Novia to chop platform prices

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Adviser platform Novia is to chop its prices from the beginning of 2023 following a evaluate of its pricing technique.

From 1 January, a Novia shopper with between £100,000 and £200,000 on the platform will see headline charges drop from 0.50% to 0.30% for corporations with over £10m of belongings on the platform.

The identical shopper from a agency with underneath £10m of belongings on the platform would see their headline charge drop to 0.35%.

Shoppers with £250,000 to £500,000 on the platform will see headline charges drop from 0.40% to 0.30% for corporations with over £10m of belongings on the platform and 0.35% for corporations with underneath £10m.

These with belongings between £500,000 and £750,000 on the platform will see headline charges drop from 0.30% to 0.20%.

Shoppers with belongings between £750,000 and £1m on the platform will see their headline charges stay at 0.2%, whereas shoppers with over £1m on the platform will see their charges held at 0.1%.

Nevertheless, the minimal price for the platform is to extend from £75 to £100 and can solely apply to shoppers with small portfolios paying lower than £8.33 per 30 days.

The brand new prices will apply to new and current shoppers.

Patrick Mill, CEO of Novia, stated: “We’ve been making ready the bottom to place Novia for what we imagine is a 3rd period for platforms, differentiating on true digitisation and deeper connectivity. Operating alongside our funding in know-how and work on micro-services, has been a evaluate of pricing technique specializing in worth and transparency.

“We’ve all the time taken a sustainable and accountable method to cost which implies we purpose to strike the best stability between providing nice worth for cash for purchasers whereas persevering with to put money into our know-how, our service, and our individuals to assist create efficiencies inside adviser companies. I’m happy to say that we’re now able to share the good thing about our elevated scale by decreasing our customary platform cost and simplifying our charging mannequin.”

Novia and fellow platform Wealthtime have been acquired by non-public fairness agency Anacap final yr

The mixed platforms have over £11.8bn of pension and funding belongings underneath administration for over 67,000 shoppers.

Anacap has already migrated the belongings of one other platform it acquired, Amber Monetary, to Novia.

Novia has seen a number of high-level workers departures since its takeover by the non-public fairness agency together with CEO Invoice Vasilieff shortly after the deal was accomplished.  

Novia was setup in 2008 and has belongings underneath administration of roughly £9.3bn.




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