Novia unveils reporting tool to facilitate audit trails

Wrap platform Novia has launched a reporting tool allowing users to create audit trails that satisfy the regulator and cut back office staff requirements.

The Report Zone feature enables advisers to analyse their clients’ exposure to investments, and the amount of business the firm is writing, in minutes.

Bill Vasilieff, Novia chief executive, said: ‘It is a comprehensive online management information system, designed to assist firms’ owners.

‘Owners can see very easily what business their IFAs are doing.’

Report Zone, which will be rolled out imminently, also provides commission information as part of the service.

Vasilieff said the tool could be used by IFAs to create an audit trail, by displaying what decisions an adviser had made for clients.

‘It is a great monitoring tool as it flags up investment decisions where an IFA has gone off panel, for example, if they bought a fund that isn’t on a selected fund list,’ he said.

Ken Taylor, director of Nairn-based Mackenzie Taylor Wealth Management, said he was using the tool to assess clients’ exposure to investments.

‘The tool makes it easier to react to situations, such as a manager leaving,’ Taylor said.

He said the tool had streamlined back-office processes, helping the firm to keep costs down.

‘It has reduced the need for back-office staff as it takes care of commission reconciliation for us,’ said Taylor.