Investment in technology by SIPP providers is needed to boost growth in the SIPP market over the next three years, new research from iPensions Group has shown.
Its nationwide study found 71% of advisers believe speeding up applications through the use of electronic signatures and digital due diligence is the key area for investment by providers, while two thirds (64%) say using digital portals for all transactions should be the investment focus.
A quarter (26%) of advisers believe providers should invest in analytics tools and 21% want to see the launch of more mobile apps.
Nearly half (47%) of advisers agree that technology is very important when they select SIPP providers for clients, with a further 36% describing it as “moderately important”.
Sandra Roberson, Group CEO, iPensions Group, says: “The SIPP market continues to grow strongly as advisers and clients see the benefits of taking control of their retirement planning and investments.
“Providers need to make it as easy as possible for advisers when recommending SIPPs. Investing in technology will deliver returns as it is clearly a major factor for clients when choosing who to trust with their money. Simple steps such as faster applications and digital portals are increasingly a basic factor for clients.”