Talbot and Muir has announced a 58 per cent increase in new business for small self-administered schemes (Ssas).
According to the company’s half year results to June 30, 2019, published today (July 23), the independent self-invested personal pension (Sipp) and Ssas specialist has also seen an 18 per cent increase in Sipp sales.
The company now has 775 Ssas schemes and 4,971 Sipp schemes.
The firm attributed the growth to an increase in new advisers using its services, who it stated had moved away from the platform market instead opting for an independent provider.
According to the results, the company saw a 20 per cent increase in the number of new advisers using the firm.
Brian Talbot, director at Talbot and Muir, said: "We pride ourselves on our service and the value of our products and unlike some of our larger competitors we are making a genuine profit.
"We believe that the Sipp and Ssas sector will continue to grow but that there is likely to be more consolidation and we remain acquisitive for good quality books of business that will enhance our position as a leading independent provider."
He added: "Our low risk, high governance approach is widely recognised and means we are not tainted by having taken on all manner of ‘toxic’ investments, unlike a significant number of our competitors.
"We believe that the relationships we have with advisers, the service we provide them and the investment we make in the business makes us stand out from the crowd and these latest results are clear evidence of this."
Assets under administration at Talbot and Muir have increased to £2.86bn and projected current year EBITDA is £1.8m. Recurring income now represents 88 per cent of turnover.
The company used to have two separate Sipp and Ssas businesses but decided to merge the two in October 2017 to simplify the company structure.
In November 2018, investment manager City Asset Management teamed up with the provider to create a discretionary fund management (DFM) Sipp.
The DFM Sipp has a total annual fee of 0.90 per cent per year and uses technology to enable daily valuation updates so investors can get real-time valuations of their scheme online.
What do you think about the issues raised by this story? Email us on email@example.com to let us know.