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 and selling practices, but to show constructively any weaknesses in the advice process.
Adviser (Independent): Jamieson Christie Wealth Management, Stanford House, 19 Castle Gate, Nottingham, NG1 7AQ
Speed of response: Time of call: 9.51am. Answered after five rings. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Level-four diploma. 5/5
Payment method: No fee for initial meeting. Later fees dependent on client’s requirements. Usually charge £175 an hour. 5/5
Guidance given: The adviser explained that there were many ways to mitigate inheritance tax. Options open to the aunt include insuring against IHT and giving parts of her estate away – although the latter option might not be something to consider until she is much older. He also explained the importance of planning for future events, such as moving house, which affect the estate planning process. 4/5
Knowledge: The adviser seemed to have good knowledge on the topic area, giving comprehensive explanations on options discussed. 4/5
Email/web presence: afrith@jamiesonchristie.com
www.jamiesonchristie.com 5/5
Verdict: Very good overall. The adviser gave a comprehensive explanation on the different options which could be applicable to his aunt as a way of mitigating IHT.
33/35
Adviser (Independent): Nelsons Solicitors, Pennine House, 8 Stanford Street, Nottingham, NG1 7BQ
Speed of response: Time of call: 10.05am. Call was answered by an automated machine. The call was taken by a representative within 10 seconds. 4/5
Telephone manner: Professional. 5/5
Relevant qualifications: The representative was a solicitor with expertise in this area. 5/5
Payment method: £420 (including VAT) for initial meeting in which a report of recommendations would be drawn up. 5/5
Guidance given: Giving assets to individuals or trusts, making IHT investments and insuring against IHT are just some options to consider, the solicitor said. She added that the aunt might be able to claim additional assets if she had been married in the past. She also stressed the importance of making a will. 5/5
Knowledge: The solicitor seemed familiar with the estate planning process, but refrained from giving too much advice over the phone, claiming that a face-to-face meeting would allow her to better gauge the aunt’s position. 4/5
Email/web presence: catherine.mccannah@nelsonslaw.co.uk
www.nelsonslaw.co.uk/ 5/5
Verdict: Short and sweet. Although the shopper had only spent a little over five minutes on the phone with the solicitor, he was satisfied with the amount of information given during the call.
32/35
Adviser (Independent): Investment Sense, Lace Market House, 54-56 High Pavement, Lace Market, Nottingham, NG1 1HW
Speed of response: Time of call: 10.13am. Answered after one ring. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Level-four diploma. 5/5
Payment method: No initial meeting fee. £125 per hour thereafter. 5/5
Guidance given: The adviser explained that there are a host of options available, all dependent on the aunt’s circumstances, adding that the aunt would need to come in for a face-to-face meeting in order for the adviser to gauge her position. The adviser explored the idea of IHT mitigation by giving assets away, as long as the amount given would be so much as to infringe on the aunt’s standard of living in later life. 4/5
Knowledge: The adviser displayed extensive knowledge of IHT, explaining the dangers of using life cover to minimise IHT. 4/5
Email/web presence: bev.stoves@investmentsense.co.uk 3/5
Verdict: Good. The shopper was more than satisfied with the advice he received, and appreciated the adviser’s friendly approach. 31/35
Provider: Vitality Life (call centre)
Speed of response: Time of call: 11.27am. Call was answered by an automated system. The shopper was transferred to a representative within two minutes. 3/5
Telephone manner: Polite. 4/5
Relevant qualifications: The representative said he was qualified to give protection advice but not financial advice. 3/5
Payment method: The cost depended on a variety of factors, including age, health, and the duration of life cover. 5/5
Guidance given: The representative said that life cover could be a way to mitigate IHT but it would need to be written in a trust. Any payment falling outside the estate could be used to pay the IHT liability. He explained that there were a host of other options to mitigate IHT although he was not qualified to discuss them. 4/5
Knowledge: The representative demonstrated clear knowledge of Vitality Life’s protection products. 3/5
Email/web presence: www.pruprotect.co.uk/personal-protection/life-insurance 3/5
Verdict: The representative was upfront about the service he could offer, and the shopper found him helpful.
25/35
