Suffolk Life is preparing to take advantage of the increased popularity of platforms with the launch of a Sipp product targeting “mass affluent” investors.
The provider plans to launch SmartSipp at the end of June. The annual fee will be £250, with a paper application charge of £100.
However, IFAs will be able to avoid the establishment fee if they use the Sipp’s online application option.
Suffolk Life head of marketing Greg Kingston says the provider 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 the mid-sector, servicing the mass affluent and 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.
“We are not aiming to be the cheapest on the market but when you put the package together clients are getting value for money.”
The SmartSipp will initially offer a choice of five platforms: Cofunds, Fidelity Ascentric, Raymond James Investment Services and Seven Investment Management.
Kingston says the platform choice will expand later this year.