Sipps rise to top of platform wish list for advisers
Full self-invested personal pensions (Sipps) have risen to the top of financial advisers’ wish lists for the most desired products on investment platforms, as demand for annuities and income drawdown falls new research shows.
A CoreData Research study surveying about 1,000 UK financial advisers found a quarter of respondents (23.6%) would most like to see full Sipps or other complex pension products on platforms. Annuities and income drawdown (21.5%) and discretionary investment management services (17.4%) complete the top three products or services advisers want on platforms.
The research tis year sees full Sipps and/or other complex pension products replace annuities and income drawdown at the top of the platform wish list – a position they had occupied since 2014. Demand for annuities and drawdown is down significantly from last year when 33.7% of advisers said they would most like to see these products on platforms.
“A key finding in this year’s study is the growing demand for full Sipps at the expense of annuities and income drawdown,” said Craig Phillips, head of International at CoreData Research, in a statement.
“Sipps are proving a popular option in the post-freedoms world for investors seeking greater flexibility, choice and control.”
The top three satisfaction drivers on main platforms are adviser remuneration features, reporting capability and retirement advice/services.
The report adds the greater focus in this year’s study on adviser remuneration features and reporting capability highlight some of the regulatory pressures facing advisers including new Mifid II requirements.