Adviser (Independent) Parkhurst Hill Financial Planning, Plym House, 3 Longbridge Road, Marsh Mills, Plymouth PL6 8LT
Speed of response: Time of call: 11:37. Eight rings and then transferred from reception to an adviser. 3/5
Telephone manner: Very friendly and pleasant. 4/5
Relevant qualifications: Level-four diploma. 5/5
Payment method: First meeting free, after which it depends on the fund invested in. A minimum fee of £250 was mentioned. 5/5
Guidance given: The adviser initially discussed a number of different saving plans, such as friendly saving plans and unit trusts. The latter, he said, ran until 18 years and was good for getting investment returns from the stockmarket, although at 18 the child would then become the legal owner of the plan. If this was a problem, he suggested putting the unit trust in the shopper’s name. Finally, he discussed investment risk and explained that it was important to invest in something that would grow over time without too much volatility. 4/5
Knowledge: The adviser had a good understanding of child saving plans, and explained how he had set up a similar vehicle recently for his grandchildren. 4/5
Email/web presence: keith.lowden@phfp.co.uk / http://www.keithlowden.co.uk 5/5
Verdict: Though not keen to give much advice over the phone, the adviser discussed some of the available options and the types of things to consider, such as attitude to risk. 30/35
Adviser (Independent) Sabre Financial Planning, 3 South Place Promenade, The Quay, Kingsbridge TQ7 1JE
Speed of response: Time of call: 11:55. Two rings, answered by a receptionist, and then put through to an adviser. 5/5
Telephone manner: Helpful and very friendly. 4/5
Relevant qualifications: Level-four diploma, though the adviser added that he was working towards chartered status. 5/5
Payment method: There is a “no obligation discussion for up to an hour”, after which a specific recommendation can be made and its fees discussed. 5/5
Guidance given: For long-term savings, the adviser explained that the first thing to look at is tax efficiency, and products like Isas, pensions and national savings. Although the minimum age for holding a cash Isa is 16, the adviser suggested the shopper set one up in his name on behalf of the child. To begin with, he suggested putting the £10,000 into a cash Isa and then topping it up each month up, while patiently considering adding a little risk as time passes. 4/5
Knowledge: Although the adviser said he dealt with pensions and wanted to refer the shopper to a colleague, he seemed to have a solid grasp of the main points. 3/5
Email/web presence: stuart@sabrefinancial.co.uk / http://www.sabrefinancial.co.uk 5/5
Verdict: The adviser was helpful and friendly, but wary of discussing risk-related investments over the phone. 31/35
Adviser (Independent) Francis Clark Financial Planning, North Quay House, Sutton Harbour, Plymouth PL4 0RA
Speed of response: Time of call: 9:43. Four rings, answered by a receptionist, and then put through to an adviser. 5/5
Telephone manner: Very friendly and professional. 4/5
Relevant qualifications: Level-four diploma. 5/5
Payment method: First meeting free and then a set fee charge for advice and implementation. The minimum fee for a £10,000 investment is £300. 5/5
Guidance given: The adviser suggested looking at Isas (held on behalf of the child) because they offer £15,000 tax-free, and also mentioned the importance of considering life insurance and writing a will to protect the shopper’s family. In terms of Isas, he briefly discussed junior Isas and how they can be invested in stocks and shares, but warned that it could be taken over by the shopper’s son when he reaches 18. For this reason, he suggested maybe opening up an Isa in the shopper’s name, so that he could retain control of the money. 4/5
Knowledge: The adviser showed a good understanding not only of savings and investments, but also other financial planning needs. 3/5
Email/web presence: stuart.budgen@francisclark.co.uk / http://www.fcfp.co.uk 5/5
Verdict: The adviser was hesitant to go into too much detail over the phone, but in a short conversation was able to assure the shopper of his capabilities to look after his and his family’s financial needs. 31/35
Provider: Scottish Friendly (call centre)
Speed of response: Time of call: 12:13. Straight through, the shopper waited for 13 seconds on an automated line. 0/5
Telephone manner: Very friendly. 3/5
Relevant qualifications: She said that none of her colleagues were qualified to give financial advice. 0/5
Payment method: The junior Isa comes with an annual charge of 1.5 per cent, whereas the child bonds come with a fee that is “implicit”. 3/5
Guidance given: The representative provided some basic details of the different products that Scottish Friendly offered, including junior Isas, stakeholder Isas, with profits and unitised plans. As a friendly society, she added that customers have “extra savings allowances”, meaning each person can save up to £25 a month tax free. The representative, however, said that Scottish Friendly did not offer an advice service and that it would be best to check online for “more information” on the products. 4/5
Knowledge: She had a good knowledge of Scottish Friendly’s child saving vehicles. 2/5
Email/web presence: http://www.scottishfriendly.co.uk 3/5
Verdict: The representative was clear, friendly and professional. 15/35
