Colonial First State's CFS Edge goes live

By Penny Pryor

Colonial First State has officially launched its new wealth management platform - CFS Edge. Colonial First State said it was the first platform with managed accounts at its core and the first major new platform to launch in Australia in almost a decade.

The platform was developed in collaboration with global wealth management company FNZ and it also enables real-time, two-way integration with financial planning software including Iress XPlan and AdviserLogic

"CFS Edge ...  utilises the best global wealth management technology and has been uniquely co-developed with financial advisers from the very start," chief executive officer of Colonial First State Superannuation, Kelly Power, said.

"Our approach is to have an open platform that allows for seamless, secure integration with leading advice technology providers. This enables advisers to set up new clients in seconds, eliminates the risk of errors and significantly improves the user experience to give advisers more time to focus on their clients," Power said.

The investment platform has an administration fee of 0.25 per cent for amounts up to $500,000, 0.1 per cent for amounts between $500,000 and $1 million, 0.05 per cent for amounts between $1 million and $3 million and no administration fee for amounts above $3 million. There is also an annual account keeping fee of $300 and a cash account fee of up to 1.5 per cent of the cash account amount. The fees do not include any management fee a fund manager on the platform charges.