In the six months since Colonial First State first launched enhancements to its popular Record of Advice (RoA) functionality, usage amongst advisers through the platform has jumped by 10 per cent.
The increase comes as CFS introduces new same-day RoA generation on FirstNet Adviser, enabling advisers to generate an RoA on the same-day – in most cases in 30 minutes – rather than having to wait overnight.
Colonial’s General Manager Distribution, Matt Harrison, said the enhancements have shown their value in providing both efficiency and risk management benefits when it comes to portfolio construction and implementation, with the latest addition to the RoA tool expected to drive usage even higher.
“Advisers are increasingly looking for efficient portfolio construction solutions as well as ways to produce better client outcomes by implementing well-researched investment ideas consistently across clients,” Mr Harrison said.
“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.
“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,” he said.
At its simplest, advisers can now create one investment portfolio and apply it to many clients, while detailing a Record of Advice for each, and leave the transactions pending before submitting a bulk switch. The changes are automatically and consistently applied.
Mr Harrison said adviser feedback has been extremely positive and this was further evidenced with the volume of usage.
“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.
