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.