{"id":48924,"date":"2020-03-03T16:18:01","date_gmt":"2020-03-03T05:18:01","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=48924"},"modified":"2020-03-03T21:27:48","modified_gmt":"2020-03-03T10:27:48","slug":"colonial-first-state-further-changes-to-product","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/03\/03\/colonial-first-state-further-changes-to-product\/","title":{"rendered":"Colonial First State Product Changes"},"content":{"rendered":"

Colonial First State<\/a> has announced changes to its products over the coming year as it works to eliminate all grandfathered conflicted remuneration in a phased approach. This also now includes insurance.<\/p>\n

The company says in a statement that the changes are part of its commitment to delivering better outcomes for members. The changes include:<\/p>\n

Retail products<\/strong><\/p>\n

In its retail products CFS announced it is making changes to “…simplify and reduce fees.” It will also be removing conflicted remuneration and notes these initiatives will benefit CFS members who have accounts in its legacy super and pension retail products.<\/p>\n

…insurance commissions will also be removed<\/p><\/blockquote>\n

It notes that insurance commissions will also be removed, thereby reducing insurance premiums on these products and also on CFS FirstChoice Wholesale Personal Super.<\/p>\n

CFS says that more than 190,000 members will each see an average benefit of around $560 per year in fee reductions, with the changes taking effect on 1 June 2020.<\/p>\n

FirstWrap, Beacon products<\/strong><\/p>\n

Changes to its FirstWrap, FirstWrap Plus and Beacon products includes the removal of transaction fees and advice fees on listed security trades: “Conflicted remuneration and insurance commissions will also be removed on these products,\u201d it states.<\/p>\n

The company says these changes will benefit 1,100 members who will receive around $565 on average in annual fee reductions.<\/p>\n

\"\"<\/a>
Kelly Power …we remain a strong advocate for quality financial advice.<\/figcaption><\/figure>\n

Kelly Power<\/strong>, General Manager of Product and Marketing at CFS, says that the changes are part of CFS\u2019 commitment to putting members\u2019 interests first and helping to create a better super system.<\/p>\n

\u201cThis is a great outcome for our members \u2013 we know lowering fees will benefit retirement saving outcomes.<\/p>\n

…we recognise this is an adjustment for many advisers and we\u2019re committed to providing early notice and supporting them to help navigate and prepare for the changes ahead…<\/p><\/blockquote>\n

\u201cHowever, we recognise this is an adjustment for many advisers and we\u2019re committed to providing early notice and supporting them to help navigate and prepare for the changes ahead,\u201d she says.<\/p>\n

\u201cWe remain a strong advocate for quality financial advice and support the role that financial advice plays in helping Australians achieve financial well-being.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Colonial First State has announced changes to its products over the coming year as it works to eliminate all grandfathered conflicted remuneration in a phased approach. This also now includes insurance. The company says in a statement that the changes are part of its commitment to delivering better outcomes for members. The changes include: Retail […]<\/p>\n","protected":false},"author":24,"featured_media":48938,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,270],"tags":[],"class_list":{"0":"post-48924","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-products","8":"category-remuneration"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/48924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=48924"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/48924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/48938"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=48924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=48924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=48924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}