Liberty SIPP has marked its 10th anniversary by celebrating a significant growth in the business.
The Manchester-based Sipp provider, which was established by Ian Currie and John Fox in September 2007, said it now has 9,766 clients and expects to reach the 10,000 Sipp mark within weeks.
Strong investment inflows have propelled the firm’s assets under administration to £1.95bn, which is an increase of 18 per cent in just three months.
The total is set to surge past the £2bn mark by next month.
John Fox, managing director of Liberty Sipp, said the Sipp world has been transformed over the past 10 years and Liberty has moved to adapt.
“We’ve streamlined our offering into one simple product – built in the image of what advisers told us they want from a Sipp – a low-cost, highly transparent wrapper with great service, which can be personalised for each client.
“A decade of progress and improvement have seen Sipps shift from being an expensive and niche product to an essential part of every adviser’s toolkit."
Today's (19 September) figures come after a positive summer period for Liberty, with the pension provider opening 315 new SIPPs in August.
Much of the firm’s new business has come through a network of partnerships with platforms and advisers. Liberty now works with 643 advice firms - a 20 per cent increase in six months.
Liberty offers one Sipp - Liberty Option SIPP was introduced in 2013. It charges no set-up fee and an annual management fee of £175 plus VAT.
A decade ago, Liberty launched with just three people. It now employs 51 staff and continues to ramp up its capacity as client numbers grow. Since the start of 2017, the firm’s UK-based team of administrative staff has increased by 30 per cent.
Sam Instone, chief executive officer at London-based AES International, said Sipps have enjoyed a rise in popularity.
He said: “ The appeal of Sipps for many is the level of choice available, and the ability to have control over how and where saved money is invested.
“Sipps can enable an investor to take a more tailored approach to saving for their future, but as ever, investors need to take care: pension mis-selling scandals of the past, some involving Sipps, have led to investors rightly looking for clarity and transparency.”