CFS announces upcoming platform changes

Speaking at the Colonial First State Adviser Briefing in Sydney yesterday, the group's general manager for product and investment, Peter Chun, announced a raft of ideas the company is in the midst of implementing.

This includes facilitating robo-advice, which advisers should view as an add-on to their existing services, Mr Chun said.

"In our view, the platforms of the future will be those that can facilitate bionic advice," he said.

"Approach this as an extension of your business by augmenting the irreplaceable human-to-human advice that you provide with technology, such as data and analytics."

Mr Chun also said the company will be launching a full suite of managed account solutions by early next year.

"This will give you the ability to demonstrate greater value to your client by providing the transparency of underlying holdings and the individual tax outcomes," he said.

Further, a new cash management solution on FirstWrap Plus Investment accounts will be launched by 1 July. The solution was developed in response to adviser feedback, Mr Chun said.

"FirstWrap's new cash solution allows advisers to manage clients' SMSF and cash flow in one place. Advisers can facilitate quicker investment decisions by having a consolidated view of all their clients' transactions and available cash," he said.

"Clients can also have access to their IDPS cash account via ATM, chequebooks, online banking or throughout Commonwealth Bank's extensive branch network."

Next month, a "simpler" superannuation statement will be launched to help clients become more engaged with their super.

"[The statements] provide a smart, new design that looks good on the tablet and mobile and support further advice conversations," Mr Chun said.

"They will display your details on the statement and suggest that they contact you in the first instance in certain scenarios."