A new 'Flexible Sipp' is the latest product to be launched today by Barnett Waddingham.
It has been developed to reflect the demands of financial advisers for a simple, multi-purpose Sipp, the company said, providing access to a range of discretionary fund managers with the wider options of a full bespoke Sipp if required.
Julia Bassett, chief executive of Barnett Waddingham Sipp, said: "Clients' investment needs and circumstances can change over time, and advisers may find that their chosen Sipp no longer accommodates clients' needs.
"Flexible Sipp is different because advisers do not have to weigh up the pros and cons of whether to select a more restrictive lower cost 'lite' Sipp or full bespoke Sipp with greater investment options, as the options are all available in one product.
"Flexible Sipp gives access to the best of both worlds – where clients can enjoy the benefits of a quality, cost-effective Sipp, with access to a range of popular DFMs, but also with the additional option to use their Sipp to access bespoke investment options should they wish to do so."
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The firm listed the following features as what it sees as its key advantages:

• Low-cost access to a range of well-known DFMs
• Can also be used as a full bespoke Sipp, with access to Barnett Waddingham's extensive experience of direct investment in commercial property and other bespoke investment options
• A high-quality personal service, with a single named point of contact, to ensure continuity of service for advisers
• Simple-to-use online facilities which make illustrations and applications an easy task
• Maximum flexibility in planning for, and drawing benefits in, retirement.

Ms Bassett added: "We also realise how important it is to make management of a Sipp as pain-free as possible.
"We have developed our new Sipps Online facility for Flexible Sipp to make advisers' lives easier when it comes to producing illustrations and making applications.
"However, we understand that it is also important that advisers have access to a personal service as well. That is why we assign a dedicated client manager to every adviser, which ensures quality and continuity of service".