Almost 40% of IFAs expect an increase in SIPP business over the next year, and there is growing interest in schemes linked to platforms and discretionary managers, according to a report from Defaqto.
Of those who expect an increase in business, around 80% say the rise could be over 10%. Defaqto's 2010 SIPP Report surveyed 140 IFAs, of whom 71% are general practitioners and 11% specialise in the pensions market. It found that fees are a prime factor in advisers' selection of SIPPs to recommend to clients. Analysis of IFAs' use of search tool Defaqto Engage shows that set-up fees, administration fees and transfer fees are top concerns when selecting pure SIPPs. A total of 40% of advisers also prefer plans with structured investment choices rather than a fully flexible plan. The...
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