CFS enhances platform user experience

17-Mar-2016

By Kristen Crawford

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Colonial First State (CFS) has announced enhancements to its platforms that are aimed at improving the experience for time-poor advisers, ensuring they have more time in front of their clients.

CFS product and investments general manager Peter Chun said the improvements came in response to adviser feedback.

The wealth manager has updated its FirstChoice platform to include an improved pension payment reset facility that provides new adviser self-service screens, updated insight screens, new help text and new payment forms.

“CFS also enhanced [our] e-post service, made it easier for super members to update beneficiary details and developed better client review reporting,” Chun said.

Further, the FirstWrap enhancements include improved usability and navigation for advisers that make it easier to open a new account online and ensure less time is spent on back-office work.

“The enhancements follow the major addition of CommInsure and Challenger annuities via the FirstChoice and FirstWrap platforms last year, which Investment Trends recognised as the best new functionality in platforms during 2015,” Chun said.

“No other platform offers retirees and their advisers such easy and convenient access to the leading term and lifetime annuities for retirement planning.”

Investment Trends’ “2015 Retirement Planner Report” revealed 41 per cent of advisers used annuities in retirement portfolios in 2015, up from 32 per cent in 2013.

The report also showed 62 per cent of advisers intended to use annuities in 2016.

“Advisers are increasingly accepting the value of blending annuities and account-based pensions in a retirement planning portfolio as a way to provide longer-term income to address growing issues such as longevity risk and sequencing risk,” Chun said.

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