Colonial First State enhances FirstChoice with ElemntaBY CHLOE WALKER | TUESDAY, 21 NOV 2023 12:08PM
Read more: Elemnta, Colonial First State, Kelly Power, Shaun Green, Xplan
Colonial First State (CFS) rolled out a major enhancement to FirstChoice, reducing set-up time for new and existing accounts by up to 80%.
CFS has worked with Elemnta to allow advisers to use existing client data via an integration with Xplan, reducing the risk of implementation errors and the need for re-keying data.
The new functionality selects and pre-populates up to 15 forms including the set-up of adviser service fees, external rollovers, AML/KYC and direct debit, CFS explained.
CFS chief executive, superannuation Kelly Power 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," Power said.
Elemnta chief executive Shaun Green said during the pilot stage, advisers gave "overwhelmingly positive feedback".
"Beyond its simplicity, advisers reported having increased confidence in information inputs and the ability to streamline staff training," Green said.
"In this sense it's not just a tool, it's a key to unlocking the full potential of high-quality data."
CFS and Elemnta first started working together in September, around the same time that Elemnta rebranded from Advice Revolution.
"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," Green said.
The news comes as CFS added the GQG Partners global equity AUD hedged strategy on its FirstChoice platform yesterday.
The strategy invests in high-quality companies with attractively priced future growth prospects in both developed and emerging markets. It seeks to limit downside risk while providing attractive returns to long-term investors over a full market cycle.
CFS also recently expanded the investment menu on its CFS Edge platform, adding options from Atchison Consultants, Drummond Capital, and Russell Investments.
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