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Xafinity SIPP Services Limited, part of the XPS Pensions Group plc, has reported strong growth including an increase in assets under administration (AUA) of £2bn for the year ending 31 March 2018. Turnover has increased by 9% from £4.96m to £5.42m and profit before tax has increased by 36% to £1.54m.
Other Xafinity SIPP/SSAS business highlights include:
Over 1,000 financial advisers have clients with a Xafinity SIPP or SSAS
AUA exceed £2bn
The average SIPP value is now £271k an increase from £252k in the previous year
Xafinity SIPP/SSAS administer over 1,850 commercial properties on behalf of clients
Approaching 70 staff specialising in SIPP and SSAS administration
Jeff Steedman, Head of Business Development at Xafinity SIPP/SSAS commented: “Having no direct to consumer presence means our business is completely dedicated to supporting financial advisers and their clients. It is therefore pleasing to see that we have reached the milestone of 1000 financial advisers who trust their SIPP and SSAS business to us. The team give everything to ensure advisers see the true value of Xafinity SIPP/SSAS products, including our personal service proposition.
“Our core market remains in the full SIPP space where a detailed knowledge of commercial property ownership in pensions is imperative. That said we continue to see excellent growth of our SimplySIPP product where discretionary fund manager (DFM) accounts remain popular with clients.”
Andy Bowsher, Director of Self Invested Pensions at Xafinity SIPP/SSAS added: “There’s no question that our transparency through XPS Pensions Group’s FTSE listing has helped advisers choose us over many providers whose financials are less certain. The SIPP industry is currently on a precipice awaiting the verdict of ongoing legal cases which have the ability to cause more financial instability and the potential to change the SIPP market place.
“For many years we have shown steady and consistent growth, avoiding the hit or miss ‘growth at all costs’ path. Our focus is our clients and their advisers, doing what we do to the absolute best of our abilities. We have a strong business underpinned by some superb people. This is a strength we continue to build upon through our regular graduate intake from our fantastically located Stirling administration centre.
"While our full SIPP product remains central to our offering, the continued growth of our SimplySIPP product encourages us to increase investment in this space, particularly in technology where new online features are on their way.
For more information please contact:
Louise Dolan, Partner, Camarco
Tel: 020 3757 4982 / 07446 870025
Sophie Boyd, Senior Consultant, Camarco
Tel: 020 3781 8339 / 07542 834725
© 2019 XPS Pensions Group - All rights reserved
Xafinity SIPP Services Limited is authorised and regulated by the Financial Conduct Authority. You can check our FCA authorisation here. Our reference number is 461791.