Affordable, personalised, digital advice for members
08 October 2024
4 min read
Personalised, affordable digital advice is available to help answer the common investment, super and insurance questions of CFS FirstChoice members who don’t have a financial adviser.
CFS members who don’t have a financial adviser have the option of accessing affordable, personalised, digital advice on investment, insurance and pre-tax super contribution matters.
CFS has partnered with Otivo to provide the tailored digital advice solution as part of our initiatives to cater for the unmet financial advice needs of members.
Our research shows three in four Australians* have a strong interest in improving their financial literacy, with online and digital resources a preferred means of acquiring that knowledge.
What is Otivo?
Members can access Otivo’s personalised digital advice regarding CFS FirstChoice investment options, super contributions and insurance arrangements.
A 12-month subscription to the app, which has been designed by Otivo specifically for CFS members and tailored to CFS products, is available for free until 31 October 2024. After that, it will cost $88 per annum, deductible from a member’s super account.
The tailored service has been designed to meet the most common advice needs of members. After a year, members will be able to renew their subscription if they wish to continue using the service.
The importance of advice
Advice is a key contributor to people’s positivity about the future, according to CFS Chief Executive Officer of Superannuation, Kelly Power.
It contributes to people’s sense of financial wellbeing, which may include things like confidence and security in retirement, feeling financially secure and in control, having money left over after paying bills, and being able to save and invest for the future.
Two in three advised Australians (68%) who have received advice have a financial strategy in place to achieve their goals, compared with 27% of Australians who haven’t received advice, according to CFS’ Empowered Australian report^.
“At CFS we recognise that there is a spectrum of advice needs, from those who require sophisticated personal advice to those who just want to ask a few questions about how to choose the right investment or know what they can be on track for their desired retirement income,” Kelly said.
“Our partnership with Otivo gives members the option to access personalised digital advice on three topics they often seek the most help with: investment options, contributions and insurance levels,” she said.
"We know that Australians who receive advice are far more confident and significantly more positive about their financial position than those who are unable to access advice.”
CFS collaborated with Otivo to offer the service as part of our commitment to catering for the full spectrum of Australians’ advice needs.
"New technology and digital tools will have a role to play but we recognise that digital advice is not for everyone,” Kelly said. “That’s why our focus is on making sure that advice is more accessible to all of our members, delivered in the right way at the right time."
“Helping more Australians access advice earlier will have the added benefit that they will be more likely to access professional advice later in life as their needs become more complex over time,” she said.
CFS’s guidance centre team receives thousands of calls a month from members looking for guidance on investment and super issues.
Otivo Chief Executive Officer Paul Feeney said Otivo helps provide answers to common questions from members.
“Our easy-to-use advice platform guides CFS members in choosing the right investments, maximising contributions including lump sum payments and salary sacrifice to grow their super and selecting the appropriate insurance cover that fits their life stage,” Paul said.
Check out our advice options or connect with a financial adviser.
What’s next?
Compare our advice
options
Whether it’s digital advice or help finding an adviser, we can help you.
What types of advice are on offer?
If you need help with one issue, or your overall financial situation, we can help.
When should you see
an adviser?
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* CFS survey of 2,250 Australians on financial literacy, conducted between April and June 2024.
^ CFS survey of 2,247 Australians on the power of advice, conducted between October and December 2023.
Disclaimer
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
The insurance provider is AIA Australia Limited ABN 79 004 837 861, AFSL 230043 (AIA Australia, the ‘Insurer’). AIA Australia is part of the AIA Group. The respective insurance covers are provided under policies issued to the trustee.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36. Past performance is no indication of future performance.