As well as looking at what is best for the client, there is a number of pertinent factors that will be important to the adviser in researching, discussing, recommending, establishing and servicing the Sipp. These processes need to be as streamlined and efficient as possible to enable the case to proceed with the minimum of time and fuss.
An IFA rarely works regular office hours so access to literature, applications, illustrations and case studies mean a new case can be moved forward whenever the adviser is working. On existing cases, a simple-to-use portal detailing basic valuations, transfer and contribution history, benefit details, review dates and latest nominations means reviews and planning can also take place out of hours.
Being confident in a provider’s technical knowledge is crucial for any adviser. Does the provider have dedicated, well-trained, named points of contact to talk through technically challenging issues and processes? Can they work with the IFA to find a solution and educate for future cases?
Something as basic as the client’s application can have a marked impact in the overall experience. It is important that a client’s application is clear and simple to understand and thus submitted correctly first time. Errors and omissions cost delays and lost time and damage the overall service proposition.
It all comes back to service, for the adviser as well as the client. Above most other criteria, getting things done with the minimum of fuss, without the need to chase, means no remedial time necessary by the adviser or their staff. If an error occurs, as they sometimes do, it should be cleared up without question or delay.
The problem with assessment of service is its inability to be measured. Unaudited service standards will offer little comfort, but recommendation, independently accredited benchmarks or adviser-voted awards might be more indicative.
Above all, a provider’s offering should be driven by service because, in conjunction with advisers, this will determine the overall client experience.
Martin Tilley is director of technical services at Dentons Pension Management
