Colonial First State (CFS) has appointed FNZ, one of the world’s leading wealth management platform providers, as our new technology partner to launch a new wrap platform in late 2022.
The agreement will see CFS launch a new wrap platform in Australia combining FNZ’s state-of-the-art technology and a range of business services to deliver a market-leading proposition for financial advisers and their clients. As part of the new partnership, CFS and FNZ will use their combined strengths to significantly grow CFS’s market share in the Australian wrap platform sector.
This marks the next stage of the $430 million investment we’re making to improve our products and services over the next four years - offering advisers and clients a significantly improved service experience, and giving advisers the tools they need to deliver the best advice to their clients.
Who is FNZ?
FNZ is a global wealth platform that provides many of the world’s leading financial institutions with a unique integrated end-to-end software, technology infrastructure, and investment operations platform in 18 countries across Asia Pacific, Europe and North America. Trusted by more than 150 major financial institutions, FNZ has over $2.1 trillion in assets under administration, which represents the combined savings and investments of over 20 million customers. In Australia, FNZ has grown rapidly in recent years with over $70 billion in assets on its wealth platform service.
Work is underway to launch in late 2022
The new wrap platform is expected to be open to new business by the end of 2022, with a focus on delivering enhanced:
Importantly, CFS and FNZ are already working directly with a group of advisers to design the new platform to ensure it is built to make it easier to for advisers to deliver advice to clients.
Resources to help you and your clients
We have a range of resources with more information about the announcement and to help you update your clients.
Further details will be announced closer to the platform’s launch, including more information about our plans for migrating current FirstWrap clients onto the new platform by the end of 2023.
Want to know more?
If you’d like to know more about this announcement, contact your local Business Development team, who are available to answer any questions you have.
ADVISER USE ONLY
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Avanteos Superannuation Trust ABN 38 876 896 681 which includes FirstWrap Plus Super and Pension, and is the operator of The Avanteos Wrap Account Service which includes FirstWrap Plus Investments.
This is based on the understanding of current regulatory requirements and laws as at 3 February 2022. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including CFSIL and AIL accepts responsibility for any loss suffered by any person arising from reliance on this information. This document contains general information strictly for adviser use only and is not to be handed to any investor. It does not take into account any person’s individual objectives, financial situation, needs or taxation circumstances. You should read the relevant Product Disclosure Statement (PDS), Investor Directed Portfolio Service Guide (IDPS Guide) and Financial Services Guide (FSG) before making any recommendations to a client. Clients should read the PDS, IDPS Guide and FSG before making an investment decision and consider talking to a financial adviser. The PDS, IDPS Guide and FSG can be obtained from your adviser, the platform or by calling Customer Care.
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