Consumer trust isn’t something to be taken for granted, but reports from the UK, US and here at home are all pointing towards an uplift in trust levels around financial advice, which can only be a welcome development.
There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
CFS bulks up managed account offerings on new Edge platform
Colonial First State has pushed its latest investment platform offering, CFS Edge, forward with the addition of 25 new managed account offerings from three leading providers.
CFS launched its next generation platform, tailored specifically to managed accounts, in August as the “most contemporary wealth platform in the market”, enabling “digital adviser workflows, advanced data analytics, an integrated app store and analysis tools for licensees, advisers and members”.
The missing pieces for the platform are rapidly being put into place, as some of the more respected investment consultancies across the industry are selected onto the menu.
Melbourne-based Atchison Consultants will have four diversified portfolios on the platform (Active 55, 70, ETF 55 and 70), as well as six single sector portfolios (Australian shares, International shares, Real Assets Portfolio, Alternatives Portfolio, Long Duration Portfolio, Floating Rate Portfolio).
Respected boutique multi-asset investment manager Drummond Capital Partners will place nine diversified portfolios on the platform (Direct 50, 70 and 90 Portfolios, Strategic 30, 50, 70, 90 and 100 Plus Portfolio, and the Dynamic Portfolio), while Russel Investments Managed will deliver six diversified portfolios (Conservative, Diversified 50, Balanced, Growth, High Growth and Geared 120 Portfolios).
On top of the recent additions to its managed account offerings, the platform has also launch the “nesting capability” of its separately managed accounts on CFS Edge, which is aimed at providing a simpler, more streamlined portfolio management experience to advisers by enabling the inclusion of multiple SMAs into a single platform.
“Nested managed accounts… give advisers and their clients the ability to hold a separately managed account (SMA) inside other portfolio types such as another SMA, managed discretionary account (MDA), or model portfolio,” commented Bryce Quirk, CFS’ long time group executive (pictured).
“The breadth and depth of CFS Edge will give advisers the ability to blend simple low-cost solutions with the most sophisticated investment options in a single account, allowing them to service different client segments from a single platform.”
The Edge platform is another built in collaboration with FNZ, which has shaped itself as one of the leaders in wealth management platform construction.
It offers “real-time, two-way” integration with financial planning software staple Xplan, as well as AdviserLogic.
