SIPP business growth since A-Day

Nearly two thirds of advisers (64%) report an increase in their SIPP business since A-Day, according to a survey by Alliance Trust Savings, a leading SIPP provider. While one in three (35%) advisers state their SIPP business volumes remained static, only 1% have seen a decline in volumes.

Of the of advisers surveyed by Alliance Trust, 21% say SIPP business volumes have increased by 50%, and one in seven advisers (14%) say sales have doubled or more, highlighting the popularity of SIPPs in the current market.

Overall, the outlook of UK advisers is positive as they anticipate buoyant SIPP business over the next year. While the adviser community remains split over whether they expect a similar (48%) or even an accelerated growth rate (49%) in SIPP business compared with the previous year, only 2% expect business volumes to decline.

Hyman Wolanski, Head of Pensions at Alliance Trust comments: “A-Day certainly was a long-awaited highlight in the pensions arena, turning SIPPs into a topic on more investors’ lips than ever before. One of the major outcomes of A-Day is that it has made pensions much more attractive for those able and prepared to save for retirement. And it seems it hasn’t stopped there – our research shows that financial advisers have seen a tremendous uplift in SIPP business and, with the outlook for the coming year remaining positive, we expect this trend to continue.”

But it is not just SIPPs themselves that have seen an uplift in activity over the last year; one third (33%) of advisers name discretionary funds as the investment category their customers are most interested in, followed by 26% who named commercial property.