Investments 

Novia completes platform technology upgrade

Novia completes platform technology upgrade

The Novia platform has been upgraded, with company chief executive Bill Vasilieff stating he isn’t "complacent" about the possibility things could still go wrong.

Mr Vasilieff said: "We are of course extremely aware of the challenges tech upgrades can provide both for advisers and their platform and we are by no means complacent.  

"The soft launch and gradual roll out to adviser firms initially has enabled us to monitor closely any potential issues and incorporate any further identified refinements.

"We are delighted with the very positive feedback received so far and anticipate increased user satisfaction and significant adviser and client benefits going forward."

His comments come in the context of platform upgrades at Aviva and Aegon in 2018 leading to widespread disruption for clients, including issues with receiving income, and allocating assets.

But while Novia's new technology was built in-house, the platform did not switch away from its technology provider GBST, which provides the underlying technology.

The updated platform is branded "adviser zone" and the platform has gone live for both new and existing users as of yesterday (May 13).

A statement from the company said it had deployed "significant resources" to the upgrade and creation.

The company stated the work was carried out following feedback from advisers, and includes a simplified design which it claims will make data input easier for advisers.

The company stated the changes made at this stage will make it easier and quicker for Novia to make smaller changes in future. 

Mr Vasilieff said: "This has been a substantial project employing significant resources and we are absolutely delighted to now be bringing it to market.  

"Having looked carefully at the feedback from advisers on key drivers required from their platform we were able to incorporate these into the changes and enhancements we have made."

david.thorpe@ft.com