Colonial First State (CFS) has announced a landmark partnership with digital estate planning platform Safewill, set to benefit nearly one million of its members. This strategic collaboration provides members with access to comprehensive online will creation and digital estate planning services at no additional cost. The initiative is designed to address a persistent gap in financial preparedness, where over half of Australian adults lack a legally valid will.
Addressing a National Gap in Estate Planning
Research consistently shows that a majority of Australians have not prepared a will, often citing cost and complexity as the main obstacles. This widespread lack of planning can lead to significant legal and financial difficulties for families during already challenging times. By integrating Safewill's services into its core offering, CFS aims to dismantle these barriers and promote greater financial security for its members' futures.
A Comprehensive and Integrated Digital Solution
Through the partnership, CFS members can utilize an online process to draft a legally valid will, which is then professionally reviewed by Safewill’s affiliate law firm. The offering is enhanced by a secure digital vault, allowing members to organize and store crucial documents for their nominated beneficiaries. This launch is strategically timed with a new CFS online tool for updating beneficiary nominations, facilitating seamless alignment between superannuation and broader estate plans.
Empowering Members and Financial Advisers
According to Marissa Powe, Executive Director of Retirement at CFS, the initiative reflects the fund’s focus on supporting members throughout their entire retirement journey. The service is also a valuable tool for financial advisers with CFS clients, providing a streamlined solution for those without an existing legal referral partner. Advisers can now more easily incorporate completed wills into advice strategies and support clients with intergenerational wealth transfer planning.
The Critical Link Between Superannuation and Wills
Safewill founder and CEO, Adam Lubofsky, emphasized the often-overlooked connection between superannuation and estate planning. As superannuation is frequently one of the largest assets an individual holds, its position outside the traditional estate makes integrated planning essential. Aligning binding death benefit nominations with the wishes outlined in a will is critical to ensure a smooth and intended distribution of assets.
A Strategic Move in a Competitive Landscape
This collaboration positions CFS as the first superannuation fund to implement a long-term, scaled Safewill partnership as a core component of its member benefits. The move is part of a broader enhancement of CFS's retirement services, which already include a Retirement Hub and specialized guidance teams. It demonstrates a clear strategy to deepen member engagement by providing tangible, value-added services beyond investment management alone.
Ultimately, the CFS and Safewill partnership represents a significant step forward in making essential estate planning more accessible for everyday Australians. This strategic initiative not only enhances the value proposition for CFS members but also reflects a wider industry shift towards more holistic, life-stage-oriented financial services. By proactively addressing legacy planning, CFS is reinforcing its commitment to the long-term financial wellbeing of its members and their families.