Wealth management firm Nova Wealth has become a B Corporation for its efforts in attracting under-represented talent to the industry.

B Corp status is given to businesses that that have been deemed to meet the highest standards of social and environmental performance and accountability.

Nova Wealth, previously known as Octopus Wealth, was recognised for its apprenticeship scheme that seeks to broaden the wealth management talent pool, alongside its aim of making quality financial advice available to more people.

As part of its ambition to attract talent to the wealth management and financial advice sector, Nova Wealth implemented the apprenticeship scheme to recruit individuals from diverse backgrounds.

“It’s well documented that there is a significant lack of diversity in all respects across our industry, which is to everyone’s detriment,” commented Nova Wealth co-founder and co-CEO, Andrew McMillan.

“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.”

McMillan noted that while progress was slowly being made on diversity in financial services, socioeconomic mobility remained under-addressed.

He cited research from the Institute for Fiscal Studies, which highlighted 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,” McMillan continued.

“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 said it was aiming to serve a broader demographic than many traditional firms, focusing on accessible and tailored advice with a digitally driven service.

“Having spent years as a startup within the fast-paced venture capital world, we naturally align with founders and business leaders,” Nova Wealth co-founder and co-CEO, Joseph McLean stated.

“Our services have evolved to meet the needs of a younger, more digital-first audience. 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.”

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