Colonial First State (CFS) has reached an agreement with Viridian Advisory that will allow CFS FirstChoice superannuation, pension and investment members who don’t currently have a financial adviser to access affordable, one-off, topic-based financial advice.
This arrangement will see members able to access professional financial advice from Viridian in modular blocks covering topics such as personal investments, debt, superannuation, pensions, retirement planning, and Centrelink, with costs starting at $500 and capped at $3,000.
The company said this arrangement is a result of the continued outcry for affordable advice, particularly as so many Australians approach retirement.
While CFS is only currently working with Viridian to deliver this service, the company said it would “consider expanding this approach with other licensees as demand for advice continues to grow among its members”.
CFS superannuation chief executive Kelly Power said this arrangement would help members who could otherwise not afford to access professional financial advice.
“We support a growing and vibrant financial advice sector. Our research clearly shows that Australians who receive some form of advice feel better about their financial position and are more confident about their retirement,” Power said.
“The reality is that we have a large member base that cannot afford comprehensive advice. By introducing this new model, we are enabling our members to access affordable advice suited to their specific needs at a particular point in time.”
Viridian Financial Group general manager Brett Arnol said this arrangement further solidified the company’s commitment to expanding access to affordable advice.
“Our investment in technology over the past 10 years, along with developing new advisers into our network via our Professional Year program, has allowed us to provide affordable advice to more Australians through this digitally driven engagement model,” Arnol said.
Just last month, CFS announced the launch of its digital advice tool, developed in collaboration with Otivo, for CFS FirstChoice members and tailored to CFS products.
The tool gives members access to personalised digital advice regarding their CFS FirstChoice investment options, contribution strategy and insurance arrangements for just $88 per annum, which is deducted from their super account.
I understand Viridian lost most of their Sydney based Advisors serving high net worth clients to other firms. Perhaps Viridian are changing approach and using new inexperienced Advisors, to advise the low end of the market.
I bet 100% of these CFS members will be sold, sorry ‘recommended’ Viridian products…
So CFS has approved Viridian’s vertically integrated model of shoving clients into their products for life….
It is now obvious why Viridian has been pushing their advisors to move all their clients to CFS Edge. What a massive conflict of interest all this is.
Viridian is unashamedly doing press releases about this behaviour.
As the industry reels from the fallout of Dixon Advisory selling their own products, here we go for the next company to do it too.
When does ASIC step in and the industry call out these practices?
Doesn’t make me want to use CFS.
I’m sure CFS are having a board meeting right now worried about you not wanting to use them.