Rebranded Octopus Wealth business, NOVA Wealth, a leading provider of technology-enabled wealth management services, has become a B Corporation (B Corp) – the designation that recognises businesses meeting the highest standards of social and environmental performance and accountability.
NOVA Wealth received particular recognition for its approach to attracting under-represented talent to the wealth management sector, as well as its aim of making quality financial advice available to more people.
Andrew McMillan, co-founder & co-CEO at NOVA Wealth, comments: “It’s well documented that there is a significant lack of diversity in all respects across our industry, which is to everyone’s detriment. Diversity of thought and ideas breeds better innovation and culture within a business.”
“We recognise that talent comes from all backgrounds. It’s not all about having gone to university or the ‘right school’, some of the most determined, empathetic, and entrepreneurial people we have hired have come through non-traditional pathways.”
NOVA Wealth—previously Octopus Wealth—was incubated within the Octopus Group, the award-winning venture investor responsible for some of the UK’s most successful businesses including Octopus Energy and Zoopla. NOVA Wealth spun out in 2023, at which point it rebranded as the business scales and aims to drive change in the sector. It employs a growing team of 70, including 16 advisers.
Reflecting its dedication to attracting talent to the financial advice industry, NOVA Wealth has, amongst other initiatives, implemented its own apprenticeship scheme to recruit individuals from diverse backgrounds.
McMillan comments: “While progress is slowly being made on diversity in financial services, socioeconomic mobility remains under-addressed. Research from the IFS highlights the growing role of parental wealth in determining lifetime income. In a sector often deeply focused on inheritance, we should also discuss opportunities for those with fewer advantages.”
“Our apprenticeship scheme demonstrates our commitment to changing the face of financial advice. We believe talent is not determined by following traditional pathways but by drive, capability, and potential. Someone who has achieved good grades whilst overcoming barriers that many don’t even have to consider, are often amongst the most hardworking and resourceful people—a real asset to any business.”
NOVA Wealth is also aiming to serve a broader demographic than many traditional firms, with its focus on delivering accessible, tailored advice to clients who value quality and a straightforward, digitally driven service. Rather than promoting in-house investment funds, the firm prioritises bespoke financial planning tailored to individual goals, with an evidence-based, climate-conscious investment approach.
Joseph McLean, NOVA Wealth co-founder and co-CEO, explains: “Having spent years as a startup within the fast-paced venture capital world, we naturally align with founders and business leaders. Our services have evolved to meet the needs of a younger, more digital-first audience.”
This has led NOVA Wealth to pioneer new ways of engaging with clients. Four years ago, the firm launched a YouTube channel featuring adviser James Shack, providing high-quality financial education to a wide audience. Now one of the UK’s most successful personal finance channels, its most popular videos have surpassed a million views, reaching people who might not have otherwise had access to this information.
McLean comments: “Becoming a B Corp affirms our dedication not only to managing wealth sustainably for our clients but also creating meaningful, positive impacts for our employees, and the wider community.”
