Colonial First State (CFS) is set to lower the investment minimums on its FirstChoice Wholesale platform and also reduce minimum investment contributions on its FirstWrap offering.
Effective 11 April, the new minimum investment amount on FirstChoice Wholesale will be reduced to $1500 in personal super and $20,000 for pensions from a previous minimum of $100,000.
The investment minimum for FirstChoice Wholesale investments will also be lowered to $5000 or $1500 if a regular investment plan is set up.
"The lower investment minimums are just one of a suite of significant enhancements being made by CFS to the FirstChoice platform," CFS chief executive Brian Bissaker said yesterday.
"The additional enhancements include a new range of investment options giving investors more choice and flexibility, tools to deliver advisers greater administration and operational efficiency and enhanced estate planning capabilities."
CFS's full-service wrap platform, FirstWrap, will also reduce minimum investment contributions to $20,000 from $250,000, effective 28 March.
"We have launched these enhancements both in response to government reforms driving competition in the superannuation sector and to provide greater access to investors in our leading investment platform," Bissaker said.
"The investment and enhancements we have made to our FirstChoice platform have effectively neutralised the fee debate and raised the bar on both the value and type of services that should be delivered to investors."
