Chief executive Vasilieff has made a personal investment in the platform and has secured backing from Future Capital Partners and Matrix Securities chairman David Royds and director Donald Mackinnon.
Vasilieff says he is aiming for an autumn launch but will not give a date until he is confident about the build and test.
Novia will include a Sipp, general investment account, offshore bond and an Isa and the ability for off-platform holdings and cash. It will offer a capital gains tax calculator and a new portfolio planning tool which Vasilieff claims is revolutionary.
But advisers says they are sceptical about another wrap unless it can bring something radically different to the market.
Worldwide Financial Planning IFA Nick McBreen says: “The space is crowded and the only value of anybody launching another is if it brings something new. Anybody can talk a good talk but what we really need to start seeing are some tax calculators, cashflow calculators and a very thorough client service proposition ensuring full ability for customer-agreed remuneration.
“If Vasilieff can achieve full integration of all the various elements involved, he may have achieved the holy grail but I doubt it.”
Calculis director Alex Pegley says: “It is a crowded market. If they can do something different rather than getting their clients on in order to take trail, then fair enough. I have an issue with the charges though. What we are all looking for is Cofunds’ costings with Selestia functionality.”
Bloomsbury Financial Planning partner Jason Butler says: “I think we will see more development, then consolidation and then contraction. There will only be room for four major wraps but as for the charges, I would prefer it if someone came out with an account fee or movement fee.”