UK-based Wrap platform Novia has entered into a strategic commercial agreement to acquire a 2.5% stake in advisory group Tavistock Investments for £250,000.
As per the terms of the agreement, Tavistock Wealth, the discretionary fund management subsidiary of Tavistock has selected Novia as a preferred platform for the business.
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The deal will see Novia introducing advisers to Tavistock on a selective basis.
Additionally, Tavistock Wealth will also offer Novia-supporting independent financial advisers access to its centralized investment proposition, which is usually only accessible to advisers within the Tavistock Partnership.
Meantime, Novia and Cocoon Investment (shareholder in Novia) have also provided Tavistock Investments with an unsecured, convertible £750,000 loan over three years to fund business development and working capital.
Bill Vasilieff, CEO of Novia said: "The deal adds real value to Novia supporting advisers by obtaining a very attractive retirement option for them, one with preferential terms to those otherwise available. However, the end client will be the real beneficiary, protected from a potential advice gap, by assured continuity of advice in the event that their adviser retires from the market."
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By GlobalDataBrian Raven, CEO of Tavistock, said: "Novia has also demonstrated a willingness to work with us for the benefit of our retail clients. We anticipate introducing substantial assets onto the Novia platform as our business expands."
