Thursday 23 May 2024: Colonial First State (CFS) is pleased to announce that CFS Edge has reached a major milestone of A$1 billion in Funds Under Administration (FUA) in just 200 business days.
CFS Edge officially launched on 1 August 2023 and recorded A$1 billion in FUA on 17 May. In less than 10 months the platform has experienced rapid growth, driven by strong demand for an integrated wrap solution that meets the changing needs of today’s advice businesses and their clients.
Developed in partnership with advisers and global platform technology leader FNZ, CFS Edge has seen a significant expansion of its investment universe since launching with more than 550 managed funds, over 160 ETFs, access to 16 stock exchanges across the globe and the ability to trade in 11 different currencies.
CFS Edge is the first major wealth management platform with managed accounts at its core. Over 100 signature managed accounts and more than 50 tailored managed accounts, including the Accelerate Series, have been added to the platform since it launched.
The platform has attracted some of the largest financial advice groups in the country including Viridian Advisory and Emanuel Whybourne & Loehr. To date, there are more than 2200 registered advisers, 1600 support staff and 380 licensees on the platform.
CFS Superannuation CEO Kelly Power said Edge has strengthened CFS’s position as a leader in the wealth platform market.
“Edge advisers and their clients are uniquely positioned to continue benefiting from global expertise, ongoing R&D, and the unparalleled pace of innovation that only comes from global scale coupled with CFS’ deep understanding of the Australian market,” she said.
CFS Edge was uniquely co-developed from the start with financial advice practices servicing a variety of different clients. Bryce Quirk, CFS Group Executive Distribution, said ongoing feedback from a growing number of advisers plays a critical role in the continuous development of the platform.
“In addition to our foundational partners, we now have a significant cohort of early adopters and a growing number of HNW advisers who are sharing their insights on how the platform can be tailored for their practices and their clients,” Mr Quirk said.
“In less than a year CFS Edge has created a completely new platform experience for financial advisers. We are setting the pace and intend to maintain it,” Mr Quirk said.
“Thanks to the positive engagement from advisers and the global insights of FNZ, CFS Edge is now synonymous with accelerated development. Advisers can look forward to further enhancements based on their feedback and the continuous evolution of the platform over coming months."