Colonial First State expands access to affordable advice through arrangement with Viridian Advisory

Colonial First State (CFS) today announces an arrangement with Viridian Advisory, which allows CFS FirstChoice superannuation, pension and investment members who do not have a financial advisor to access affordable one-off, topic-based financial advice.

Members who do not have a financial adviser are able to access professional advice from Viridian on specific topics such as personal investments, debt, superannuation, pensions, retirement planning and Centrelink.

The service has been created in response to the significant need for more affordable financial advice across CFS’s member base. CFS FirstChoice customers who do not have an adviser will be able to access advice in modular blocks which start at $500, with any combination of blocks capped at $3,000.

Viridian Advisory was engaged given their scale, national reach and willingness to develop an affordable, one-off and topic-based financial advice offer for CFS customers.  CFS will consider expanding this approach with other licensees as demand for advice continues to grow among its members.

“We support a growing and vibrant financial advice sector. Our research clearly shows that Australians who receive some form of advice feel better about their financial position and are more confident about their retirement,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

“The reality is that we have a large member base that cannot afford comprehensive advice. By introducing this new model, we are enabling our members to access affordable advice suited to their specific needs at a particular point in time,” Ms Power added.

Brett Arnol, General Manager - Advice at Viridian Financial Group, said the group is committed to helping provide more advice to Australians and understands the restrictions that many people have in access to great financial advisers.

“Our investment in technology over the past 10 years, along with developing new advisors into our network via our Professional Year program, has allowed us to provide affordable advice to more Australians through this digitally driven engagement model,” he said.

The new arrangement with Viridian is part of CFS’s commitment to providing members with access to advice through a range of options.  This includes a collaboration with Otivo for self-guided digital advice and the Find an Adviser tool on the CFS website, which connects members with more complex and ongoing needs to financial advisers.