Colonial First State welcomes Government
reforms to make financial advice more accessible

05 December 2024 Colonial First State (CFS) welcomes the Government’s announcement regarding important reforms to ensure Australians have greater access to quality and affordable financial advice.

CFS Superannuation CEO Kelly Power acknowledged that the second tranche of the Delivering Better Financial Outcomes reforms represents a comprehensive package that if implemented will see more Australians enjoy the confidence that quality financial advice can provide. 

“This announcement is a key step to making financial advice more accessible. We support the need to maintain the distinction between professional advisers and the new class of advisers, and look forward to the next phase of consultation,” said Ms Power.

“We are also pleased to see that the Government has indicated that newly qualified advisers can be employed by licensees. This will enable more people to get the help they need and look to the future with confidence,” added Ms Power.

CFS research released earlier this year confirms that advice is fundamental to helping Australians enjoy their retirement. People who have received advice are more confident and significantly more positive about their financial position than unadvised Australians with the same net wealth and income.

“Our research has consistently validated the significant consumer benefits of receiving financial advice which is why we support a growing and vibrant professional advice sector now and into the future,” said Ms Power.

In recent weeks, CFS has launched new services in response to the significant need for more affordable advice across CFS’s member base.  

An arrangement with Viridian Advisory, allows CFS FirstChoice superannuation, pension and investment members who do not have a financial advisor to access affordable one-off, topic-based financial advice.

This is complemented by 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 independent financial advisers.