CFS’ FirstChoice platform claims four top gongs

Patrick Buncsi

31 May 2024

Colonial First State (CFS) has cemented its spot among Wealth Insights’ top awarded platform providers, with FirstChoice named Australia’s best value platform for the 10th year running.

FirstChoice, CFS’s comprehensive super and wholesale investment platform, was also ranked number one in three other categories in the Wealth Insights’ Service Level Report: Ease of Doing Business; Administrative Support; and Technical Support.

This is the 12th year running that FirstChoice has been ranked first for technical support, with CFS singling out its phone and email support behind the platform, as well as extensive guides, training and content available through the FirstTech app, podcast and adviser briefings.

Published annually since 1992, Wealth Insights Service Level Reports provide an industry-standard benchmark of the quality and customer satisfaction with wealth products and services.

CFS boasts significant enhancements to the FirstChoice platform over the past year, including an up to 80% reduction in set-up time for new and existing accounts, and improved integration with Iress’s widely adopted financial planning software Xplan.

CFS’s group executive of distribution, Bryce Quirk, said the firm was “incredibly proud” to again receive the best value accolade, whilst also being further recognised in other categories “that have a meaningful impact on advice businesses”.

“We know that value for money and ease of doing business are critical for members, investors and the advisers that support them. The technical and administrative support they receive from our dedicated award-winning teams also plays a critical role in helping advisers provide advice that is in the best interests of their clients,” Quirk said.

He added: “This independent recognition validates our approach to listening to advisers, understanding what matters to them and responding, so they can help more Australians get the advice they need.”

Wealth Insights said its studies “set a quality benchmark for the industry by examining planner satisfaction among the top firms that represent a majority of the Australian market”.

“With the insights provided in these reports, fund managers and platform providers can develop effective competitive strategies and resource allocation plans.”