Who are your competitors?
We do not see any competitors to Provisca’s model at present. Of course, the products we distribute will have competitors. For international platform business, Momentum competes with other international platforms such as Praemium, Novia and Moventum. This competition is positive as it drives IFA take-up and ensures clients get better solutions.
What is your biggest upcoming challenge?
The pace of regulatory and technological change has picked up in the past two or three years. Provisca will respond by working with product providers and IFAs to adapt existing offerings and introduce new products to meet changing consumer demands.
What of your plans for the rest of 2016?
We will concentrate on building distribution for Momentum as our initial product partner and on expanding the platform’s proposition for advisers and their clients by adding new products and services.
We will devote most of our time to the international adviser market, particularly in Asia, the Middle East, Africa and Europe. We recently announced the appointment of a regional director for the Middle East this month and expect to follow this with similar announcements for the other regions.
Where do you want the business to be in five years?
We are driven by the idea of building a strong reputable business that benefits each of the financial services ‘trinity’ of clients, advisers and product providers.
Our five-year vision is to have a stable of great brands and products that are committed to the international market for the longer term that otherwise would not even be in the market. We will have a solid base of IFAs and wholesale advisers who recommend these products because of their performance, value for money and security – and because they like Provisca’s professional and partnership-based approach.
Like any prudent IFA business, we will have built a business with real value based on recurring income from assets under administration rather than a dependence on ‘initial’ fees or commissions.
