New wrap platform Novia Financial went live last week and has confirmed it will be open to the entire market in November.

The firm said it had opened the proposition to a limited number of IFAs and would be offering it to the rest of the UK in due course.

Novia is an independent service catering to advisers in the high net worth and mass affluent arena. It provides access to Sipps, Isas, investment accounts and offshore bonds with cash facilities.  Clients can record off-platform holdings and will have access to a broad range of funds in addition to ETFs and stocks and shares. Re-registration on and off the platform will be permissible.

The platform features portfolio planning tools, including risk analysis, asset allocation and model portfolio construction facilities. The charging structure will be unbundled. A TCF centre from FinQS will also be provided to help advisers audit their activities.

Bill Vasilieff, former marketing director and co-founder of Selestia, set up Novia Financial eight months ago with the backing of Future Capital Partners, Matrix Securities chairman David Royds and Matrix Securities director Donald MacKinnon.  Before joining Selestia, Mr Vasilieff had worked as a fund manager and head of product development at M&G Investments.

Other ex-Selestia employees at Novia include Paul Boston, director of sales, and Richard Denning, director of operations and former head of customer services at Selestia.

The platform has worked closely with InfoComp during the set-up process and uses the Australian firm's Composer software. Providers currently use Composer to administer $250bn (£142.5bn) of assets.

Investment Adviser – 20th October 2008