James Hay links with 7IM for discretionary service
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Pension provider James Hay has linked with Seven Investment Management to offer discretionary fund management on its iSipp product.
Clients who use the 7IM discretionary account through the iSipp will not have to pay a set-up fee or an annual fee. However, a £50 charge will be levied for a transfer-in or to establish a regular contribution.
7IM’s fund charges range from 0.75 per cent to 1.25 per cent depending on the client’s fund choice.
Discretionary service fees, which are added to the fund charge, are 0.25 per cent plus VAT on the first £500,000, 0.1 per cent plus VAT on the second £500,000, and nil on any balance over £1m.
James Hay managing director Tim Sargisson says: “We believe this venture will offer clients and advisers a compelling proposition from two well known and respected names in the market.”
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Readers' comments (3)
Anonymous | 25 Oct 2011 9:18 am
A free SIPP then - Compelling from an Advice perspective - A great initiative by 7IM & JHP
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SIPPguy | 25 Oct 2011 3:06 pm
No, not free, but paid for out of the management fees from the client to Seven IM. No doubt that's fully disclosed in the client literature. But it's a model which may need rethinking as RDR looms. Other SIPPs linked to Seven IM are available which offer a clean-priced, proposition.
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David Cowell | 25 Oct 2011 9:07 pm
Hardly news. We at Myddleton Croft Investment Managers have been offering this for some time
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