Adviser (independent)
Speed of response
Time of call: 11.03am. Answered by a receptionist after one ring who put the shopper straight through to an adviser.
5/5
Telephone manner
Very professional and friendly.
4/5
Relevant qualifications
The adviser said they were qualified up to level 6, and could give the shopper advice on pensions and investments as well as the tax implications of these.
5/5
Payment method
The first meeting would be free, after which a fee would be charged.
5/5
Guidance given
The adviser pointed out that before any investment decisions were made the couple would need to consider the cost of the move, which could be around £40,000 as well as the fact they may need nursing care, which would affect the investment choices they made. The couple sounded as if they needed a full financial check-up, as the shopper said she was concerned that they were paying unnecessary insurance for various household items.
5/5
Knowledge
The adviser managed to help the shopper and also explained that inheritance tax liabilities would be covered in any meeting.
4/5
Email/web presence
tim.cotton@money-wise.co.uk
5/5
Verdict
The adviser was helpful without bombarding the shopper with technical detail. He also gave the shopper some food for thought which could help her advise her parents.
33/35
Adviser (independent whole of market)
Charlwood IFA, 35 Seamoor Road, Bournemouth BH49AE
Speed of response
Time of call: 12.20am. Answered by an adviser after one ring.
5/5
Telephone manner
Professional and friendly, although the adviser did not offer his name.
4/5
Relevant qualifications
The adviser disclosed a level 4 qualification but that the shopper would probably be dealing with another more senior colleague if she came in for an appointment.
5/5
Payment method
The first meeting would be free, after which a fee would negotiated.
5/5
Guidance given
The adviser said that the company offered a discretionary investment management service, and that a stocks and shares-based investment would be possible even if the shopper's relatives were not interested in investing over a longer term. They would have to accept more risk. The adviser said inheritance tax could be discussed at a meeting, and reassured the shopper any investment made would be readily accessible if it were needed for immediate purposes, such as nursing care.
4/5
Knowledge
The adviser offered the shopper some reassurance about investing, and made her more aware of options other than instant access accounts.
4/5
Email/web presence
jon@charlwoodifa.com
5/5
Verdict
The adviser was helpful and seemed well-informed on the subject.
32/35
Adviser (restricted):
Astute Money Management, 12 Meyrick Park Crescent, Bournemouth BH37AQ
Speed of response
Time of call: 14.15pm. Answered by adviser before the rings ran out.
4/5
Telephone manner
Very professional and friendly. The shopper liked the fact that he introduced himself immediately.
5/5
Relevant qualifications
The adviser said he was qualified up to level 4 and could give the shopper advice on pensions and investments.
5/5
Payment method
The first meeting would be free, after which a fee would be charged. A free home visit was also offered.
5/5
Guidance given
The adviser asked about the couple’s pension arrangements, rather than assuming they were adequate. He also asked about the health of the couple, and whether they would be wanting to use any of the money for long-term leisure or travel plans. He said he would not usually advise people in their 70s to invest in shares but that if they were comfortable with risk and understood what it involved he would have no problem suggesting some investments.
5/5
Knowledge
The adviser seemed very savvy, and was also able to advise the shopper what to expect if her relatives needed to pay for nursing fees. The shopper was pleased he did not see age as a barrier to stockmarket investment.
5/5
Email/web presence
advice@astutemm.co.uk
5/5
Verdict
The adviser was helpful and explained his restricted status to the shopper, in very succinct terms. She would go back and seek further advice from this adviser without hesitation.
34/35
Provider:
LV= County Gates, Bournemouth, BH1 2NF
Speed of response
Time of call: 11.49am. Answered by an automated call system after one ring, shopper was provided with a list of options, and was then put through to a protection adviser who immediately transferred her to a senior investment adviser.
3/5
Telephone manner
The shopper was put on hold for some time and the adviser asked for her name but had to be asked for his, which the shopper thought might put off some potential clients.
3/5
Relevant qualifications
The adviser said he was qualified up to level 4 and could give advice on LV= products. However if potential clients wished to get advice on other providers’ products they would need to see an independent financial adviser.
5/5
Payment method
Payment would be made via an annual management charge, if the shopper chose to invest in one of the LV= products.
3/5
Guidance given
The adviser said he could only offer advice if the shopper’s parents wanted to invest money for five years or more. LV= offers a bond and a flexible savings plan as well as Isas, but all would require a longer-term investment approach. The shopper said her parents would like access to their money. The adviser said if they were interested in a purchasing an annuity – which she mentioned as another option – they should see an IFA.
2/5
Knowledge
The adviser did not really add anything to the shopper's knowledge, although she may mention to her family that some of the money might need to be tied up for five years or more.
3/5
Email/web presence
jonathan.turner@lv.com
5/5
Verdict
The adviser did his best to be helpful, and the shopper was grateful he recommended they see an IFA
24/35
