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7IM eyes Sipp launch on adviser feedback

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7IM platform head Verona Smith

Seven Investment Management is exploring launching a Sipp on its own platform, Money Marketing can reveal.

The business is in the early stages of developing the product and platform head Verona Smith tells Money Marketing a launch is not expected for another 12 months. The business is yet to apply for FCA permissions.

However, Smith says the development of an own-branded Sipp was prompted by feedback from advisers and the platform trying to make its processes “as streamlined as possible”.

She says the platform will continue to work with the other providers whose Sipps are currently offered through the platform.

Altus Consulting senior consultant Ben Hammond says the new Sipp would be a good addition to Seven IM’s platform.

He says: “Nine to 12 months is probably a timeline for going out and finding the right partner. Maybe launching a simple Sipp to start with and getting [the partner] to do the complex stuff in the future. From those timelines it sounds like it could be a well-integrated product.”

Hammond adds: “I wouldn’t say [Seven IM] are late to the party. There are quite a few out there, especially some of the technology providers, who do not have a Sipp just yet.”

Fundscape chief executive Bella Caridade-Ferreira says: “I think it is a good idea. There are a few Sipp providers out there who everyone is using and 7IM is one of those which has used third party Sipps. The problem with a third party Sipp is that it does not necessarily do everything you want to do. It gives 7IM total control.”
She adds: “This is what 7IM’s [plan says to me], one that they are committed to the pension market because you don’t launch your own Sipp if you don’t have a long-term strategy to staying in the market.  Two, they have clearly analysed the entire market and gone, of all the Sipps out there there are Sipps that do not do what we want our Sipp to do. Three, every element they are in control of – who you can invest in and who you can’t invest in, what you can include and what you can’t include. It is a wise and grown-up move.”

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There is one comment at the moment, we would love to hear your opinion too.

  1. If only 7IM spoke and listened to its advisers with less than £20m on its platform, it may have provided a better service

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