Younger clients are demanding technological improvements from SIPP providers according to new research.

The research from iPensions Group shows that more than three quarters (77%) of advisers say younger clients increasingly regard technological investment as significant when choosing a SIPP provider.

However, only half (52%) of advisers said they fully understand how thier clients are using technology.

Over three quarters (77%) of advisers also said the Coronavirus pandemic has significantly changed how they are using technology.

Nearly a third (31%) of advisers said they are worried that consolidation amongst SIPP providers is slowing down the pace of technological innovation.

Sandra Robertson, group CEO at iPensions Group, said: "The SIPP market is expanding year on year with new members investing and new products being launched to meet demand.

"But advisers are clearly concerned that without technology investment, SIPPs may no longer appear attractive to suitable clients. Adviser and member portals are increasingly a must-have for providers who want to compete.

“Technology is not the ‘be all and end all’ as it must be combined with and supported by strong, reliable and personable customer service.”

The research was conducted by PollRight on behalf of the iPensions Group in July and August 2020 among 104 financial advisers who reguarly provider advice on SIPPs.