Colonial First State (CFS) Super Review (2026) — Fees, Performance, and Features

Colonial First State (CFS) is one of Australia’s largest retail superannuation and investment platforms. CFS offers super through its FirstChoice platform — a broad investment platform used by financial advisers and direct members.

Key Facts

CFS Super Products

CFS operates primarily through the FirstChoice platform:

• FirstChoice Employer Super — for employer plans
• FirstChoice Personal Super — for individual members
• FirstChoice Wholesale Personal Super — higher minimums, lower fees
• Retirement products — transition to retirement and account-based pensions

Fees

CFS fees vary significantly by product and investment option chosen:

• Wholesale options: Lower fees (typically 0.15–0.50% p.a. management fee)
• Standard retail options: Higher fees, often including adviser service fees
• Adviser fees: Many CFS accounts include ongoing adviser fees — check if an adviser is actively engaged

Fees can be complex — total costs include administration, investment management, and potentially adviser fees. Review the relevant PDS carefully.

Investment Options

CFS’s FirstChoice platform offers one of the widest investment option menus in Australian super:

• Hundreds of managed fund options across domestic and international asset classes
• ESG / responsible investment options
• Fixed interest and cash options
• Passive (index) and active management options

The breadth of options suits members who want investment flexibility or have specific fund manager preferences.

Performance

Performance varies significantly by investment option. Members should compare specific options using the ATO’s YourSuper tool. The APRA Annual Performance Test has flagged some CFS products as underperforming in prior years.

Who CFS Super May Suit

• Members working with a financial adviser who uses the FirstChoice platform
• Members who want a very wide range of investment options
• Members with existing CFS accounts who have specific investment arrangements

For most default members, comparing with lower-fee industry funds is advisable.

Frequently Asked Questions

Who owns Colonial First State in 2026? CFS was sold by Commonwealth Bank of Australia (CBA) to KKR (a global private equity firm) in 2021. CBA retained a minority stake for a period. CFS now operates as an independent financial services company backed by KKR’s ownership structure. It is no longer part of the CBA group.

Has CFS passed the APRA performance test? Some CFS MySuper products have faced challenges under APRA’s performance test in prior years. Check the ATO’s YourSuper comparison tool (ato.gov.au/yoursuper) for the current performance test outcome for your specific CFS product. Products that have failed are clearly flagged. Given the number of CFS options, make sure you are checking the right product.

Do I need a financial adviser to use CFS FirstChoice? No — you can join CFS directly as a personal member without using a financial adviser. However, the platform was designed primarily for adviser use, and many of the more sophisticated features (managed accounts, complex investment menus, tax reporting) are most useful when working with an adviser. Direct members may find the breadth of options overwhelming without guidance.

Are there ongoing adviser fees embedded in my CFS account? Many CFS accounts set up through advisers have ongoing adviser service fees (also called “ongoing advice fees” or “plan service fees”). If your adviser is no longer active or you haven’t seen them recently, these fees may still be deducting from your account. Check your annual member statement for any adviser fees and contact CFS to have them removed if no adviser is serving you. This was a major issue identified in the Banking Royal Commission.

Can I switch from CFS FirstChoice to an industry fund? Yes — you can roll your CFS balance to any complying super fund using myGov or by contacting your new fund. Before switching, check: (1) what insurance cover you have in CFS and whether it would lapse, (2) whether any investment options are subject to market-linked withdrawal values that might affect timing, and (3) whether you have any specific investment arrangements that require adviser guidance to unwind. See How to Switch Super Funds.

What is the difference between CFS FirstChoice and other CFS products? FirstChoice is CFS’s main super and investment platform — it includes FirstChoice Employer Super, FirstChoice Personal Super, and FirstChoice Wholesale Personal Super (with higher minimums and lower fees). Wholesale access is available if your balance meets the threshold or your adviser arranges it, and it typically provides access to the same investment options at lower management fees. Some older CFS accounts may be in legacy products (e.g., Commonwealth Personal Super) — check your statement to identify which product you are in.

Past performance is not a reliable indicator of future performance. For advice on whether CFS suits your needs, speak with a licensed financial adviser via MoneySmart. For more: Super Fund Comparison Table, How to Read a Super PDS.