The service has been set up in partnership with Elston Advisory, an FCA-authorised adviser firm which specialises in investment governance and advice to trust companies and charities.
The Trustee Investment Governance Service is being provided on a restricted advice basis and is not suitable for those looking for a whole of market assessment and recommendation.
“As such, this is reflected in the relatively low fixed fee for trust companies seeking to offer best practice governance arrangements in respect of their fiduciary duties,” a statement from both firms said.
Service offering
The key features of the service provided by Elston Advisory are:
- A full review of the current trust companies’ investment governance framework, including the investment policy statement;
- Implementation of a risk profile questionnaire for use by the trustees;
- Analysis and risk rating of discretionary model portfolios;
- Based on the outcomes of risk profile questionnaire, a selection of appropriate discretionary model portfolios for the trust company to select for the trust’s beneficiaries; and,
- Ongoing annual reviews available.
Obligation to take advice
Bill Vasilieff, chief executive at Novia Global, said: “This is an exciting development for Novia Global and we are pleased to be able to support trustees in meeting their suitability requirements.
“With an increase in the use of centralised investment propositions and a rapid growth in the use of model portfolios, this new tool will support trustees when putting together investment solutions for their clients meeting the high regulatory standards for investment advice set in the UK.”
Henry Cobbe, director at Elston Advisory, said: “Trustees have a duty of care around investments, and in many jurisdictions trustees have an obligation to take advice as regards the suitability of investments.
“The Trustee Investment Governance Service is designed to help them fulfil those obligations to a best practice standard.”
