Adviser (Independent) Wealthcare Independent Financial Planning, 1a High Street, Kings Langley, WD4 8AB
Speed of response: Time of call 3.24pm. Five rings. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: When asked about his qualifications, the adviser said he was a “certified financial planner”. 5/5
Payment: A fixed fee, which varies depending on the exact type of service required, is payable after an initial free consultation. 4/5
Guidance given: The adviser explained that cash Isas do not generate much, because interest rates are very low. Beyond that, he said he could not give advice over the phone when dealing with full financial planning. Even though the shopper explained his circumstances and objectives, the adviser said he needed to hear about it in person to make any judgement and requested the completion of a questionnaire before meeting to get a better idea of his full situation and requirements. 4/5
Knowledge: The adviser was hesitant about giving information over the phone and, despite being friendly, refused to give any specific details. As such, it was difficult to establish his level of expertise. 3/5
Email/web presence: info@wealthcareifp.co.uk / www.wealthcareifp.co.uk/ 5/5
Verdict: As the adviser’s policy was not to give any advice over the phone, it was difficult to assess his value. He was very polite and professional, but did not provide any advice or guidance.
31/35
Adviser (Independent) Leagold Miller, Broadway Chambers, 4a The Broadway, Mill Hill NW7 3LL
Speed of response: Time of call: 3.38pm and then called back at 3.59. Six rings, answered by a receptionist and then put through to an adviser. 4/5
Telephone manner: Friendly and outgoing. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: Initial meeting free, during which a fee can be agreed – adviser could not give an estimate, as he said it can vary considerably per person. 4/5
Guidance given: The adviser said the most sensible solution would be to transfer the shopper’s savings to an investment Isa. This would give more growth potential but more risk. He said it was necessary to put the money away for at least five years, but that there were no penalty fees and the money would always be accessible. The downside to withdrawing money in the first five years was that medium-risk investments usually have a growth cycle of five years, so it could affect prospects of profiting from an upside. 4/5
Knowledge: The adviser seemed to have a good knowledge of investments, though his explanation of why long-term investment is necessary was not well articulated. 4/5
Email/web presence: bobby.k@leagold.co.uk / www.leagoldmiller.co.uk 5/5
Verdict: The adviser presented himself well.
31/35
Adviser (Independent) Ward Williams Financial Services, Bay Lodge, 36 Harefield Road, Uxbridge, Middlesex UB8 1PH
Speed of response: Time of call: 3.45pm. Three rings, answered by a receptionist and then put through to an adviser. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: Initial meeting free, then £400 to £500 for a report and an ongoing charge of about 0.5 per cent for annual advice. 5/5
Guidance given: The adviser said there were a lot of options, but that it was key to remember that with risk comes reward. To keep pace with inflation, he said it was necessary to take more risk, though this also meant leaving the money untouched for at least two to three years. Although there are no exit penalties for withdrawing funds, taking money out in the first six months would destroy returns because of the fees incurred, which he said providers did not refund. 4/5
Knowledge: The adviser seemed to have a decent understanding of investments and did a good job of answering the shopper’s questions. 4/5
Email/web presence: nigel.king@wardwilliams.co.uk / www.wardwilliamsfs.co.uk 5/5
Verdict: The adviser was clear in explaining the benefits of long-term investing, while reassuring him of his liquidity fears.
33/35
Provider: Harpenden Building Society
Speed of response: Time of call: 4.09pm. Two rings. 5/5
Telephone manner: Polite and friendly. 5/5
Relevant qualifications: She said she was not qualified to give advice. 0/5
Payment method: No charges. 5/5
Guidance given: The representative said Harpenden offered a cash Isa that paid 1.5 per cent interest, but it was closed to new members. When asked about bonds and fixed Isa accounts, she added that all of Harpenden’s saving vehicles were closed to new members, except for its Escalator Account, which paid 0.75 per cent on balances over £10,000. Finally, she suggested the shopper look on the website for more details on the different saving products, and said that the accounts were reviewed monthly. 4/5
Knowledge: She had a good grasp of some of Harpenden’s saving products. 4/5
Email/web presence: www.harpendenbs.co.uk/savings.asp 3/5
Verdict: The adviser was happy with the customer service, but disappointed by the lack of product options available.
26/35
