Technological advancements have become the key theme of the advice industry over the last few years and this is no different for the self-invested personal pensions (Sipp) industry.
iPensions Group, formerly Momentum Pensions, surveyed over 100 advisers and found 71% believe speeding up applications through the use of electronic signatures and digital due diligence is the key area for investment by providers.
Some 64% said using digital portals for all transactions should be an investment focus.
In addition, just 26% believe providers should invest in analytics tools and 21% want to see the launch of more mobile apps.
Nearly half (47%) of advisers said technology is very important when they select Sipp providers for clients, with another 36% saying technology is moderately important in choosing among providers for clients.
Efficient administration however remains the most important factor for advisers and clients with 84% rating it as very important.
Sandra Roberson, group chief executive of iPensions Group, said: “The Sipp market continues to grow strongly as advisers and clients see the benefits of taking control of their retirement planning and investments.
“Providers need to make it as easy as possible for advisers when recommending Sipps. Investing in technology will deliver returns as it is clearly a major factor for clients when choosing who to trust with their money.
“Simple steps such as faster applications and digital portals are increasingly a basic factor for clients.”