James Hay has launched the eSIPP Special Deposit Account for customers with large portfolios of various complex asset classes such as direct commercial property.
The product, which has a 6.4% fixed rate for 12 months, follows research showing 34% of eSIPP portfolios invest in cash. Figures show customers could lose up to £500m of interest by investing in cash accounts paying 2.8% into SIPPs each year.
James Hay says: “We have identified that many clients are not using the comprehensive functionality offered by our Private Client SIPP, and would be better off in the James Hay Investment Centre, which is available through our eSIPP.”
The Special Deposit Account offers advisers 0.1% of the value of the amount invested in the product between now and 30 June. The incentive also applies to those switching money from external providers to a James Hay eSIPP.
Advisers who invest, re-register and transfer clients’ funds into the James Hay Investment Centre through the eSIPP will receive an additional 0.1% incentive of the value of funds until 30 September.
The eSIPP offers access to more than 1,300 funds through the James Hay Investment Centre and access to a share dealing facility. Clients face no annual administration fees and no transaction charges within the Investment Centre, James Hay’s online investment tool.
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From 6 April 2019