PensionsMay 15 2013

Dentons to recruit after big increase in business

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He said the firm was ahead of business development targets set last year and plans to recruit more administrative staff later this year have been brought forward.

Mr Tilley added: “This has been accommodated through forward-looking employment of administrative resources as service is absolutely key to our proposition.”

New business this year has increased 78 per cent from 2012, with the firm taking on 57 and 59 new Sipps a month in March and April respectively.

Mr Tilley said IFAs have a major role to play to ensure clients were not affected by “disorderly wind-ups” in the Sipp market as a result of new capital adequacy requirement rules.

He added: “If it looks like a provider won’t be around for that much longer, the IFA should pre-empt this and have proactive control over which provider they switch to, rather than being pushed into a company that they may have rejected in the past or isn’t totally suitable once they take over the client’s book of business.”

Dentons acquired Tenon Pension Trustees, RSM Tenon’s bespoke Sipp arm, in March and Mr Tilley said the firm would only be looking for further appropriate partners if they put Sipps “at the core of what they do”.

He added: “A lot of firms have realised they cannot cater to the Sipp market well enough. Potential partners won’t be attractive to us if they’ve got lots of skeletons in the closet that could tumble out to the consumer’s detriment.”