Sippdeal, which is to launch an online Sipp aimed exclusively at intermediaries next month, has appo...
Sippdeal, which is to launch an online Sipp aimed exclusively at intermediaries next month, has appointed Malcolm Gordon as its national development manager.
Gordon joins from GE Life, formerly National Mutual, where he was head of Sipp development. He will head up Sippcentre, Sippdeal's new intermediary division.
Three Sipps will be offered through Sippcentre: an advisory Sipp in which the adviser manages investments on behalf of the client; an execution Sipp, in which the client controls their own investments; and a discretionary Sipp, in which external managers control investments.
Intermediary commission is available at up to 3% and trail commission at up to 0.5%. The Bank of Scotland is the Sipp provider.
The 10 external managers appointed by Sippcentre include: Cazenove, Tilneys, Williams de Roe, Brewin Dolphin, Close Private Asset Managers, Gerrards, Seven Investment Management, Pilling & Co, JM Finn and James Brearley & Sons.
Fergus Lyons, commercial director at Sippdeal, said the Sipps would have a nil wrapper charge. 'Instead of passing on the fee to the client we persuaded the external managers to absorb the charges in their fees,' he said.
Lyons would not reveal the pricing structure of the Sipp but said Sippcentre would 'have a very aggressive pricing policy, a modest setup fee and nil annual charge.'
A simple charging structure with no more than three or four fees levied is intended, he added.
In addition to the online setup and management of a client's Sipp, Sippcentre has a number of online tools including Appendix XI (formerly GN11) calculations, income withdrawal projections and Sipp projections. Lyons said some of these tools are only available online through Sippdeal.
The Appendix XI calculation, for example, can take several weeks if sent to a company's actuary department. This is in contrast to Sippcentre's online tool, which will return Appendix XI calculations within seconds of data being entered, he said.
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