SIPP administrators who allow professional status

[timrich489]

I have a SIPP, but my broker says I cant trade leveraged products, only regular shares like AAPL.
My broker says I need to be classed as "professional", but my SIPP administrator wont allow it.
Is anyone able to trade leveraged ETFs - such as proshares TQQQ - in their SIPP?
Thanks

 

[1nvest]

I have a SIPP, but my broker says I cant trade leveraged products, only regular shares like AAPL.
My broker says I need to be classed as "professional", but my SIPP administrator wont allow it.
Is anyone able to trade leveraged ETFs - such as proshares TQQQ - in their SIPP?
Thanks

You wouldn't be able to trade TQQQ on your SIPP as its a US ETF, and that's not allowed through the SIPP, however leveraged products are possible.
I use Hargreaves for my SIPP and if i was inclined i could trade 3LUS for example which is 3x S&P. which broker are you using? Its possible its just a restriction of the vendor, but as for "professional" thats just not true

 

[timrich489]

Im with Interactive Brokers. They say my sipp administrator have limited what I can trade.

Im looking for alternative sipp administrators that do allow wider trading...

 

[1nvest]

Im with Interactive Brokers. They say my sipp administrator have limited what I can trade.

Im looking for alternative sipp administrators that do allow wider trading...

that's interesting, ive always wanted to know what their SIPP service was like. I know they use an alternative provider, so clearly even though its IB you dont have the same access to their products.

I have a SIPP with Hargreaves, as i mentioned, and by far their service is the best, i also used to hold some with interactive investor and am in the process of setting up with Willis Owen. Willis are going to be like yours with IB, they have a limited product selection. but with Hargreaves and interactive investor you can choose from a much larger range
There's nothing to say you couldnt split your portfolio dependent on the products offered. its what i do currently, whereby my equity strategy is held in one account, and another bond portfolio with another.
just a suggestion of course

 

[timrich489]

Yes, I could split my portfolio. But the issue still remains about product selection.

Interactive investor? is this a different one to IB, or a typo?

 

[1nvest]

Not a typo. Interactive Investor..if you go to
www.II.co.uk they provide SIPPs, ISAs or general trading accounts

I take your point about product selection, but where i was really going was that if you went with hargreaves for example, who charge 0.45% across your entire balance, which is one of the most expensive, you could have a portion of your portfolio where you want leveraged products, say your equity portion with hargreaves
and then your existing provider for those non-leveraged. assuming of course you are diversifying your portfolio
you wouldnt for example need a leveraged bond fund, or strategic bond mutual fund. and that way you get your product selection, but dont incur the entirety of the 0.45% charge.

 

[timrich489]

I see, thanks 1nvest

I'll take a look at II.

I'd love to trade bitcoin - or a derivative of it - in my SIPP, but it seems BTC is not allowed by the regulators