What Novaster does

Novaster GE, S.A. is a Madrid-headquartered strategic consulting firm specializing in pension system design, longevity economics, behavioral economics, and actuarial advisory. Founded in 1992, the firm serves governments, multilateral organizations (including the Inter-American Development Bank and AIOS), large corporations across financial services, insurance, utilities, telecom, and health, and academic institutions. Its three core service lines are Consultoría Actuarial (pension valuations, financial-actuarial reviews, Appointed Actuary services), Consultoría Behavioral (behavioral finance product design, customer experience optimization, AI interaction auditing, change management, and financial education), and the Global Pensions Programme — a Spanish-language executive education platform co-founded in 2013 with the London School of Economics, IDB, and AIOS that is now the largest pension training initiative in Spanish, with 10+ editions completed.

The firm's expertise is delivered through senior practitioners and a distinguished advisory bench that includes Nobel laureates Richard Thaler and Robert Merton, behavioral economist Shlomo Benartzi, and Carmelo Mesa Lago (Distinguished Emeritus Professor at University of Pittsburgh). Operations span 13 countries across Spain and Latin America/Caribbean (Brazil, Colombia, Costa Rica, Chile, Honduras, Panama, Peru, Mexico, Dominican Republic, Uruguay, and others), with the firm claiming first-mover status in Central America and Caribbean pension consulting. Thought leadership is sustained through the 'Mi Yo Futuro' podcast, YouTube channel, and industry events such as the Premio Jon Aldecoa (co-awarded annually with Loreto Mutua).

Revenue is generated through bespoke consulting engagements (long-term, project-based) with enterprise and government clients and through paid training programs, notably the Transformational Leadership Workshop priced at $25,500 USD. The go-to-market is relationship-driven and event-led, leveraging academic and multilateral partnerships as distribution channels. Novaster is privately held with no disclosed institutional investors, parent company, or acquisition activity, and operates as a focused professional services boutique rather than a software platform.

Name

Novaster

Legal name

Novaster GE, S.A.

Website

https://novaster.net

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Novaster is a Madrid-based strategic consultancy specializing in pension system design, actuarial advisory, and behavioral economics, serving governments, multilateral organizations, and large corporations across Spain and 12 Latin American and Caribbean countries.

Ownership category

akta.pro rank

Product category

Pension and Actuarial Consulting Services

NAICS

Portfolio Management and Investment Advice (523940), Management Consulting Services (54161)

SIC

Investment Advice (6282)

akta.pro primary industry

Retirement & Pension Planning (401(k)/IRA) (FSAEAAAD)

Keywords

• Pension consulting services
• Actuarial consulting
• Behavioral economics consulting
• Longevity economics advisory
• Financial health consulting

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Strategic Consulting Services: Novaster generates revenue through bespoke consulting engagements with companies, governments, and multilateral organizations on pension system design, actuarial analysis, and behavioral economics applications. Engagements are typically long-term project-based work.
2. Training and Education Programs: The company delivers paid training programs such as the Global Pensions Programme (educational program in partnership with LSE and BID) and the Transformational Leadership Workshop priced at 25,500 USD.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Novaster is a strategic consulting firm specialized in longevity economics and financial health that delivers actuarial consulting (pension valuations, financial-actuarial reviews, Appointed Actuary services) and behavioral consulting (financial product design, customer experience optimization, AI interaction auditing, change management, behavioral training, communication and financial education). The firm also operates the Global Pensions Programme, an online training and education program on pension systems co-developed with the London School of Economics, the Inter-American Development Bank, and AIOS, targeting pension professionals across Latin America and Europe.

Product overview

Novaster is a strategic consulting firm specializing in longevity economics and financial health. Its portfolio consists of three core service lines: (1) Global Pensions Programme, an online training program on pension systems co-developed with LSE, IDB, and AIOS; (2) Consultoría Behavioral, enterprise behavioral consulting covering financial product design, customer experience optimization, AI interaction auditing, change management, training, and financial education; and (3) Consultoría Actuarial, offering actuarial valuations, financial-actuarial reviews, and Appointed Actuary services. The firm also produces the podcast 'Mi Yo Futuro' as an educational and thought leadership vehicle. The offering is structured as a consultancy practice rather than a software platform.

Differentiator

Problem solved

Functional benefit

Brands

• Global Pensions Programme: A premier pension training program co-led by Novaster, the London School of Economics, the Inter-American Development Bank, and AIOS, offering online courses on pension systems, behavioral economics applied to pensions, and reform designs.

Products and services

• Global Pensions Programme An online training and education program on pension systems, launched in partnership with the London School of Economics (LSE), the Inter-American Development Bank (IDB), and AIOS. The program features sessions from Nobel laureates, academics, and global pension experts, covering pension reforms, behavioral economics applications, and retirement health, and is targeted at pension regulators, fund managers, and policymakers across Latin America and Europe.
• Consultoría Behavioral (Behavioral Consulting) Behavioral consulting services for enterprises, including financial product design with actuarial and behavioral perspectives, customer experience (CX) optimization, AI interaction auditing, change management, behavioral training, and communication and financial education.
• Consultoría Actuarial (Actuarial Consulting) Actuarial consulting services encompassing pension commitments valuations and opinions, financial-actuarial reviews, Appointed Actuary services, and pension consulting, supporting corporate pension plan sponsors, financial entities, and public sector pension systems.
• Transformational Leadership Workshop A premium training workshop limited to 25 participants per session, comprising two in-person sessions of three hours each plus an online conference. Includes gamification, action plan creation, and the one-hour virtual conference 'Psychology of Leadership: Behavioral Economics Tools'. Targeted at senior professionals.

Quantifiable outcome

• Shlomo Benartzi's Save More Tomorrow model (connected to Novaster's network) helped 26+ million people in the US save more for retirement
• +1 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and secondary.

• London School of Economics (LSE)coreStrategic or Co-development PartnerLSE and Novaster co-founded the Global Pensions Programme in 2013, creating the largest pension training initiative in Spanish. LSE provides academic leadership and prestige, while Novaster manages program operations and content development for the initiative serving pension professionals across Latin America and Europe.
• Inter-American Development Bank (IDB)coreStrategic or Co-development PartnerIDB co-leads the Global Pensions Programme with Novaster and LSE, providing institutional support and regional reach for pension education across Latin America and the Caribbean. Novaster also provides advisory services to IDB on pension studies and government engagement.
• AIOS - International Association of Pension SupervisorscoreStrategic or Co-development PartnerAIOS co-leads the Global Pensions Programme, contributing regulatory expertise and connecting Novaster with pension supervisors across Latin America. Novaster has also led pension coverage studies for AIOS.
• Instituto SantalucíasecondaryStrategic or Co-development PartnerCollaboration on the book 'Las nuevas formas de ahorrar' (New Ways to Save), where Diego Valero contributed expertise. The book addresses financial education and savings strategies for retirement across 12 chapters.
• BeWaysecondaryStrategic or Co-development PartnerResearch collaboration with BeWay (Gonzalo Camiña and Pablo Coello) on psychographic profiling for investors. Novaster team led by Diego Valero and Manuel Moreno partnered to develop research on behavioral investor types and gamification in financial profiling.
• CENIE - Centro Internacional sobre el EnvejecimientosecondaryStrategic or Co-development PartnerNovaster collaborates with CENIE on events and research regarding aging and longevity. Diego Valero is a CENIE researcher, and they jointly organized financial health research events with the University of Salamanca and the College of Economists of Madrid.
• Loreto MutuasecondaryStrategic or Co-development PartnerJoint awarding of the Premio Jon Aldecoa, honoring pioneers in social security. Loreto Mutua and Novaster co-present this annual award recognizing leaders in pension system transformation.
• Colegio de Economistas de MadridsecondaryStrategic or Co-development PartnerCollaborated on the Financial Health research presentation event organized with CENIE and Universidad de Salamanca, bringing together pension experts and economists to discuss longevity and retirement planning.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Mapfre: Major Spanish financial services and insurance group that operates insurance and pensions businesses in Spain and Latin America. Comparable as a regional incumbent in pension/longevity markets where Novaster provides advisory, although Mapfre is principally an insurer/asset owner rather than adviser.

Broad incumbents

• Mercer: Global HR and benefits consultancy with a large pension and retirement advisory practice, including actuarial, behavioral, and investment consulting. Directly comparable business model and target clients (corporates, governments, retirement systems), but operates at a much larger global scale than Novaster.
• Aon: Global professional services firm combining retirement and investment consulting, actuarial services, and workforce benefits. Overlaps Novaster on retirement advisory and government/multi-employer pension consulting at significantly larger scale.
• Oliver Wyman: Global management consultancy with a strong pensions, longevity, and health practice addressing demographic and retirement policy challenges. Comparable in its strategic, evidence-based approach to pension reform and financial health for institutional clients.
• WTW (Willis Towers Watson): Global advisory firm with pension and actuarial consulting practices serving corporate plans, public pensions, and regulators. Comparable services (pension design, longevity, risk management) though vastly broader portfolio and geographic reach than Novaster.
• PricewaterhouseCoopers (PwC) - Pension and Benefits: Big 4 firm with a pension and benefits advisory practice covering actuarial, scheme design, and regulatory work. Comparable to Novaster in service lines but with global scale and broader multi-disciplinary teams.
• EY (Pension Advisory): Big 4 firm providing actuarial, pension risk transfer, and retirement consulting to corporates and governments. Overlaps with Novaster on pension valuation and reform advisory at much greater scale.
• KPMG (Pension and Actuarial Services): Big 4 firm offering actuarial, pension scheme advisory, and regulatory consulting to corporate and government clients. Directly comparable in service mix to Novaster's actuarial and reform advisory work.
• Deloitte (Pension and Benefits): Big 4 consultancy with a large pensions, benefits, and longevity practice serving both corporate and public-sector clients. Comparable actuarial and policy advisory work, with significantly greater international footprint than Novaster.

Others

• Instituto Santalucía: Spanish research-focused institution active in longevity and retirement savings policy, and a known partner of Novaster (book collaboration). Adjacent ecosystem participant and collaborator rather than a competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• YouTubeyoutube.com/@DiegoValeroC
• LinkedInlinkedin.com/company/novaster

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novaster