Full self-invested personal pensions have become the most desired product for advisers on investment platforms, according to new research.
The report, based on a survey of nearly 1,000 UK financial advisers by consultancy CoreData Research, asked advisers what products and services they would like to see on platforms.
It shows full Sipps have risen to the top of financial adviser wish lists for the most desired products on platforms as demand for annuities and income drawdown recedes.
A quarter of respondents say they would most like to see full Sipps and other complex pension products on platforms.
Annuities and income drawdown come second at 22 per cent and discretionary investment management services come third at 18 per cent.
Demand for annuities and drawdown is down significantly from last year when 34 per cent of advisers said they would most like to see these products on platforms.
This means Sipps have replaced annuities and drawdown as the most desired product for the first time in three-years — a position they had held since 2014.
CoreData Research international head Craig Phillips says Sipps are proving a popular option in the post-freedoms world for investors seeking greater flexibility, choice and control.
The report also shows platforms need to ensure they have robust cybersecurity defences as 70 per cent of advisers say they increasingly consider whether a platform has adequate cybersecurity systems when choosing a provider.
Meanwhile 39 per cent of advisers say they plan to increase business on their main platform in the next 12 months — up from 34 per cent last year.
The proportion of advisers intending to add more platforms to their offering this year increased to 21 per cent from 15 per cent in 2017.
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.