Adviser: (restricted) Eastlake & Beachell Ltd Insurance Brokers and Financial Advisers, The Crescent, King Street, Leicester LE1 6RX
Speed of response: Time of call: 11am. Three rings 5/5
Telephone manner: Professional 5/5
Qualifications: All advisers CII qualified to diploma level. Business established for 42 years. 5/5
Payment: No charge for first meeting, then charge proportion of amount invested. 4/5
Guidance: The adviser went into detail explaining new changes to Isa limits. From 1 July up to £15,000 can be invested into a cash Isa. Suggested that a better option with upcoming interest rate rises would be to pay off some of mortgage debt. 5/5
Knowledge: Very knowledgeable and detailed in advice. 4/5
Website: www.eastlakebeachell.co.uk 3/5
Verdict: Sounded very experienced and, above all, very honest. Main advice was to pay off mortgage debt, therefore not securing any business for themselves. 31/35
Adviser: (Independent) Harborough Portas Independent Financial Advisers, 38-40 High St, Syston, Leicestershire LE7 1GP
Speed of response: Time of call: 11.20am. Three rings. 5/5
Telephone manner: Friendly and sympathetic regarding unemployment. 4/5
Qualifications: The shopper was told that the advisers are diploma qualified. “There is a higher level, but those advisers would charge you more for the same advice.” 3/5
Payment: Slightly reticent, but when pressed said an Isa arrangement would be £250. Products for a husband and wife together would cost £250 each. 3/5
Guidance: The adviser said it was important to assess the client’s risk profile. The adviser went into detail about how there was no risk involved in Isas and that higher rate products were available if it suited the client. The shopper was offered a “bespoke portfolio” handled by a fund manager. 4/5
Knowledge: The adviser sounded abreast of market on both Isas and how higher risk products would be spread across different investments, including property and gilts. 3/5
Website: www.harboroughportasifa.co.uk 3/5
Verdict: The adviser was sketchy on payment details and qualifications, but was keen to stress investment should be suited to client’s suitability to risk. The adviser admitted that the website was more suited to pensioners.
25/35
Sovereign Wealth Advisory Ltd, 1st Floor, 19 New Walk, Leicester LE1 6TE
Time of call: 1.35pm Speed: 3 rings 5/5
Telephone manner: Friendly 4/5
Qualifications: Most staff trained to diploma level, but “two are chartered”. 5/5
Payment: First consultation free. Fees depend on what product you take out, but usually charge 4 per cent on investment. 5/5
Guidance: Very difficult to get the most basic advice over the phone. The adviser said the shopper would need to meet the client personally and do a fact find. The adviser suggested the shopper look at the firm’s website to see what other customers have said. 3/5
Knowledge: It was impossible to gauge as the adviser would not give any details on products. 1/5
Website: www.sovereign-advisory.co.uk 3/5
Verdict: The adviser did not offer any advice over phone, even when pressed. The adviser just suggested the shopper should take a look at the firm’s comprehensive website. 26/35
Provider: Halifax, 8 Humberstone Gate, Leicester, LE1 3PH
Time of call: 12.33pm. Initially two rings, although the shopper was transferred between two departments which added several minutes of waiting. 2/5
Telephone manner: Friendly. 4/5
Relevant qualifications: The life pension consultant said he was not qualified to give advice. 0/5
Payment method: He said it depended on the product and often could cost about £650. 5/5
Guidance given: Because the shopper had less than £100,000 in savings and wanted to invest £30,000 the consultant said the best course of action would be to speak with a financial adviser. He arranged for a financial adviser from Scottish Widow to call the shopper within 48 hours, but added that the shopper could also go direct if he preferred by investing in a stocks and shares Isa. He said a financial adviser could offer a much “wider range of options”. 4/5
Knowledge: The consultant was very cautious to speak specifically about products and investment markets and said it would be best to consult a financial adviser. 3/5
Email/web presence: www.halifax.co.uk (“not permitted” to provide email address) 5/5
Verdict: The shopper found it frustrating being passed around several departments and having to deal with a vague consultant, who provided little information on Halifax products and said the shopper could buy direct but kept pushing him to speak with an adviser. 23/35
