Advisers to benefit from AdviserLogic platform integration

Colonial First State (CFS) and Morningstar have introduced a “new functionality” to the FirstChoice platform, developed in collaboration with Elemnta, allowing advisers to utilise existing client data through seamless integration with AdviserLogic.

This latest enhancement to the platform will utilise existing data to pre-populate up to 15 forms for advisers when opening new accounts for clients, considerably reducing time required.

Furthermore, advisers will be able to set up multiple accounts simultaneously, utilising secure digital consent to further expedite the process.

Speaking on the announcement, CFS chief executive of superannuation Kelly Power said this enhancement will allow advisers “more time to focus on their clients”.

"The CFS Advice Practice Profitability Report found that advisers using FirstChoice as their primary platform serve more ongoing clients. The new integration functionality will further enhance operational efficiency for advisers,” Power said.

Morningstar director of wealth products, Rick Di Cristoforo, said this step further strengthens the company’s commitment to delivering better outcomes for their advisers.

"For over a decade, our core financial planning platform, AdviserLogic, has earned the loyalty of Australian advisers by consistently delivering a market-leading digital advice solution,” Di Cristoforo said.

“With this integration, we’re continuing to fulfill our commitment to help advisers reclaim valuable time, enabling them to focus more on their clients.

“By boosting efficiency, streamlining compliance, and automating daily processes, this seamless integration empowers advisers to maintain full control over their client data.”

Elemnta CEO Shaun Green added: “This integration marks another successful outcome of our collaboration with CFS, demonstrating the power of our integration capabilities to address critical pain points in the advice and product landscape and ultimately enhance client satisfaction.”

“As former advisers ourselves, we deeply understand the challenges advisers face today, and this insight fuels our mission to create meaningful operational efficiencies,” Green said.

This announcement follows the announcement by CFS just last week that it had launched an expanded investment menu on its Edge platform, introducing international signature managed accounts to allow advisers to service clients’ growing demand for access to global markets.

With Australia making up just 2.5 per cent of global markets, Frances Taylor, CFS executive director of managed accounts, said this would allow advisers to provide greater portfolio diversification for their clients.

“Advisers and their clients benefit from true diversification by spreading risk across different countries, sectors and asset classes,” Taylor said at the time.

Morningstar has also been active recently, announcing that AdviserLogic had been added to Centrepoint Alliance’s approved product list (APL), allowing practices licensed through Centrepoint to access its scalable technology.

Speaking at the time, Chris Galloway, Morningstar country leader and managing director wealth, said the step supports the company’s fidelity to advisers and their clients.

“We are committed to delivering Morningstar’s integrated solutions in adviser technology and research to Centrepoint Alliance. Our focus remains on supporting the advice industry with cutting-edge CRM, advice generation and regtech tools,” Galloway said at the time.