Abrdn is to launch a Junior SIPP product as part of its new family wealth planning offering for financial advisers.

The firm has also just launched a Junior ISA (JISA) on its wrap platform.

The provider says the launches are the first part of a new family wealth planning portfolio service for advisers. 

The JISA is available immediately to existing wrap users who are the parent or guardian of an eligible child. 

The company says the new JISA has been developed in response to “increasing demand” from advisers for more family wealth planning solutions that can be managed alongside existing client investments. 

The JISA will have a 0% platform charge (excluding investment charges) until the child reaches age 18. 

The JISA will provide access to the funds currently available to wrap users and can also accept transfers of funds on the platform.  

The Junior SIPP will be developed as part of the family wealth planning solution, the firm says. Details of the Junior SIPP have not yet been released by Abrdn. 

Russell Bignall, managing director sales, Adviser, Abrdn said: “The advisers we work with are becoming more and more interested in supporting clients in family wealth planning, they are telling us the engagement of all the family in Financial Planning has become more important as a result of the pandemic. The JISA is the first step we’re taking to create a family office environment on the platform.”