Director, Mackenzie Taylor Wealth Management
I have a good mix of clients who are pre-retirement or retired and in drawdown, and they all qualify for using a Sipp. I don’t see a differentiator between the two categories as to what Sipp provider or platform to use. We would use a platform for Sipp investors where it suits their profile because it delivers economies of scale.
My proposition is aimed at long-term capital growth and Novia provides a large range of funds to choose from. On average, my clients have £350,000 of assets and are around 50 to 55 years old. Of my 87 clients, 37 are invested through Sipps.
I know Novia provides access to commercial property investment through its Sipp, although I don’t use it. It introduced it only a few months ago. I do have one commercial property Sipp investor, but they have two Sipps, one with Novia and another elsewhere for the commercial property.
Regarding drawdown, Novia is very competent and has a clear charging structure: I know what everyone is paying.
There is one important factor when it comes to drawdown: access to a cash account. It means I can put a year’s worth of income into one account, as clients will already have a good understanding of their own income requirements. That gives us the power to invest the drawdown funds long term.
Other providers offer cash facilities, but end up encashing units across the board or involving a third party, so they need the client to sign another form before it is passed on. With Novia, everything is electronic, which is much more efficient.