CFS has expanded usage of its digital advice product to members of its employer super and FirstChoice super accounts.
This will be applicable for members of Colonial First State FirstChoice Employer Super and FirstChoice Wholesale Personal Super and Pension (FirstChoice products).
The product offers a financial health-check or one-off advice on investment options in FirstChoice product accounts from qualified CFS advisers following a digital fact-find on their online account. Members then receive a one-on-one session with an adviser who will create and present the advice and support members to action the strategy.
Going forward, it will soon be able to offer contribution advice and simple retirement advice, each as one-off advice related to your interest in the FirstChoice products.
Usage of the service is incorporated in the overall administration fees and costs of each FirstChoice product and incurs no additional fees.
The service is targeted at members who lack a financial adviser and CFS noted advised clients would likely be already receiving advice that is more comprehensive than that delivered by Super Advice.
In the last financial year, CFS’ FirstChoice Employer Super growth fund (MySuper Lifestage 1975–79) delivered a return of 12.8 per cent while the fund’s FirstChoice Employer Super balanced (MySuper Lifestage 1965–69) fund option delivered a return of 11.4 per cent.
CFS’ CIO Jonathan Armitage highlighted global and domestic equities as a key driver of returns over the period as well as the addition of emerging market equities to the portfolio.
Many super funds have been actively moving into the advice space as consumers find themselves unable to access advice from a retail adviser.
Earlier this week, AMP Super released a retirement planner and three stand-alone retirement sub-journeys to support its AMP Super Fund members with retirement advice.
This includes a super projections pathway to help members assess their potential retirement income, what government age pension they may be eligible for, how they might benefit from a lifetime income solution, and if they are on track for their retirement goals.
Last month, Aware Super launched Retirement Manager, in partnership with Bravura Solutions, which is currently in pilot with a small group of members and is expected to be made available to all eligible members aged 60 and over later this year.
