If the SIPP market is to grow over the next three years, investment in technology by providers is important, according to the nationwide survey among advisers by personal pensions administrator iPensions Group.
Just under three-quarters (71%) of advisers said speeding up applications through the use of electronic signatures and digital due diligence should be the key area for investment by providers while nearly two out of three (64%) said using digital portals for all transactions should be an investment focus.
Over a quarter (26%) said providers should invest in analytics tools and 21% wanted to see the launch of more mobile apps.
Nearly half (47%) of advisers said technology is very important when they select SIPP providers for clients with another 36% saying technology is moderately important in choosing providers.
Efficient administration however remained the most important factor for advisers and clients with 84% rating it as very important.
• The research was conducted by PollRight among 104 financial advisers specialising in SIPPs during July and August 2020.