The Business Exchange Bath & Somerset Issue 12: Summer 2019 | Page 6

BUSINESS NEWS
NOVIA’S PROFITS RISE BY OVER 70%
Online wrap platform Novia Financial recently announced another year
of record results, with operating profits for the year ending December
2018 up an impressive 72.5% to £5.6m. The Bath-based firm showed
strong results across all key financial measures, despite continued
market volatility.
Novia attracted new business worth £1,273m,
up 3% on 2017’s figure of £1,234m. Assets under
administration held by Novia increased by 5% during
the year, from £5,786m to £6,075m.
Revenues increased 11.2% from £18.8m to £20.9m,
with administrative costs increasing by a modest
6.8% from £16.2m to £17.3m.
WHAT DO YOU PUT NOVIA’S
SUCCESS DOWN TO?
Firstly, I would say success is always down to
providing excellent service to our customers
backed up by an efficient business model
and a committed team. The importance of
having first-rate technology should also
not be underestimated. Many of our large
institutional competitors in this space have
struggled with technology problems causing
operational inefficiencies and often costly
work-around solutions.
CAN YOU TELL US A BIT MORE
ABOUT THE CHALLENGES THE
MARKET IS CURRENTLY FACING?
The markets recently have seen significant
volatility caused primarily by Brexit and
issues such as the potential trade war
between the US and China. This has a
significant impact on consumer confidence
and therefore assets under management on
the platform.
F I R S T C L A SS
H O S P I TA L I T Y
EX P E RI E N CE S
W I TH AWA R D
WINNING FOOD
bath-racecourse.co.uk
6
THE BUSINESS EXCHANGE 2019
The increase in costs in 2018 reflects greater
expenditure on staff and technology to improve
the level of support provided to advisers using the
platform.
We caught up with Novia founder and chief
executive Bill Vasilieff to find out more about how the
company is standing out as a market leader.
YOU’VE BEEN QUOTED AS SAYING
THE MARKET FOR INVESTMENT
PLATFORMS IS CHANGING
RAPIDLY - WHAT KIND OF
CHANGES ARE WE SEEING?
Three of the newer platforms have in recent
times all gone through successful IPOs
(Initial Public Offerings) whereas the larger
institutions are still losing lots of money and
are struggling with their technology. The
market is clearly polarised.
WHAT MAKES NOVIA STAND OUT
FROM THE CROWD?
In no particular order, I would say the top
four reasons would be: having the right
business model; providing excellent service;
experienced management with in-depth
knowledge of the market; and having a
dedicated and motivated team.
TELL US MORE ABOUT YOUR NEW
ONLINE EXTERNAL WEB PORTAL
ADVISER ZONE AND HOW THAT
HAS CONTRIBUTED TO NOVIA’S
SUCCESS.
Adviser Zone only launched at the end of
April so it is really about future success,
not the past. Adviser Zone is a significant
upgrade in front end web technology and
is intended to keep our service in a market
leading position.
Bill Vasilieff
WHAT DOES THE COMING 12
MONTHS HOLD FOR NOVIA?
We are anticipating further success as a
number of our initiatives are beginning to
come to fruition. In 2019 we are ahead of
budget and anticipating strong organic sales
growth as well as potentially inorganic sales
growth.
For more info:
www.novia-financial.co.uk