Over half of IFAs deal with two or more SIPP providers for expertise, according to research from Splice Consulting.
In a poll of 1,000 IFAs, it was revealed 55% prefer to use specialist SIPP providers for more complex arrangements, despite a choice of life and pension providers.
IFAs said they would use one provider for a simple SIPP in a straightforward investment portfolio with another provider to manage commercial property investments.
Although many life companies, such as Standard Life and Scottish Widows allow commercial property within a SIPP, IFAs said they valued the knowledge and administration of bespoke providers.
Splice consulting said generalist SIPP offerings face an uphill battle in attracting wealthier IFA clients.
The top ten preferred SIPP providers were named, in order, as Standard Life, AJ Bell's Sippcentre, Suffolk Life, James Hay, AXA Elevate, Hornbuckle Mitchell, Aviva, Scottish Widows, Aegon and Skandia.
Julian Green, managing director at Splice Consulting, said:
"A closer look at the two most popular SIPP providers produces some interesting contrasts. Of advisers favouring Standard Life as their main SIPP provider, their secondary SIPP providers were largely other life companies and platform providers. Those favouring Sippcentre tended to have SIPP specialists as their secondary provider."
He added: "An analysis of the IFAs' average client value, based on assets under advice, shows Sippcentre clients are 42% higher in value than Standard Life clients. This indicates that AJ Bell's strategy of extending its proposition downmarket, through Sippcentre, is bearing dividends faster than the life and pensions providers moving upmarket."
To ensure creditworthiness assessments compliant
Avoid broad-brush strokes
Partner Insight: Introducing the Architas education series for clients.
What made financial headlines over the weekend?