SIPPs and SSAS firm Talbot and Muir has boosted assets by 26%, its latest annual results have revealed.

The report showed continued growth for the 12 month period to 30 June 2018 showing a 12% increase in new SIPP cases, assets under administration of £2.65bn and projected current year EBITDA of £1.7m. 

The figures also showed turnover had increased 9.5% with recurring income at 87%.

The firm said its advisers continued to use SIPP and SSAS products for “a wide range of clients to suit the changing needs of pension savers.” 

Talbot and Muir launched a three tier SIPP product in July 2016 and boosted SIPP schemes by 12%. 

Previously, the core SIPP proposition had been bespoke and often property based, but since the launch of the new product, 80% of new SIPPs have been single asset, an area the company said was “more often dominated by the platform providers and other low cost options.”
 
Brian Talbot, director, Talbot and Muir, said: “We remain bullish about the prospects for growth in the self invested market and expect to exceed our short term SIPP target of 5,000 very soon. 

“Our approach has always been one of caution and so we haven’t suffered the issues that many of our competitors have. 

“This has resulted in a several approaches from national IFAs and networks to supply both SIPP and SSAS services.
 
“We are seeing a significant increase in the number of new advisers using us for the first time as, following consolidation and changes to propositions, they are reviewing the providers they use not only from the point of view of technical competence and administration levels but also financial strength.”
 
He added: “Our success and continued growth is due to the strength of the relationships we have with advisers. 

“We provide cradle to grave, hands on administration, combined with technical and procedural support.

“This is where we intend to remain positioned and to take advantage of the vacuum left by most of our competitors.

“Looking to the future, we are planning a move to larger offices in the new year and continue to be acquisitive.”