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 Manchester. He is contemplating taking out a life insurance policy following news that his girlfriend is pregnant with their first child. He is 26, earns £27,000 a year. His partner, also 26, earns £26,000 a year. Neither have any medical conditions.
Adviser (Independent): Wayne Austin IFA
6th Floor, Sunlight House
Quay Street
Spinningfields
Manchester
M3 3JZ
Time of call: 2.13pm. The call was answered after two rings. 5/5
Telephone manner: Friendly and engaging 5/5
Relevant qualifications: Level four diploma 5/5
Payment method: Adviser is paid a commission by provider upon completion of a life insurance policy. 5/5
Guidance given: As the shopper stated his intention to purchase a property in the future, the adviser said he should consider opting for a cover large enough to pay off a mortgage, and to ensure that his girlfriend and child would be financially stable if he were to die. Given that the shopper is relatively young and has no medical conditions, the shopper would be able to secure a competitive policy, according to the adviser, which could then last until retirement age if the shopper chose a guaranteed premium plan. The adviser also explored the possibility of adding critical illness protection as part of the policy. 4/5
Knowledge: The adviser displayed clear and precise knowledge of life insurance products including joint protection and family income benefit. 4/5
Email/web presence: adam@wayneaustinifa.com
www.wayneaustinifa.com 5/5
Verdict: Good overall. The adviser gave a detailed explanation of the different products and offered recommendations based on his industry knowledge.
32/35
Adviser (Independent): Suttons Independent Financial Advisers
135 Northenden Road
Sale Moor
Manchester
M33 3HF
Time of call: 2.47pm. The call was answered after two rings. 5/5
Telephone manner: Friendly yet professional 5/5
Relevant qualifications: Level four diploma 5/5
Payment method: adviser is paid a commission by provider upon completion of a life insurance policy 5/5
Guidance given: The adviser said he would need to have an initial meeting with the client before giving guidance. However, he said the shopper should assess his liabilities and consider the cost of a mortgage in the future before taking out a policy. 2/5
Knowledge: The adviser seemed knowledgeable, but refrained from divulging more information over the phone. 3/5
Email/web presence: stephen@suttonsifa.co.uk
www.suttonsifa.co.uk 5/5
Verdict: The shopper was left a bit disappointed with the lack of meaningful advice, but appreciated the adviser’s friendly approach.
30/35
Adviser (Independent): Mutual Financial Management LLP
Egerton House South Towers Business Park
Wilmslow Road
Didsbury
M20 2DX
Time of call: 3.01pm. The call was answered after two rings 5/5
Telephone manner: Friendly and polite 5/5
Relevant qualifications: Level four diploma 5/5
Payment method: The adviser is paid a commission by provider upon completion of a life insurance policy. 5/5
Guidance given: The adviser said that the shopper would be offered a competitive policy because of his age and health. He added that the shopper should consider what his liabilities were and the possibility of buying a mortgage before deciding the level of cover to go for. 3/5
Knowledge: The adviser demonstrated comprehensive knowledge in the marketplace – readily using examples of deals he had secured for previous clients to illustrate his points. 3/5
Email/web presence: gedwards@mutualfm.co.uk
www.mutualfm.co.uk 5/5
Verdict: The shopper was impressed by the adviser. He conveyed everything in a friendly and polite manner and and clearly and concisely answered the shopper’s many questions.
31/35
Provider: Vitality Life
Time of call: 2.32pm. The call was picked up by an automated system and was transferred to a representative within a minute. 5/5
Telephone manner: Professional. 4/5
Relevant qualifications: The adviser said he was level four diploma qualified. 5/5
Payment method: The cost is dependent on a variety of factors including age and health. 3/5
Guidance given: The adviser said he would only be able to give specific advice, which would require the shopper undergoing a screening process, at the end of which he would be emailed quotes on the firm’s life insurance policies. 2/5
Knowledge: The adviser seemed to have good knowledge of the topic area. 3/5
Email/web presence: www.pruprotect.co.uk/ 3/5
Verdict: The shopper welcomed the bespoke advice service but was not comfortable in agreeing to the firm’s terms and conditions over the phone.
25/35
