Talbot and Muir sees Sipp sales rise 12%

Talbot and Muir’s Sipp plans exceeded 4,600 during the year, after reporting earlier this year (19 February) that its Sipp book had increased by 40 per cent in the past year.

The firm’s number of Ssas schemes now exceeds 700, and total assets under administration was up by 26 per cent to £2.65bn in the year to June, compared with the same period last year, while turnover was up 9.5 per cent.

The firm attributed the growth in its Sipp and Ssas schemes to an increase in new advisers using its services.

Brian Talbot, director, Talbot and Muir said: "We remain bullish about the prospects for growth in the self invested market and expect to exceed our short term Sipp target of 5,000 very soon.  

"Our approach has always been one of caution and so we haven’t suffered the issues that many of our competitors have. This has resulted in a several approaches from national IFAs and networks to supply both Sipp and Ssas services."

He added: "We are seeing a significant increase in the number of new advisers using us for the first time as, following consolidation and changes to propositions, they are reviewing the providers they use not only from the point of view of technical competence and administration levels but also financial strength."

Talbot and Muir plans to look at acquisitions going forward, saying it has identified a gap in the market.

Since the launch of its three tier Sipp product in July 2016, 80 per cent of the firm's Sipps have been single asset, it said.

Mr Talbot continued: "Our success and continued growth is due to the strength of the relationships we have with advisers.  

"We provide cradle to grave, hands on administration, combined with technical and procedural support. This is where we intend to remain positioned and to take advantage of the vacuum left by most of our competitors.

"Looking to the future, we are planning a move to larger offices in the new year and continue to be acquisitive."

rosie.quigley@ft.com