment-linked annuities, alongside tax-effective investment bonds.
• Introduction of innovative retirement income solutions (IRIS) capabilities on the FirstChoice and CFS Edge platforms, supported by new modelling and digital tools to help advisers deliver more tailored advice with greater efficiency.

Colonial First State (CFS) has announces the largest-ever expansion of its retirement offerings through a multi-partner alliance that will reshape how retirement solutions are delivered in Australia.

Developed with Challenger, Generation Life, and BlackRock, the partnerships move beyond product-led approaches to a whole-of-life retirement model that enables Australians to transition from accumulation to retirement with greater confidence, flexibility and income security.

Kelly Power, Chief Executive Officer of Colonial First State Superannuation, said, “CFS has built its reputation on being a leader in retirement, and this expansion reflects a material capital commitment to supporting Australians across their entire retirement journey by providing the most comprehensive whole-of-life offering in the market.”

“By bringing together best-in-class global investment capability, local market-leading lifetime income expertise and tax‑effective structures, this integrated offering is designed to meet the increasingly complex financial needs of Australians. It recognises that retirement is no longer a single event, but a long-term financial journey that requires different solutions over time,” added Ms Power.

A seamless retirement income experience for advisers

CFS will integrate innovative retirement income solutions (IRIS) and the full suite of annuity capabilities from Challenger directly across all CFS platforms. It will also integrate Generation Life’s investment-linked IRIS onto FirstChoice and investment bonds onto FirstChoice and CFS Edge, providing a tax-efficient alternative as Australia’s investment and retirement tax landscape continues to evolve.

The new whole-of-life offering will bring together a comprehensive range of retirement solutions in a single environment, making it easier for advisers to deliver whole‑of‑portfolio advice across wealth management, income and estate planning.

The adviser experience will also be supported by new integrated retirement modelling capabilities that draw on multiple data sources to enable more tailored retirement outcomes and greater efficiency via straight-through processing.

The rollout of new solutions begins from August with the introduction of the Retirement Income Optimiser on the FirstChoice platform, as well as a Pension Bonus feature for eligible CFS members. Further solutions will be introduced progressively over the next 12 months.

Greater choice and confidence for members

CFS’s expanded partnership with Australia’s largest annuity provider, Challenger, builds on a relationship of more than 30 years, with this next phase fully integrating Challenger’s complete product range – including newly launching IRIS guaranteed and market-linked pensions alongside fixed-term, lifetime income and aged care solutions.

The alliance with Generation Life brings together its retirement expertise with BlackRock’s global investment and retirement capabilities. CFS members will also benefit from BlackRock’s experience delivering LifePath Paycheck in the US – an integrated target date strategy which provides eligible participants the ability to purchase a guaranteed income stream for retirement payable by third-party insurers selected by BlackRock.Together, these alliances will provide CFS members with greater choice and flexibility in how they generate income and transfer wealth over time. Members will have access to lifetime income solutions combining fixed, CPI and investment-linked annuities, with account-based pensions, alongside flexible and tax-effective investment bond structures, and digital tools designed to support more confident decision-making across long-term and intergenerational planning.

Partner perspectives

Nick Hamilton, Managing Director and CEO, Challenger, said, “What’s powerful about this partnership with CFS is how naturally our organisations fit together. But the real significance goes beyond partnership mechanics. Australia has been very successful at helping people accumulate super, yet far less effective at helping them convert those balances into income they can actually depend on. CFS is embedding lifetime income at scale, and this collaboration tackles one of the hardest and least‑solved problems in the retirement system – how to turn savings into income for life.”

Jason Collins, Head of Australasia, BlackRock, said, “CFS has been a longstanding whole portfolio partner for BlackRock, and we are proud to continue supporting its MySuper LifeStage portfolios. Working alongside Generation Life, we look forward to contributing to the next phase of growth as CFS expands the retirement toolkit for advisers and members, and moves towards more integrated, end-to-end retirement solutions that help more Australians experience financial wellbeing.”

Felipe Araujo, CEO of Generation Life, said, “Generation Life is proud to be selected as a partner of choice by CFS to help co-develop next-generation wealth management and retirement solutions. Australia’s retirement system is entering a new phase, where advice delivery is keeping pace with the increasingly dynamic needs of Australian retirees. This alliance represents one of the first truly integrated retirement ecosystems of its kind in Australia, bringing together income, tax efficiency and intergenerational wealth planning in a more connected way to better support Australians through retirement and across generations”

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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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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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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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Kelly Power

Colonial First State (CFS) is pleased to announce it has achieved first and second place in the top performing MySuper Lifecycle options over the year to 30 June 2024.

New analysis from superannuation research house SuperRatings^[1] reveals that the Essential Super growth option (MySuper Lifestage 1975-79) was the best performing MySuper Lifecycle option in FY24, delivering a 14.4% return.

This was followed by another CFS fund, the FirstChoice Employer Super growth option (MySuper Lifestage 1975-79), achieving second place in the same category with a 14.3% return.

CFS was also recognised for strong performance in SuperRatings’ analysis of the top fifty Balanced options for FY24, with the CFS Enhanced Index Balanced Fund achieving third place with an 11.4% return.

“CFS is gaining significant momentum as a leading superannuation provider, achieving double-digit returns for MySuper members for two years in a row,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

“Strong performance is what our members want to see, and we are proud to be in a position where we can continue delivering exceptional investment performance for them,” Ms Power said.

Jonathan Armitage, Colonial First State’s Chief Investment Officer, said several factors are driving the outstanding returns benefiting CFS members.

“While there is no doubt that technology stocks have been an important driver of returns for our MySuper options in FY24, there are other significant themes playing out,” Mr Armitage said.

“We are now seeing strong performance across a broader range of equities, rather than concentrated in a few mega cap stocks, which is a healthy development.”

“We are also seeing significant declines in the value of commercial real estate and other unlisted assets. The retirement savings of our members are not invested in legacy unlisted assets, which are suffering from the headwinds of higher interest rates and the impact of hybrid working. Diversification and agility in managing our assets means CFS is well positioned to deal with a changing investment landscape.”

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Notes:
[1] https://www.lonsec.com.au/super-fund/2024/07/16/media-release-ai-and-bank-shares-push-super-balances-higher-in-2024/

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Kelly Power

Colonial First State (CFS) is pleased to announce that CFS Edge has reached a major milestone of $1 billion in Funds Under Administration (FUA) in just 200 business days.

CFS Edge officially launched on 1 August 2023 and recorded $1 billion in FUA on 17 May. In less than 10 months the platform has experienced rapid growth, driven by strong demand for an integrated wrap solution that meets the changing needs of today’s advice businesses and their clients.

Developed in partnership with advisers and global platform technology leader FNZ, CFS Edge has seen a significant expansion of its investment universe since launching with more than 550 managed funds, over 160 ETFs, access to 16 stock exchanges across the globe and the ability to trade in 11 different currencies.

CFS Edge is the first major wealth management platform with managed accounts at its core. Over 100 signature managed accounts and more than 50 tailored managed accounts, including the Accelerate Series, have been added to the platform since it launched.

The platform has attracted some of the largest financial advice groups in the country including Viridian Advisory and Emanuel Whybourne & Loehr. To date, there are more than 2200 registered advisers, 1600 support staff and 380 licensees on the platform.

CFS Superannuation CEO Kelly Power said Edge has strengthened CFS’s position as a leader in the wealth platform market.

“CFS has built deep relationships with financial advisers over many years. Those relationships have been pivotal to the rapid growth of CFS Edge in such a short space of time. We have built an integrated platform that puts advisers in the driver’s seat,” Ms Power said.

“Edge advisers and their clients are uniquely positioned to continue benefiting from global expertise, ongoing R&D, and the unparalleled pace of innovation that only comes from global scale coupled with CFS’ deep understanding of the Australian market,” she said.

CFS Edge was uniquely co-developed from the start with financial advice practices servicing a variety of different clients. Bryce Quirk, CFS Group Executive Distribution, said ongoing feedback from a growing number of advisers plays a critical role in the continuous development of the platform.

“In addition to our foundational partners, we now have a significant cohort of early adopters and a growing number of HNW advisers who are sharing their insights on how the platform can be tailored for their practices and their clients,” Mr Quirk said.

“That feedback is actioned. With a global partner like FNZ, we have the capability to optimise the platform for advisers while continuing to rollout a packed roadmap of enhancements, from additional functionality and improved user experience to further expansion of the investment menu,” he said.

“In less than a year CFS Edge has created a completely new platform experience for financial advisers. We are setting the pace and intend to maintain it,” Mr Quirk said.

“Thanks to the positive engagement from advisers and the global insights of FNZ, CFS Edge is now synonymous with accelerated development. Advisers can look forward to further enhancements based on their feedback and the continuous evolution of the platform over coming months.”

CFS Edge: Key data

Total FUM: $1 billion+
Registered advisers: 2200 +
Registered support staff: 1600 +
Licensees: 380
Managed funds: 550+
ETFs: 160+
Stock exchanges: 16
Currencies: 11

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Kelly Power

New research from Colonial First State (CFS) has found that attitudes towards retirement continue to shift, with flexibility and choice a key objective for most Australians.

Based on a national survey of 2,247 Australians, including 430 retirees, the Rethinking Retirement report found that 83% of Australians want flexible access to their money in retirement if and when they need it.

The report found that seven in ten retirees say they are currently able to enjoy a comfortable retirement with the amount of money they have saved. However, when asked what a comfortable retirement looked like to them, there was a wide variety of responses.

CFS Superannuation CEO Kelly Power said the findings emphasise that everyone has a different picture of how they want their retirement to be.

“Whether your retirement plans include travelling the world, staying close to home or pursuing a passion project, it is clear that retirement is personal and choice and flexibility are key,” Ms Power said.

“It is also clear that attitudes towards retirement are shifting. Most Australians plan to continue working into their later years. Less than a third plan to stop working completely once they reach the retirement age,” she said.

The most popular work preferences beyond retirement age are reduced working hours, followed by a desire to continue working the same hours and pursuing a passion project with less pay and fewer hours.

However, the research found that only one in three retirees retired at a time of their choosing. The remaining two-thirds retired due to health, redundancy and other factors beyond their control.

In contrast, the report found that advised Australians are twice as likely as unadvised Australians to retire at a time of their choosing.

“The way people think about retirement is changing. The traditional idea of retirement as a point in time or a specific date when we stop working is becoming less prevalent,” Ms Power said.

“With flexible access to super and flexible employment to play a larger role in people’s retirement plans, the need for financial advice becomes even more important,” she said.

“Those looking to work beyond the age of 67 need to consider the tax implications and how their choices could impact their eligibility for the Age Pension. Planning early and seeking advice will put you in a better position to retire with confidence.”

The report also found that advised Australians are more likely to be enjoying their retirement, with over three-quarters of advised retirees (77%) saying they are currently enjoying retirement compared to just half of those who have never received advice (52%).

CFS encourages anyone open to financial advice to visit the CFS Find an adviser site and take the first step to accessing a financial adviser to help identify and achieve their financial goals.

Read the report.

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Kelly Power

New research from Colonial First State has found that 93% of Australians believe people need financial advice and almost two in three are interested in using the funds in their super to pay for that advice.

Released yesterday, the CFS Empowered Australian report^[1], based on a survey of 2,247 Australians in September 2023, found an overwhelming majority of consumers believe financial advice is needed, with many agreeing that financial advice is most needed by those who are struggling financially (52%) or have an average amount of money (22%).  By comparison, only 15% of Australians believe advice is most needed by the wealthy.

When asked if they would be interested in using funds already invested in their super to pay for a retirement plan, 61% of Australians said yes. The strongest interest was from younger Australians aged 25 to 29. Three in four men (76%) and a similar number of women (70%) in this age group were interested. Meanwhile, 74% of consumers who already have a financial adviser said they are interested in using their super to pay for advice.

The findings coincide with recent Government announcements aimed at providing greater clarity around the ability for members to pay for advice using their superannuation – including by expanding the scope of advice that can be paid for using funds from a member’s superannuation account.

Colonial First State Superannuation CEO Kelly Power said the government’s advice roadmap is an essential step towards giving consumers and advisers more ways to access financial advice.

“Financial advisers and the customers they support will benefit from greater clarity around how people can use their super to pay for advice,” Ms Power said.

“Many Australians still don’t know that the cost of advice can be deducted from their super account. At a time when many Australians are struggling with the cost of living yet are in need of advice, having a clear list of advice topics that can be paid for with super represents an important development.”

Recent data from Investment Trends shows the cost of financial advice has increased 25% in the past 12 months alone. The cost of a financial plan is now close to $5,000.

“There is a common misconception that financial advice is for the wealthy because it is unaffordable.  Yet our research shows that advised and unadvised Australians largely agree that it is those who are struggling financially who need advice the most,” Ms Power said.

“We welcome the Government’s decision to broaden the list of advice topics that can be paid for with super.”

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Notes:
[1] https://www.cfs.com.au/content/dam/cfs-winged/documents/campaign/cfs-empowered-australian-report-2023.pdf

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Kelly Power

Colonial First State (CFS) has announced new technology available on the FirstChoice platform which reduces set-up time for new and existing accounts by up to 80%^[1].

Developed in collaboration with Elemnta, the new functionality enables advisers to utilise existing client data via seamless integration with Xplan, reducing the risk of implementation errors and the need for the re-keying of data.”

The new technology selects and pre-populates up to 15 supplementary forms including set-up of adviser service fee, external rollovers, AML/KYC and direct debit.

“At CFS we are focused on ensuring advisers have access to market-leading technology.  This major enhancement to the award-winning FirstChoice platform allows advisers to seamlessly and securely access existing data to deliver significant time savings,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

“The new functionality has been developed with advisers, for advisers. Using deep insights from a wide cross-section of practices, we are giving precious time back to advisers to focus on their clients by increasing efficiencies, improving compliance and streamlining day-to-day processes,” Ms Power added.

Market-leading integration with Xplan enables efficient data retrieval, while providing advisers full control over the implementation process from start to finish.  The new user experience allows access extensive data validations via a streamlined process for creating multiple accounts across family groups.

Shaun Green, Founder and Chief Executive Officer of Elemnta, said: “Having served clients directly as advisers ourselves, we understand the challenges that weigh on the advice ecosystem.

“During the pilot stage, we received overwhelmingly positive feedback from advisers who dubbed the new functionality incredibly user-friendly, and a significant time-saver. Beyond its simplicity, advisers reported having increased confidence in information inputs and the ability to streamline staff training. In this sense it’s not just a tool; it’s a key to unlocking the full potential of high-quality data.”

“We are excited to partner with CFS to introduce a solution that not only enhances support for advisers on the front line but also contributes to operational efficiency at the business level,” Mr Green said.

Yvette Peucker, Head of Operations at Direct Wealth, has been using the technology through the pilot phase.

“We had no trouble pulling through the information.  The information it had for the client was perfect. We loved the fact that direct debit is there, we didn’t need to go in and out of everything. There are significant time savings,” Ms Peucker said. 

Financial adviser Belinda Barclay also participated in the pilot phase. 

“The integration takes out so much time, like checking the TFN, checking this, checking that. It cuts out clicking back and forth on different pages in Xplan. Making mistakes by doing it manually can be embarrassing when you need to ask the client to re-sign documents. It holds up the process and is costly. FirstChoice client origination is now so much easier than competitor solutions,” Ms Barclay said.

Supported by thousands of advisers across the industry, FirstChoice continues to set the benchmark for service and value for money. In the 2023 Wealth Insights Service Level Report, advisers rated the FirstChoice platform equal number one for overall satisfaction, and number one for value for money, administrative support, reporting/communication and technical support.

Elemnta, which recently launched as a new brand in the advice and wealth sector, has quickly established itself as a leader in enterprise-level solutions. The new FirstChoice functionality is the result of Elemnta and CFS having signed a master service agreement last quarter.

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[1] Percentage estimate calculated based on pilot phase feedback from advisers using the new FirstChoice functionality.

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