Focus 121 – The Cost of Delay
In recent times, we have seen further consolidation with larger providers taking over troubled firms, which in many cases may not be seen as an improvement of client circumstances, “out of the frying pan and into the fire” comes to mind. With class actions being brought against certain SIPP providers and High Court rulings going in the client’s favour, it is now more important than ever for advisers to ensure their clients are with a provider that can continue to deliver the required level of service both now and in the future.
Existing books of business
This will apply as much to existing clients as any new SIPP you are considering. Advisers who have previously considered transferring clients existing arrangements due to poor administration may have been put off due to perceived costs. This is unlikely to be as much as originally thought and will represent savings in the medium term.
Why might you look to move providers now?
- Continued poor service. Phone calls and emails not responded to and erroneous reporting.
- Increased administration burdens for firms having to divert resources due to higher level of complaints and court cases.
- Reputational risk for the adviser as well as provider.
- Transactional delays on drawdown requests and property transactions.
- Increased costs – Additional fees for the client and time consuming for the adviser business.
What can you do now?
We have been involved with a number of adviser firms transferring their SIPP and SSAS clients for the reasons outlined above. We offer a free, comprehensive review service backed up by discounted transfer and legal fees and administrative support for all transfers.
Contact our dedicated Adviser Support Team or your usual regional Business Development Consultant/Account Manager for SIPP or SSAS enquiries. Please click >> here