Associate partner, Murphy Financial
We use the Standard Life Wrap Sipp for any of our clients with £100,000 to £500,000 of assets. We do use other Sipps on a different platform but the Wrap Sipp is where the majority of our business goes.
We use the Nucleus platform Sipp for clients who, although using the platform to invest in collectives, are likely to need to go off-platform with some of their Sipp investments, for example an external discretionary manager to direct property investment. We also use this Sipp for our higher net-worth clients.
However, Standard Life sits nicely for the segment of clients we know will have more straightforward needs.
They use the MyFolio funds, which have had relatively low management charges, although they are a couple of basis points more expensive in that multi-manager asset space.
The funds also come out well in terms of performance.
Commercial property can become expensive however: charges add up. But the clients we put in the Wrap Sipp are unlikely to need it.
We have around £30 million on the Standard Life platform and around 50% to 60% of that is Sipp assets. We have been using it for five years.
Several Sipp clients qualify for discounts because of the volume of assets they hold on the wrap.