Client services director, Whitechurch Financial Consultants
We decide which Sipp to use on a client-by-client basis rather than by segment. However, we believe a minimum amount a client should have to open a Sipp is £100,000. Their money is then put into a portfolio invested by a discretionary fund manager (DFM).
Few clients have taken the commercial property route with their Sipp. Many are looking for a DFM because in these times it is becoming more difficult for them to fulfil their income needs on their own, so they need someone with experience, knowledge and time.
Also, they are usually at or approaching retirement and are professionals, not business owners.
The e-Sipp suits their needs in all those respects and, compared with similar products, it is competitive on cost.
We go direct to Pointon York, so we do not use a platform to access the e-Sipp. However, the relationship between us and Pointon York is very low touch. The most important thing is when any money goes into the Sipp, Pointon York sends it to us quickly after it has cleared, so we can invest it as soon as possible.
If the client does not use the discretionary service, we may not even put them in a Sipp, using a personal pension plan instead.