CFS expands usage of digital super advice tool
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.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Superannuation funds are expanding their activities in the advice space and a leading recruitment firm has shared the typical salaries on offer with three funds namechecked for their attractive offerings.
The council has urged government to avoid shifting ballooning CSLR costs onto 12 million low- and middle-income Australians.
Australia's superannuation success had built a substantial pool of retirement capital but it has created liquidity challenges as the system has outgrown the domestic market for investment opportunities, writes BNY's Otto Vaeisaenen.
Australia's largest super fund has announced its new chief financial officer as the fund prepares for its next phase of growth.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
