Colonial’s new RoA tool drives adviser usage
Colonial First State has said its new functionality on FirstNet Adviser, which enables advisers to generate a Record of Advice (RoA) in 30 minutes, has created a jump in platform usage.
According to a statement, the same-day RoA generation tool was rolled out six months ago. Since then, usage among advisers through the platform has jumped by 10 per cent.
Colonial’s general manager, distribution, Matt Harrison said the tool is expected to drive usage even higher.
“Efficient solutions are at the core of enabling advisers to spend more face-to-face time with their clients and we remain committed to working with advisers to continually enhance this offering across our platforms,” he said.
Mr Harrison added that advisers are increasingly looking for efficient portfolio construction solutions, which is what led to creating the RoA tool.
“This was the catalyst for originally introducing the automated Record of Advice facility a few years ago, which was designed to centralise an adviser’s model portfolio implementation and advice disclosure obligations in the one place as well as remove friction from this process,” he said.
“Our commitment to delivering sustainable solutions through ongoing investment meant we enhanced this even further six months ago by giving advisers the ability to generate RoAs for their clients and leave the transactions pending before submitting bulk model switches in FirstNet Adviser.”
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