Specialist SIPP Pension Advisors

If you’re thinking about setting up a SIPP (self-invested personal pension), or are researching ways to invest your existing pension – it’s well worth getting some advice from a specialist pensions advisor.

But not all advisers are of the same standard, and using a specialist SIPP broker is the best way to reach your retirement goals. This guide covers why it’s beneficial to get expert support and where you can find a trusted financial advisor.

Keep reading for a complete explanation or click on a link below to jump straight to a section…

Why it’s important to use a specialist advisor for a SIPP

If you’re looking for advice that can potentially have a big impact on your retirement it’s well worth speaking to the right advisor for you. Otherwise, you may be putting your financial future, and your pension, in the wrong hands.

Used correctly, a SIPP can give you a wide range of investment options and more freedom than a standard personal pension does. Speaking with an expert SIPP advisor is the best way to make the most of all the unique retirement investment opportunities available whilst also staying on track with your tax responsibilities and other financial commitments.

Benefits of using a specialist SIPP advisor

A SIPP advisor has knowledge of what would suit your pension needs now and how that might change in the future. They’ll encourage you to look at your long term retirement goals and then plan accordingly.

Here are the other main advantages of speaking to an independent SIPP advisor:

• Access to the full range of SIPP providers and investment vehicles available.
• The ability to find products and deals not advertised on the high street.
• They can help you explore unique ways to invest your pension, perhaps in something like commercial property.
• Tailored advice that looks at your complete finances.
• Creating a forward-thinking financial plan that adjusts through each stage of your life.
• Guidance on all the different tax rules you need to understand, and help with tax planning.
• Ongoing support so you are protected against legislative changes and have access to advice if your plans need to be altered

Different types of advisors

Not all SIPP advisors are independent. Some, known as restricted advisors, will only be able to recommend certain pension products or providers. They often have ties to specific companies and are only trained and regulated for specific financial products.

An independent financial advisor (IFA) who specialises in SIPPs will be able to give you unbiased advice that explores all avenues. Some advisors will concentrate their focus on share dealing, and others may be more familiar with niches like SIPP loans, lending, or borrowing. The possibilities are wide ranging.

Various pensions advisors will specialise in particular areas, a few examples of SIPP structures an expert advisor can help you set up and manage include:

• Full SIPPs.
• SIPPs for buy-to-let property, purchasing land, or buying a holiday home.
• A low-cost SIPP.
• Group SIPPs.
• Hybrid or insurance SIPPs.
• Child SIPPs.

Within each type of SIPP there are many options and it’s important to get the right advice for your needs.

How to find the best SIPP pension advisors

Not all UK pension advisors are of the same quality or provide an equal level of service. So, finding the best specialist advisor for your SIPP can be difficult if you don’t know where to look.

Luckily, we offer a free advisor-matching service. This means we can quickly assess your retirement goals and then introduce you to a suitable SIPP expert who can create a bespoke retirement plan for you.

Just make an enquiry if you’d like to be introduced to a top pensions advisor. The SIPP specialists we work with have plenty of experience arranging every type of pension structure.

Advisor fees and costs

Expert advice doesn’t cost as much as you might think. In most cases, your initial consultation and meeting with a SIPP advisor is free. Then, additional advice and practical services related to your pension will incur a cost.

The fees will vary between financial advisors and can be structured in the following ways:

• An hourly rate for meetings and advice. The UK average is around £150, but the range is usually between £75 and £350 per hour.
• A fixed fee for a specific reason. For example, setting up a SIPP, carrying out a pension transfer, at-retirement advice, or consolidating pension pots.
• Fees based on the size of your pension pot. Usually, between 1% to 2%, with larger pots charged lower fees and vice versa.
• Ongoing costs for managing your SIPP investments are usually between 0.25% and 1%, but this can vary depending on the advisor and the nature of the investments.

Everything else that impacts the cost of advice

Here are some important things than can factor into how much your SIPP advice costs:

• Where you’re based in the UK.
• The type of advisor (independent, restricted, or just general guidance).
• How qualified and experienced your pensions advisor is.
• The complexity of your SIPP, taxes, investments, or general finances.
• Preferred investing approach and methods.

Trustworthy pensions advisors will be upfront and transparent about any costs from the outset so that you will be completely clear on how the fees work. It’s worth having a long-term mindset with any costs. Remember that relatively small charges for expert advice can save, and even make you money with your pension.

Can you get free advice?

It can be possible to get free advice. For some pension services, the FCA regulated advisors we work with at Online Money Advisor won’t charge a fee up front. It’s also possible to get generic advice and guidance for free elsewhere, which won’t be tailored to your specific needs.

Some pension providers will offer an advice service, but this usually only comes with premium SIPP packages, so the costs are baked in, and any advice may not be impartial and will likely be tailored towards its own product offerings.