Suffolk Life is preparing to offer an online Sipp product targeting “mass affluent” investors.
The SmartSipp, which will launch at the end of June, will initially offer a choice of five platforms – Cofunds, Fidelity, Ascentric, Raymond James Investment Services and Seven Investment Management. Stocktrade will also be included as an executiononly broking facility.
Suffolk Life says it could add three more platforms to the range by the end of this year.
IFAs will be able to access SmartSipp either through a paper application at a cost of £100 or online at no extra cost. The annual fee will be £250.
Head of marketing Greg Kingston says the Legal & General-backed Sipp firm will look to expand the online capability of the product following the launch.
He says: “There is little doubt that market growth has shifted towards servicing the mass affluent and is increasingly influenced by platform use. Eventually, we want to deliver an entire online experience to advisers so that they can do more things themselves if they want to. As well as being able to apply online, advisers will be able to do things like request income and look uptransaction histories online.”
Suffolk Life says it expects the mid-range Sipp market to grow by more than 30 per cent in the build-up to the RDR.
Radcliffe & Newlands chartered financial planner Mel Kenny says: “It seems that more and more full Sipp providers are coming out with slimline offerings, with the ability to break into full Sipp territory as and when..”