Insight
Comprehensive due diligence is essential when recommending SIPPs
David Abbis, Insight Analyst - Wealth Management
Our recent study of 500 advisers has highlighted that SIPPs are becoming an increasingly popular investment option. Since they were introduced 21 years ago, more than 500,000 plans have been written. We found that a greater number of IFAs are recommending SIPPs than last year, and the number recommending personal pensions is falling.
A comprehensive due diligence process for SIPPs is essential to not only ensure the right product is recommended for clients but also that due consideration is given to the underlying investment choices.
A due diligence process should include areas such as accessibility, permitted investment options, investment links and services, fees and charges, retirement income options, online/offline administration and service.
We have produced a guide to SIPPs which reviews this issue in more detail. The guide also covers all aspects to consider when advising on SIPPs, including:
- Regulatory activity
- Recent changes to the landscape, including taxation and the Budget
- How to choose the right product for your client
- Selecting the right SIPP provider
- SIPP product data.
