CFS’ FirstChoice tops Wealth Insights ranking

Colonial First State’s (CFS’) FirstChoice platform has shared the top spot in Wealth Insights’ 2023 Service Level Report, ranking first in five categories including customer satisfaction.

It was awarded joint first place in overall satisfaction, as well as first place in value for money, administrative support, reporting/communication and technical support. This also brings the number of times CFS and its FirstTech team has ranked first for technical support to 11.

The announcement comes after a raft of enhancements for the FirstChoice platform, including expanding its investment range and process, with 44 new options including exchange traded funds (ETFs), fixed interest funds and sustainability funds; improving day-to-day administration processes, such as providing pre-populated forms, digital on-boarding, enabling electronic signatures and simplifying the adviser service fee consent process; and developing new adviser support services, including the Centre Stage masterclass series and Elevate, a new platform.

“We are incredibly proud to be awarded joint first place for overall satisfaction for our FirstChoice platform,” Bryce Quirk, Group Executive Distribution, said.

“We’ve been listening to feedback from advisers to understand and address their pain points, increase efficiency and make their lives easier, so they can focus on supporting their clients.

“These improvements form part of our broader transformation program, which will imminently see the launch of our new Edge platform in the market.

“Edge will deliver unparalleled customisation and functionality combined with the award-winning service level and support that continues to make FirstChoice a market leader.”

CFS also said it will continue to boost its platforms and service levels, working towards reducing the time and money spent on menial administration and compliance tasks by advisers which will help lower the cost of advice for Australians.