Reports

UK Wealth Managers Missing Out on Pensions Business - Report

Nick Parmee 21 February 2007

UK Wealth Managers Missing Out on Pensions Business - Report

Suffolk Life say that UK wealth managers may be missing out on opportunities in the SIPP and pensions market.

Research by Suffolk Life, a UK-based provider and administrator of self-invested personal pensions, suggests that UK wealth managers may be missing out on opportunities in the SIPP and pensions market. The research, involving a range of the company’s SIPP clients – all of whom had SIPPs worth over £1 million ($1.95 million) – demonstrated that recent changes in UK pensions legislation provide wealth managers with new opportunities to strengthen relationships with clients. There was a high level of awareness of pensions among those sampled but there was also a consistently high demand for advice and information. Nearly a third of those sampled had used a wealth manager for pensions advice; this figure doubled to 60 per cent when asked whether they would be prepared to consider using a wealth manager in this context. Over 95 per cent of those interviewed said that a credible wealth management proposition must include expert advice on pensions. In response to these findings Suffolk Life is stepping up its activity in the wealth management sector and has produced a new brochure SIPPs: an opportunity for wealth managers.

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