CFS adds Challenger CarePlus to FirstChoice

29-Aug-2016

By Sarah Kendell

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Colonial First State (CFS) has added to its retirement income product suite on platform, including Challenger’s CarePlus annuity on FirstChoice as of this week.

The move comes as part of the group’s commitment to be the best retirement platform in the market, following its rating by advisers in the Investment Trends "2015 Retirement Planner Report" as the top platform for retiree client servicing.

CFS general manager of product and investments Peter Chun said the addition would make it easier for advisers to implement client retirement strategies that used annuities in conjunction with other products.

“Offering leading retirement products on our platform results in stronger satisfaction and longer relationships with clients,” Chun said.

“It creates process efficiencies and allows us to improve the client application process and integrate client reporting.

“Having a complete suite of retirement products available on the one platform can offer advisers a seamless and immediate gateway to start the conversation about aged care earlier, allowing their customers a smoother transition once the need arises.”

The CarePlus annuity specifically focuses on funding aged-care needs for older retiree clients, combining the regular income stream of a lifetime annuity with life risk insurance to provide certainty for estate planning purposes.

The addition of the CarePlus annuity to the FirstChoice platform follows the news last week that CFS’s FirstChoice Employer Super fund had reached $10 billion in funds under management.

The fund, which has over 300,000 members, was the first in the retail space to receive Australian Prudential Regulation Authority approval for its MySuper product and has been on the market since 2002.

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