Each week the mystery shopper seeks advice from independent and tied advisers in the UK. The aim is to find out whether advisers are delivering the goods when it comes to the all-important initial telephone contact between client and adviser. It is only intended to evaluate this first interview, and it is understood that further meetings would be necessary before final decisions could be made. The purpose is not to expose poor selling practices, but to show constructively any weaknesses in the advice process. This week, the mystery shopper visits Bracknell. He is 28, unmarried and has started contributing to a pension pot in the past six months in his new role as manager of a phone shop. He has an annual salary of £27,000 and no outstanding loans, debts or mortgage.
Adviser (Independent): Regency Financial Consultancy, 14 Broome Court, Bracknell, RG12 7AB
Speed of response: Time of call 3.30pm. Call was answered after two rings. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Level 4 advanced diploma financial planning. 5/5
Payment method: No initial meeting fee, but £400-£500 upon creation of pension plan. 5/5
Guidance given: The adviser said she required more information before providing a specific analysis. However, based on the information she was told, she advised the shopper to research his existing pension plan and to save as much as he could afford for later life. She also told him to ensure he gets the most out of his current scheme before seeking an additional pension pot. 4/5
Knowledge: The adviser was very knowledgeable and explained the pending changes to the market following the 2014 Budget. 4/5
Email/website presence: deborah.cooke@regencyfc.com www.regencyfc.com 5/5
Verdict: The adviser was upfront but polite. The shopper appreciated her candour. 33/35
Adviser (Independent): Pennymatters Ltd, Building 329, Doncastle Road, Bracknell, RG12 8PE
Speed of response: Time of call 3.21pm. The call was answered after three rings. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Level 4 advanced diploma financial planning. 5/5
Payment method: No initial fee. Minimum charge of £400. 5/5
Guidance given: The shopper was advised to review his current expenses and contribute more when he could. However, the adviser explained he would be unable to give specific advice until he was given more information on the shopper’s current pension plan and lifestyle. He also explored how an additional pot could be beneficial depending on how much the shopper’s employer currently contributes. 3/5
Knowledge: The adviser was helpful, providing a brief overview of the pending changes to the market following the 2014 Budget. 4/5
Email/website: robshort@pennymatters.co.uk http://www.pennymatters.co.uk/ 5/5
Verdict: The adviser was very friendly and receptive to the shopper’s questions and concerns.
32/35
Adviser (Independent): Boyett Mayes, Calbourne House, Forest Road, Binfield, Berkshire, RG42 4HP
Speed of response: Time of call 2.54pm. The call was answered after one ring. 5/5
Telephone manner: Extremely friendly, helpful and professional. 5/5
Relevant qualifications: Level 4 advanced diploma financial planning. 5/5
Payment method: No initial fees. Fees dependant on review of individual financial circumstances. 5/5
Guidance given: The adviser told the shopper to seek out more information on his current pension plan. He said people under 30 usually contributed 10 per cent of their salary to their pension pot, but he recommended the shopper to consider contributing more. The adviser gave a comprehensive background on the forthcoming changes to pensions, as well as his own opinions on changes in practices by lenders – drawing, he said, from more than a decade-worth of industry knowledge. 5/5
Knowledge: The shopper was extremely impressed by his knowledge and his ability to convey his message in layman’s terms. 5/5
Email/web presence: information@boyettmayes.com http://www.cmifa.com 5/5
Verdict: The shopper would happily make an appointment to see the adviser. He was friendly, knowledgably and extremely helpful, without sounding patronising.
35/35
Provider: Aviva
Speed of response: Time of call 4.20pm. Call was answered immediately by an automated system, but the shopper was speaking to a customer service assistant within one minute and 24 seconds. 2/5
Telephone manner: Professional. 4/5
Relevant qualifications: The assistant said he was unqualified to give advice on pensions. 0/5
Payment method: Not applicable. 5/5
Guidance given: The assistant informed the shopper that the company did not offer financial advice, but directed him to the exact section of Aviva’s website where he could find the relevant information. The assistant also recommended that he speak with an independent financial adviser and directed him to a website where he could find one. 5/5
Knowledge: The shopper was impressed by the assistant’s knowledge of his company’s policies and his knowledge of a financial adviser database. 3/5
Email/web presence: http://www.aviva.co.uk/ 3/5
Verdict: Although the assistant was unable to give advice, the shopper found him to be extremely helpful and knowledgeable. 22/35