Novia Financial to cut platform charges from January

‘Share the benefit of our increased scale by reducing our standard platform charge’

Ayesha Venkataraman
clock • 2 min read

Private equity-backed adviser platform Novia Financial will cut platform charges starting from 1 January 2023.

The reduction will see the headline rates paid by a typical Novia client, with between £100,000 and £200,000 on the platform, reduced from 0.50% to 0.30% and 0.35% respectively for firms with over and under £10m of assets on the platform, it said. The new charges will be applied to new and existing clients. Under the new terms, a customer with a £150,000 portfolio would have paid an annual platform charge of £750 and will now pay £450 where the adviser firm holds more than £10m of assets under administration (AUA) on the Novia platform (£525 for those firms holding up to £10m of AUA). ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Platforms

Half of advisers worry a platform could fail in next three years

Half of advisers worry a platform could fail in next three years

Seek for reassurance about the platform market

Isabel Baxter
clock 06 December 2024 • 2 min read
P1 builds out platform to enhance report writing for advisers

P1 builds out platform to enhance report writing for advisers

The ‘investment proposal generator’ aims to streamline reporting processes

Isabel Baxter
clock 22 August 2024 • 1 min read
Adviser platform gross flows hit £20.7bn high but net flows fall

Adviser platform gross flows hit £20.7bn high but net flows fall

Outflows reduced advised net flows to just £2.8bn, Fundscape finds

Isabel Baxter
clock 22 August 2024 • 3 min read