CompaniesApr 16 2014

Mystery Shopper: Shrewsbury

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Adviser

Speed of response: Time of call: 11.43am, answered after five rings. 5/5

Telephone manner: Pleasant. 5/5

Relevant qualifications: Level-four diploma qualified. 5/5

Payment method: Initial meeting at the expense of the advice firm, after which 2.5 per cent of the annuity or drawdown product would be charged. 5/5

Guidance given: The adviser said there were “hundreds of products to choose from”, including more flexible annuities. He explained that until the Budget’s proposals were made official the shopper could take the first 25 per cent as a tax-free lump sum, after which he would need an income from either drawdown or an annuity. He suggested that income drawdown as a phased product may be most suitable because of its tax and death benefits and better flexibility. 5/5

Knowledge: The adviser had a good all-round knowledge of at-retirement options and the implications of the budget. 4/5

Email/web presence: info@dacofinancial.com / www.dacofinancial.com 5/5

Verdict: Good. The adviser kindly explained the different at retirement options and happily answered all of the shopper’s questions

34/35

Adviser

Portland Financial Planning, 95 Highfields, Shrewsbury SY2 5PJ

Speed of response: Time of call: 11.59am, answered after nine rings. 3/5

Telephone manner: Very chatty. 4/5

Relevant qualifications: Level-four diploma qualified. 5/5

Payment method: First meeting free and then £150 per hour, which the adviser said was the industry average. 5/5

Guidance given: The adviser recommended first that the shopper put his money into a “safe haven” such as a deposit account, as stock markets had struggled in the past six months. He also recommended checking the state pension allowance and to consider a budget for retirement, which would help when deciding which income product to take. Despite the shopper’s reservations, the adviser said annuities were popular and offered good enhanced and impaired solutions. 4/5

Knowledge: The adviser appeared very knowledgeable and up to date with the at-retirement market and explained everything in simple terms. 4/5

Email/web presence: ben@portland-fp.co.uk / www.portland-fp.co.uk 5/5

Verdict: Excellent. The adviser provided a great introduction and a useful insight into the most important factors to consider at this stage.

30/35

Adviser

Shropshire Independent Financial Services, Burnside House, Mill Road, Meole Brace, Shrewsbury SY3 9JT

Speed of response: Time of call: 12.12pm, answered after four rings. 5/5

Telephone manner: Engaging and very helpful. 5/5

Relevant qualifications: Chartered financial planner. 5/5

Payment method: First meeting free, then charges depend on services required. 4/5

Guidance given: The adviser asked if the shopper had any old pension schemes and had checked his state pension allowance. The key to deciding which option is best, she added, depended on the shopper’s lifestyle and it may be necessary to work a few extra years to build up a bigger pension pot. She advised carefully assessing monthly income and expenditure, before talking about the benefits of income drawdown and annuities and the importance of keeping some of the money invested. 4/5

Knowledge: The adviser displayed an excellent knowledge of at-retirement options and used very clear terms to describe the process. 4/5

Email/web presence: forswunk@btconnect.com, no website 3/5

Verdict: The adviser went into great detail about the available options and was very thorough when asking questions.

30/35

Provider:

West Bromwich Building Society, 43 High Street, Shrewsbury SY1 1ST

Speed of response: Time of call: 12.25pm, answered after four rings. 5/5

Telephone manner: Cheery and friendly. 5/5

Relevant qualifications: The representative said she was not qualified to give financial advice. 0/5

Payment method: The first meeting with a financial adviser was free, and during this the charges would be disclosed. 3/5

Guidance given: The representative explained that she could advise on savings and life insurance, and that at-retirement options could only be discussed with the branch’s financial adviser, who worked on an appointment basis. She offered to book the shopper in for a meeting in five days’ time. 1/5

Knowledge: None at all was apparent. 0/5

Email/web presence: www.westbrom.co.uk 3/5

Verdict: The service was friendly, but without speaking to a financial adviser it was difficult to establish the level of advice on offer.

17/35