CFS talks up capabilities as it sends Edge platform live

Having test-driven it with more than a dozen advice practices, Colonial First State (CFS) is sending its new Edge platform live today.

The arrival of the new platform will test the appetite of advisers for what CFS is promoting as the first major new platform in the Australian wealth management sector for almost a decade.

What is more, CFS is claiming Edge starts life as a full service wrap platform offering  pension and investments capability.

Edge has been developed by CFS in collaboration with technology player FNZ and CFS group executive, Distribution, Bryce Quirk told Financial Newswire that it differentiates itself by delivering rather than dictating to financial advisers.

CFS is also highlighting that Edge “is the first major wealth management platform with managed accounts at its core” with Quirk explaining that it accommodates that manner in which managed accounts have evolved over the past five years and the increasing range of asset consultants and responsible entities (Res).

Colonial First State Superannuation chief executive, Kelly Power said the new platform utilised the best global wealth management technology and had been uniquely designed by financial advisers from the very start.

“With CFS Edge advisers can seamlessly integrate with their preferred technology partners thanks to open APIs and real-time two-way data integration.”

“At CFS we’re thinking differently about how we make sure advisers have access to the best capability available anywhere in the world.  Our approach is to have an open platform that allows for seamless, secure integration with leading advice technology providers. This enables advisers to set up new clients in seconds, eliminates the risk of errors and significantly improves the user experience to give advisers more time to focus on their clients,” Power said.

The company’s announcement said CFS Edge has real-time two-way integration with financial planning software including Iress Xplan and Adviser Logic, with plans to rapidly expand integration with other technology providers by giving fintech providers the ability to access a developer portal to build their own connections on the platform.