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