CFS updates FirstWrap, FirstChoice platforms

Colonial First State has announced more updates to its platforms which are expected to reduce back-office workload for advisers.

In a statement, CFS said FirstChoice now has an improved pension payment reset facility, including new adviser self-service screens, updated insight screens, new help text and new payment forms.

CFS has also enhanced the platform's e-post service in an effort to make it easier for super members to update beneficiary details.

Changes to FirstWrap include improved usability and navigation for advisers, making it easier to open a new account online. Further, CFS removed some "unnecessary steps" for advisers in the process for opening an account.

The changes come after CommInsure and Challenger annuities were added to the platforms last year.

CFS general manager of product and investments Peter Chun said: "We spend a lot of time listening to what advisers need and then we work to deliver it."

"No other platform offers retirees and their advisers such easy and convenient access to the leading term and lifetime annuities for retirement planning," he said.

"Advisers are increasingly accepting the value of blending annuities and account-based pensions in a retirement planning portfolio as a way to provide longer-term income to address growing issues such as longevity risk and sequencing risk."

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