CFS delivers $88 a year digital advice solution
Colonial First State (CFS) has moved ahead of expected changes flowing from the Quality of Advice Review (QAR) to offer personalised digital advice at a cost of $88 a year.
The company announced today that it the personalised digital advice solution would be available to members of its FirstChoice offering who do not currently have a financial adviser via Otivo’s solution.
It said members without an adviser would have access to the Otivo solution in relation to their CFS FirstChoice investment options, contribution strategy and insurance arrangements at a cost of $88 per year deducted form their super account.
It said the new tool had been designed by Otivo specifically for CFS members and tailored to CFS products.
Under the arrangement, members who access the service will have 12 months unlimited access to Otivo’s digital advice, after which they will need to renew should they wish to continue accessing the service in subsequent years.
Commenting on the announcement, Colonial First State Superannuation chief executive, Kelly Power pointed to CFS research that shows almost two in three Australians under 40 are open to a digital advice solution.
“We know that Australians who receive advice are far more confident and significantly more positive about their financial position than those who are unable to access advice,” Power said.
Now heading off to the printer to design a sign for the footpath – “We fix $88 advice”…
And it begins!!
CFS you are a disgrace maybe stepping up to be an Industry Fund!!!
No adviser should deal with you and remove all business from yourselves!!
Nothing but backstabbing a###holes
So from what I understand, this Robo rubbish is limited to Single user, single product CFS Super only info.
And if it is that limited in what info it looks at then how can it competently advise on:
With ZERO understanding of other investments, debts, cashflow, and life insurances ?
It can’t.
So it is basically useless.
Good luck Robo Advice world, after Billions invested globally there is not a single profitable Robo Advice system.
Add to the fact that Australia has an incredibly complex retirement system and the most over regulated advice system in the world.
A new world is coming one way or the other (assuming CAR gets done) And unfortunately INSTO’s are doing what they think they have to do, everyone is looking at the critical mass of advisers 15,400 odd and the decline will continue with the retirement (all my peers are in their late 50’s early 60’s) CFS has moved on with the reality of all of that. Criticize all we like but we are two few. And critical mass recovery is unlikely.
I don’t understand how this meets the requirements of the Corps Act.
I might just test it out.
What is the number for AFCA ?
Rules only apply to some, generally if your cheque book is large enough then you are ok to do whatever you want so CFS and Industry Super work to different rules than financial advisers.