SSAS customers acting as both trustee and administrator can have their SSAS reviewed as part of a service offered by Hornbuckle Mitchell.
The SSAS Doctor service enables advisers to ensure their clients' SSAS are set up in the most robust manner possible.
As SSAS are unregulated products there is no need for a professional administrator or trustee to be put in place. As a result the SSAS members themselves often act in this capacity.
"We have seen a lot of SSAS in limbo for a while but now members want to do something with it, for instance a property purchase," says Hornbuckle Mitchell's head of sales, Stewart Dick. "They want to know the SSAS is being run as effectively as it can be. We can produce a comprehensive report containing transaction history, list of members, who's active and who's deferred etc. This information enables the SSAS to be effectively tidied up so there's less chance of any issues being raised."
The service has proved popular since Hornbuckle Mitchell began offering it at the end of last year. However, given the number of SSAS currently being run without a professional administrator and trustee Dick believes the service could grow even further.
"Business is tough for everyone in the run up to RDR and advisers are busy developing their businesses," says Dick. "However, an easy way of doing this is by using your existing client bank and using this service could help advisers reinvigorate relationships with clients they may not have spoken to for a while."
Since November 2008
Share issue oversubscribed
PARTNER INSIGHT: For many advisers, outsourcing to a multi-manager or discretionary fund manager makes sense, allowing them to focus on the adviser-client relationship
Events, information and other services
An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client