CompaniesJul 9 2014

Mystery Shopper: Wakefield

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Adviser (Independent) True Potential Wealth Management, 19 Albert Road, Leeds LS27 8JX

Speed of response: Time of call: 11.59am. Two rings. 5/5

Telephone manner: Very friendly. 5/5

Relevant qualifications: Chartered financial planner. 5/5

Payment method: The initial meeting is free, and then all charges are “built into the premium”. 4/5

Guidance given: After explaining the basic function of income protection policies, the adviser recommended a long deferred period to bring down the premiums. He gave the shopper an estimate of about £20 a month, and said that he would only be able to cover up to 60 per cent of his income. He also highlighted the need to find a policy where it is possible to raise the premium as the shopper’s income increases. 4/5

Knowledge: Very good. He provided a clear and detailed explanation of how income protection functions. 4/5

Email/web presence: chrisriley@tpllp.com / http://chrisriley.tpllp.co.uk/ 5/5

Verdict: The adviser was friendly, professional and offered some really useful and insightful basic advice.

32/35

Adviser (Independent) 2plan wealth management, 3rd Floor, Bridgewater Place, Water Lane, Leeds LS11 5BZ

Speed of response: Time of call: 12.10pm. Six rings. 5/5

Telephone manner: Helpful and friendly. 5/5

Relevant qualifications: Level four. 5/5

Payment method: Free initial consultation, and after a fee of £175 an hour with all commission “rebated back”. Alternatively, the shopper can pay through commission. 5/5

Guidance given: The adviser explained that the shopper’s occupation and young age would likely result in cheaper premiums. He asked how long the shopper could survive without the policy’s income, as the longer it is deferred the cheaper the premiums are, and advised the shopper to cover two-thirds of his income. Finally, he advised getting cover until retirement age, and said policies that rise with inflation each year and with guaranteed premiums should be the preferred option. 4/5

Knowledge: Good. The adviser knew his stuff and was easy to understand. 4/5

Email/web presence: darren.pickersgill@2plan.com / http://www.darrenpickersgill.2plan.com 5/5

Verdict: The adviser explained the basic procedures and additional features of income protection products with clarity.

33/35

Adviser (Independent) Oakworth Consultancy Services, Oakworth House, 45 Newgate, Pontefract, West Yorkshire WF8 1NB

Speed of response: Time of call: 12.26pm. Answered after three rings by receptionist and then put through to a financial adviser. 5/5

Telephone manner: Very friendly. 5/5

Relevant qualifications: Level four. 5/5

Payment method: Free consultation, after which any fee is paid for by the provider. 4/5

Guidance given: After offering a very good summary of income protection and its role in the protection market, he explained that providers could pay out between 50 per cent and 60 per cent of the shopper’s earnings, and that the cost of premiums would also depend on occupation and health condition. As the shopper’s income increases he can reassess the level of cover required, and should ideally consider taking out inflation cover. Given the shopper’s circumstances he agreed that income protection currently represented the best form of cover, and said the premiums would probably be low because of his young age. 4/5

Knowledge: The adviser seemed to know his stuff and was clear in how he conveyed it. He also discussed other protection products like critical illness and life insurance. 4/5

Email/web presence: rir@ifa-oakworth.co.uk / http://www.oakworthconsultancy.co.uk/ 5/5

Verdict: The adviser offered a really well-rounded level of advice.

32/35

Provider: LV= (Call centre)

Time of call: 12.35pm. Speed of response: A total wait of 30 seconds to get put through to an adviser. 3/5

Telephone: Very friendly and professional. 5/5

Qualifications: Level four. 5/5

Payment: No cost for advice, and for the product the fees are “built into the premium”. 5/5

Guidance: The adviser asked a lot of questions to gauge the shopper’s personal circumstances, during which he offered detailed explanations of how income protection functions. He advised the shopper to keep three months of savings as a back up, explained how critical illness worked as an alternative option and the benefits of inflation-linked cover, and finally gave the shopper a quote of £24.47 per month for £550 a month cover up to age 68. This quote came with a premium waiver and inflation-linked cover. 4/5

Knowledge: Excellent. 5/5

Email/web presence: ricky.haworth@lv.com / http://www.lv.com/income-protection 5/5

Verdict: The adviser was very helpful, knowledgeable and professional. 32/35