Self invested personal pension providers need to focus on processing times, range of investments, residential property availability and income drawdown flexibility, a report by financial services research company Defaqto shows.
Its Adviser SIPP Survey 2005 is the first to rank the product attributes and service standards that are most important to financial advisers when selecting SIPP product providers.
Defaqto found the top five product attributes and service standards that make the difference when selecting a provider were, range of investments, residential property availability, income drawdown flexibility, application processing time and tax-free cash payment processing time.
Matt Ward, head of pensions at Defaqto, says: “Advisers find providers’ service quality difficult to judge. This report shows in an objective way what is expected.
“Providers are now in a position to find out exactly what these service standards are and those that respond positively to this information should put themselves at a competitive advantage.”
Research to produce the top five was conducted by examining all 25 product and service attributes and then rating them against a theoretical maximum making it easy to rank them in terms of importance.
The report outlines how long advisers expect providers to take when carrying out transactions and also states the level of fees they regard as acceptable for various administrative activities.
Product and service attributes are commented on and information in the tables is expanded to build a comprehensive analysis of adviser views.