With the move, Verbatim joins 13 other DFMs on the provider’s SimSIPP, which was launched in 2011 to meet the needs of discretionary wealth managers who also provide financial advice and to advisers who wanted to use a single DFM to meet their client’s investment needs.
It was in 2012 that Verbatim had launched its discretionary service, bringing together a number of investment firms.
Claire Trott, pensions technical manager, said: "Advisers are looking for a range of services to meet the needs of different segments of their client bank. If the client needs greater investment flexibility in the future, such as to purchase commercial property, then it is a simple process to convert to a full SIPP without the need to change DFM or transfer the assets to a new plan."
"This makes it easier for the adviser in the long term because they don’t need to do a full recommendation and pension transfer," Trott added.
"As more adviser firms hire our investment teams to run their discretionary portfolios we felt it was essential to partner with a leading provider for SIPPs," added Neil Stevens, joint managing director of SimplyBiz and managing director of Verbatim Asset Management.