CFS, Morningstar platforms turn on data-sharing tap

Colonial First State (CFS) has extended its data-sharing tool to enable “seamless” information exchange between its FirstChoice platform and Morningstar’s AdviserLogic software.

The new data-sharing functionality will enable users of CFS’s FirstChoice investment management platform to ingest client data from AdviserLogic, Morningstar’s cloud-based adviser workflow management and investment research technology.

The integration promises a more efficient opening and client onboarding process for FirstChoice accounts, including pre-population of up to 15 forms and simultaneous account setup, enabled via “secure and simple digital consent”.

“By boosting efficiency, streamlining compliance, and automating daily processes, this seamless integration empowers advisers to maintain full control over their client data,” said Morningstar’s director of wealth products Rick Di Cristoforo.

The integration is backed by bridging technology from fintech Elemnta, which has supported previous integrations between FirstChoice and Iress’s Xplan and Midwinter’s AdviceOS platforms. Elemnta boasts that the integrations deliver an up to 80% reduction in setup time for new and existing FirstChoice accounts.

CFS chief executive of superannuation Kelly Power welcomed the new functionality, which she said would “further enhance operational efficiency for advisers”.

“This is another significant enhancement to the award-winning FirstChoice platform which will give advisers more time to focus on their clients,” she said.

Elemnta chief executive Shaun Green said: “This integration marks another successful outcome of our collaboration with CFS, demonstrating the power of our integration capabilities to address critical pain points in the advice and product landscape and ultimately enhance client satisfaction.

“As former advisers ourselves, we deeply understand the challenges advisers face today, and this insight fuels our mission to create meaningful operational efficiencies.”

The AdviserLogic integration follows the recent launch of CFS’s FirstChoice Business Optimisation Service designed to help advisers implement the Elemnta onboarding tool and integrate managed accounts.

Elemnta and Colonial First State confirmed a master service agreement in mid-2023, supporting multiple cross-platform integrations.