Viridian names CFS Edge platform of choice

Colonial First State (CFS) has announced that financial advice network Viridian Advisory has become a cornerstone client of wealth platform CFS Edge.

First announcing the launch in August, the firm said that CFS Edge, as the newest major platform in the Australian wealth management sector in almost a decade, will provide “game-changing pricing, greater flexibility and enhanced investment capabilities”.

Namely, the platform will enable digital adviser workflows, advanced data analytics, an integrated app store, and analysis tools for licensees, advisers, and members.

According to Kelly Power, chief executive of CFS Superannuation, CFS Edge “utilises the best global wealth management technology and has been uniquely co-developed with financial advisers from the very start”.

Commenting on the partnership, CFS group executive Bryce Quirk said Viridian’s selection of CFS Edge cements the platform as a solution for high quality and client-focused advice businesses.

“We see a huge advice gap in the Australian market. By choosing Edge, we believe professional advice businesses like Viridian are well positioned to help provide more advice to more Australians and to deliver even better outcomes for their clients,” Mr Quirk explained.

“CFS Edge was co-developed with financial advisers and that really resonated with a group like Viridian. They understand how important it is to have a strong technology offering that is flexible, integrated and adviser friendly.”

Viridian Advisory is one of the largest wealth management practices in Australia, boasting a 350-strong team that includes more than 120 financial advisers.

The group has a presence in 27 locations across Victoria, NSW, Queensland, Western Australia, South Australia, Tasmania, and the ACT.

Raamy Shahien, joint chief executive of Viridian Financial Group, said the platform's unique technology features were attractive to the firm.

“We like CFS’ continued investment in technology to transform the way advice is delivered,” Mr Shahien noted.

“Viridian has always been dedicated to continuously improving outcomes for our clients and team. We view investment in capability, specialisation and technology coupled with open architecture central to achieving our aspirations in this space.

“Working with CFS will enhance our ability to unlock opportunities for advisers and their clients and provide a great platform for our continued growth with like-minded advice firms.”

According to CFS, the announcement comes as Australia’s platform market observed increasing competition, where close to $1 trillion is managed on behalf of Australian investors.