Novia is launching a tool enabling advisers and discretionary fund managers (DFMs) to create and manage model portfolios online.
The Novia Model Portfolio Manager tool, currently in demo phase, is designed to provide advisers and DFMs full administrative control over their model portfolios - from constructing and reconstructing models to monitoring the number of clients and assets under management.
It will be rolled out to Novia DFMs from June and to advisers with discretionary permissions over the coming months.
The tool, which Novia said has been built in response to "huge" adviser demand, will be linked to the platform's existing analysis tools. This will enable advisers and DFMs to research assets at the point of construction, perform portfolio scans on completed models and portfolio performance reviews on specific clients.
Other features include risk rating functionality and fund factsheets.
In addition, the tool will manage all secondary administrative actions including portfolio realignment at the point of edit. Rebalancing instructions will be updated to reflect new portfolio compositions and regulator contribution instructions will be amended so future contributions are in line with new selections.
The Model Portfolio Manager can also facilitate bulk client switches, depending on the discretionary agreements advisers and DFMs have in place with clients.
Novia sales and marketing director Paul Boston said the tool helps bridge the gap between advisers and DFMs while also streamlining the way advisers communicate with clients.
"This new Model Portfolio Manager is streets ahead of anything we have seen in the market, and is 100% intuitive, making it easy to use for both the adviser and DFM," he said. "We will be rolling this out to our adviser firms in the coming months and offering our DFMs one to one training to ensure they get the maximum out of what this tool offers.
"For the busy adviser the Novia Model Portfolio Manager enables them to dramatically streamline their administration process, allowing them more time to spend advising their clients."
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