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CFS’ FirstChoice platform gets Xplan upgrade

Yasmine Masi22 November 2023
Man walks across electronic platform

A collaboration between Colonial First State (CFS) and Elemnta has delivered several enhancements to the FirstChoice platform, including data integration capabilities via Xplan.

The new technology is estimated to cut set-up time for new and existing accounts by 80 per cent based on pilot testing, with the Xplan integration allowing advisers to use existing data and eliminate the need and risks associated with re-keying errors.

The functionality pre-populates up to 15 supplementary forms, including set-up of adviser service fee, external rollovers, anti-money laundering (AML) and know-your-customer (KYC), and direct debit.

The enhanced features provide advisers with more control over the process and streamlines access to multiple accounts across family groups.

“At CFS we are focused on ensuring advisers have access to market-leading technology. This major enhancement to the award-winning FirstChoice platform allows advisers to seamlessly and securely access existing data to deliver significant time savings,” Kelly Power, Chief Executive Officer of Colonial First State Superannuation, said.

“The new functionality has been developed with advisers, for advisers. Using deep insights from a wide cross-section of practices, we are giving precious time back to advisers to focus on their clients by increasing efficiencies, improving compliance and streamlining day-to-day processes.”

The FirstChoice enhancements follow Elemnta and CFS’ master service agreement inked last quarter.

“Having served clients directly as advisers ourselves, we understand the challenges that weigh on the advice ecosystem,” Shaun Green, Founder and Chief Executive Officer of Elemnta, said.

“During the pilot stage, we received overwhelmingly positive feedback from advisers who dubbed the new functionality incredibly user-friendly, and a significant time-saver.

“Beyond its simplicity, advisers reported having increased confidence in information inputs and the ability to streamline staff training. In this sense it’s not just a tool; it’s a key to unlocking the full potential of high-quality data.

“We are excited to partner with CFS to introduce a solution that not only enhances support for advisers on the front line but also contributes to operational efficiency at the business level.”

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