Platform research: digging the details on Novia

Novia is looking for fresh investment to help it grow, but what sort of advice businesses are using the platform right now and where does it fit among its rivals in the market?

Last week New Model Adviser® revealed platform Novia was in talks with private equity investors as part of a bid to inject fresh growth into the business.

Novia, headed up by chief executive Bill Vasilieff (pictured) was founded in 2008, it holds £6.1 billion of assets and is currently backed by a combination of private individuals and corporate organisations.  

It also owns discretionary fund management business Copia Capital, and has a stake in international investment platform Novia Global.

But who are its customers? What sort of advice firm uses Novia and where does the platform fit among its rivals in the market?

New Model Adviser® undertook exclusive research on platforms with advisers last year and we have dug into the data to reveal some facts and figures about Novia you might not know.

See our research here: Platform popularity revealed: 23 wraps ranked by advisers

Read on to see what we found about Novia...

Last week New Model Adviser® revealed platform Novia was in talks with private equity investors as part of a bid to inject fresh growth into the business.

Novia, headed up by chief executive Bill Vasilieff (pictured) was founded in 2008, it holds £6.1 billion of assets and is currently backed by a combination of private individuals and corporate organisations.  

It also owns discretionary fund management business Copia Capital, and has a stake in international investment platform Novia Global.

But who are its customers? What sort of advice firm uses Novia and where does the platform fit among its rivals in the market?

New Model Adviser® undertook exclusive research on platforms with advisers last year and we have dug into the data to reveal some facts and figures about Novia you might not know.

See our research here: Platform popularity revealed: 23 wraps ranked by advisers

Read on to see what we found about Novia...

OK, so first of all a health warning, out of 205 firms that responded only 15 said they used Novia. Still, those that do were large businesses.

The average assets under advice of firms using Novia was £400 million.

But how big a slice of this is Novia getting?

We asked what wraps and platforms your firms primarily use, taking into account that independent firms will typically use more than one platform – notwithstanding the ins and outs of that being a regulatory requirement or not. So there is some double counting where more than one platform is used significantly. 

The most popular was the Aviva platform, with 66 firms saying it was the platform of choice for the lion’s share of business.

That was followed by: Transact (63), Old Mutual Wealth (59), Fidelity FundsNetwork (59) and Standard Life Wrap (47).

 

Across all firms the average number of platforms is three.

But, interestingly, where firms said they did use Novia the average number of platforms used was higher: four.

So which are the other platforms Novia is most commonly associated with?  

Firms that use Novia most commonly also use Old Mutual Wealth, part of Quilter, (chief executive Paul Feeney pictured).

Not far behind that is Transact. Those two are by far the most highly associated with Novia (eight and seven firms respectively)

Ascentric was also in the mix (four) and Aegon/Cofunds (six).

As may be already clear, none of the 15 firms that said they used Novia used it as their only platform.

Is there anything else we could learn?

Well, the majority of Novia users are network members (53%) versus directly authorised (47%).

What conclusions can we draw?

Novia seems to offer something the larger platforms do not, perhaps access to discretionary fund managers that are not available on the likes of Transact.

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