FirstChoice Client onboarding experience now integrated with Morningstar AdviserLogic

Colonial First State (CFS) and Morningstar today announce new functionality on the FirstChoice platform which enables advisers to utilise existing client data via seamless integration with Morningstar’s AdviserLogic software.

Developed in collaboration with Elemnta, the new functionality enables advisers to open new accounts more efficiently with time-saving pre-population of up to 15 forms, the ability to set up multiple accounts simultaneously, with the process completed via secure and simple digital consent.

“This is another significant enhancement to the award-winning FirstChoice platform which will give advisers more time to focus on their clients,” said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.

"The CFS Advice Practice Profitability Report found that advisers using FirstChoice as their primary platform serve more ongoing clients. The new integration functionality will further enhance operational efficiency for advisers," added Ms Power.

Morningstar Director of Wealth Products, Rick Di Cristoforo, commented: "For over a decade, our core financial planning platform, AdviserLogic, has earned the loyalty of Australian advisers by consistently delivering a market-leading digital advice solution. With this integration, we’re continuing to fulfill our commitment to help advisers reclaim valuable time, enabling them to focus more on their clients.”

“By boosting efficiency, streamlining compliance, and automating daily processes, this seamless integration empowers advisers to maintain full control over their client data,” added Mr Di Cristoforo. 

Shaun Green, Chief Executive Officer at Elemnta, said: “This integration marks another successful outcome of our collaboration with CFS, demonstrating the power of our integration capabilities to address critical pain points in the advice and product landscape and ultimately enhance client satisfaction. As former advisers ourselves, we deeply understand the challenges advisers face today, and this insight fuels our mission to create meaningful operational efficiencies.”

The AdviserLogic integration follows the recent launch of CFS’s FirstChoice Business Optimisation Service which helps advisers implement the Elemnta onboarding tool and integrate managed accounts.

In the 2024 Wealth Insights Service Level Report, FirstChoice was named best value platform for the tenth year in a row, in addition to being ranked first for technical support, ease of doing business and administrative support. Notably, CFS’s FirstTech team achieved top ranking for technical support for the twelfth year running.

_{*Percentage estimate calculated based on pilot phase feedback from advisers using the new FirstChoice functionality.}