Colonial First State and Elemnta deliver seamless Xplan integration with major enhancement to the FirstChoice platform

• New technology dramatically reduces set-up time for new and existing FirstChoice accounts by up to 80%*
• Seamless integration with Xplan means data only has to be entered once
• Risk of implementation errors reduced with up to 15 pre-populated forms and instant submission via pre-validated data 
• Simplified compliance processing through built-in data validation, advice fees and KYC
• Intuitive user experience reduces advice practice staff training time and costs

Tuesday 21 November 2023 – Colonial First State (CFS) today announces new technology available on the FirstChoice platform which reduces set-up time for new and existing accounts by up to 80%*.

Developed in collaboration with Elemnta, the new functionality enables advisers to utilise existing client data via seamless integration with Xplan, reducing the risk of implementation errors and the need for the re-keying of data.

The new technology selects and pre-populates up to 15 supplementary forms including set-up of adviser service fee, external rollovers, AML/KYC and direct debit.

“At CFS we are focused on ensuring advisers have access to market-leading technology.  This major enhancement to the award-winning FirstChoice platform allows advisers to seamlessly and securely access existing data to deliver significant time savings,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

“The new functionality has been developed with advisers, for advisers. Using deep insights from a wide cross-section of practices, we are giving precious time back to advisers to focus on their clients by increasing efficiencies, improving compliance and streamlining day-to-day processes,” Ms Power added.

Market-leading integration with Xplan enables efficient data retrieval, while providing advisers full control over the implementation process from start to finish.  The new user experience allows access extensive data validations via a streamlined process for creating multiple accounts across family groups.

Shaun Green, Founder and Chief Executive Officer of Elemnta, said: “Having served clients directly as advisers ourselves, we understand the challenges that weigh on the advice ecosystem.

“During the pilot stage, we received overwhelmingly positive feedback from advisers who dubbed the new functionality incredibly user-friendly, and a significant time-saver. Beyond its simplicity, advisers reported having increased confidence in information inputs and the ability to streamline staff training. In this sense it's not just a tool; it's a key to unlocking the full potential of high-quality data."

“We are excited to partner with CFS to introduce a solution that not only enhances support for advisers on the front line but also contributes to operational efficiency at the business level,” Mr Green said.

Yvette Peucker, Head of Operations at Direct Wealth, has been using the technology through the pilot phase.

“We had no trouble pulling through the information.  The information it had for the client was perfect. We loved the fact that direct debit is there, we didn’t need to go in and out of everything. There are significant time savings,” Ms Peucker said.

Financial adviser Belinda Barclay also participated in the pilot phase.

“The integration takes out so much time, like checking the TFN, checking this, checking that. It cuts out clicking back and forth on different pages in Xplan. Making mistakes by doing it manually can be embarrassing when you need to ask the client to re-sign documents. It holds up the process and is costly. FirstChoice client origination is now so much easier than competitor solutions,” Ms Barclay said.

Supported by thousands of advisers across the industry, FirstChoice continues to set the benchmark for service and value for money. In the 2023 Wealth Insights Service Level Report, advisers rated the FirstChoice platform equal number one for overall satisfaction, and number one for value for money, administrative support, reporting/communication and technical support. 

Elemnta, which recently launched as a new brand in the advice and wealth sector, has quickly established itself as a leader in enterprise-level solutions. The new FirstChoice functionality is the result of Elemnta and Colonial First State having signed a master service agreement last quarter. 

Media enquiries

Steven Reilly, Director External Communications, Colonial First State

steven.reilly@cfs.com.au