Liberty's customer boom leads to 1,500 new Sipps opening

Nearly 1,500 new Sipps have been opened by Liberty Sipp in the last year, the company reported, as it revealed its assets under management have jumped by 81%. The Manchester-based company said the second quarter of 2015 was its best yet – with 402 new customers joining.The business has grown to £0.5billion under management, and it administers more than 5000 Sipps – a 39% increase on the same time last year.The number of financial adviser firms it works with has increased by 50% in a year to over 300 and there has been a rise in wealthier clients.{desktop}{/desktop}{mobile}{/mobile}The average size of pension pot administered by the company has doubled to £200,000 in the same period.The provider offers just one product – the Liberty Option Sipp which was introduced in 2013 and charges an annual management fee of £150 plus VAT. The company recently announced it would be freezing this fee again until April 2017.The company said that while its Sipp is available direct to clients, much of the surge in new business has come through adviser recommendation. John Fox, managing director of Liberty Sipp, said: “The fee freeze is part of our ongoing commitment to win new clients and capitalise on our strong financial position.“With many larger providers hit for six by pension freedom and heavily reliant on current account commissions, we believe we are one of very few Sipp providers to offer such consistently transparent, fair and low fees.”Matthew Rankine, head of sales and marketing at Liberty Sipp, said: “Our brand has evolved. Liberty Sipp began life eight years ago as a bespoke Sipp provider with higher fees; but we’ve now pared back our offering to just one easy-to-understand but highly flexible product.“The Liberty Option Sipp was born out of conversations with advisers. We listened to what they wanted, and then created the product to suit.“We’ve also invested heavily in new technology and streamlined our IT processes to enable us to handle much greater numbers of clients, while keeping the personal touch that has always been a Liberty hallmark.”

Liberty's customer boom leads to 1,500 new Sipps opening

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