Glasgow-based SIPP firm @sipp has announced a two-fold increase in profits for the year ended 31 March.

Underlying profit at the independently-owned firm has more than doubled for the third year in a row from £243k to £600k.

The firm also reported a 77% increase in commercial property cases received.

Other highlights included boosting its number of introducing advisers by 43% and introducing the Solo SIPP+.

The firm credited its growth in new business to a surge in its introducer base along with “increased demand for commercial property solutions.” 

The firm says the increase had been largely driven by advisers reconsidering their SIPP partners “based on stability and reliability.”
 
Changing pension legislation, including the Pension Freedoms also fuelled growth at the SIPP firm, with many investors finding appeal in both the choice and active management afforded by SIPP wrappers. 

The business also reported growing numbers of investors using SIPPs to consolidate their overall pension savings.
 
Eddie McGuire, managing director of @sipp, said: “Today’s figures indicate how we are well positioned to capitalise on the continued growth in the current SIPP market.

“A market fuelled by legacy defined contribution and defined benefit transfers and the broader Pension Freedoms regime.

@sipp recently launched the Solo SIPP+ product earlier this month. 

The new addition tailors the number of investment options, with the client only paying for the options they need.
 
Mr McGuire added: “Our business is well capitalised and we have become the full SIPP provider of choice in Scotland.

“We are now beginning to develop our foothold outside of the Scottish market within key financial hubs in the UK, particularly the North and South West of England.”