This week, the mystery shopper visits Portsmouth. The shopper is looking to take out a junior Isa on behalf of his two-year-old son. He aims to invest roughly £300 a month into a cash and/or investment Jisa.
Adviser (Independent): Wallace Nichols Financial Services, 8 Clarendon Road, Southsea, PO5 2EE
Time of call:
2.54pm. Call answered after two rings. 5/5
Telephone manner:
Friendly yet professional. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
No charge for initial meeting. One-off charge of £275 for this type of transaction. 5/5
Guidance given:
The adviser said that taking out an investment Jisa was more likely to yield greater returns in the long run, although the shopper’s investment would be subject to market volatility. He added that although the cash Jisa offered guaranteed returns, investment was likely to be the best possible solution for the shopper, partly because of the current record low rate of interest. The adviser explored the option of the shopper using his own Isa allowance if he reached the £4,080 savings limit for Jisa.
4/5
Knowledge:
The adviser demonstrated comprehensive knowledge of Jisas and the performance of the investment market over the past decade. 4/5
Email/web presence:
info@wallacenichols.co.uk
www.wallacenichols.co.uk 5/5
Verdict:
Short and sweet. The shopper was on the phone to the adviser for just under five minutes but was impressed by the substance of the guidance he received over the relatively short period of time.
33/35
Adviser (Independent): Independent Financial Solutions, 23 Brookside Road, Old Bedhampton, Havant, Hants, PO9 3JL
Speed of response:
Time of call: 3.31pm. Call answered after three rings. 5/5
Telephone manner:
Polite and accommodating. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
No charge for initial meeting. Latter fee dependent on individual circumstances. 4/5
Guidance given:
The adviser recommended the investment Jisa option because it is more likely to generate a higher return than cash Jisa. He added the shopper could afford the risk of market volatility because the investment will span over 16 years once his son is 18 – at which point he is able to cash in that investment. 5/5
Knowledge:
The adviser seemed to know a lot about Jisas and the investment marketplace. 5/5
Email/web presence:
advice@i-finsols.co.uk
www.independent-financial-solutions.co.uk 5/5
Verdict:
Very good. Although the adviser admitted that seeking professional advice on Jisas might not necessarily be the best route to go down because of the cost for the advice, he gave comprehensive, clear and concise guidance to help the shopper make an informed decision.
34/35
Adviser (Independent): Deep Blue Financial, Deep Blue House, Lower Quay, Fareham, PO16 0XR
Speed of response:
Time of call: 3.44pm . Call answered after two rings. 5/5
Telephone manner:
Very friendly and talkative. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
No charge for initial meeting. Latter fee depended on the shopper’s individual circumstances. 4/5
Guidance given:
The adviser said investment Jisas are likely to deliver a better return over the course of the investment despite market volatility. He added that the level of interest makes investing in cash Isas and Jisas unappealing to investors. The adviser also explored the option of the shopper investing in a pension for his son –although the downside to this option was that the son would be unable to access the saving until his retirement age.
4/5
Knowledge:
The adviser seemed to be well-versed in Jisas, the investment market and pensions. 4/5
Email/web presence:
paulbamsey@deepbluefinancial.com
www.deepbluefinancial.com 5/5
Verdict:
The adviser delivered a good service and gave helpful guidance – even though he conceded that the shopper could find a good solution without his help.
32/35
Provider: Halifax
Speed of response:
Time of call: 4.00pm. Call answered by an automated system, and transferred to a representative within 90 seconds. 3/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
The representative said she was not qualified to give financial advice. 0/5
Payment method: £1 to open a Jisa account. 5/5
Guidance given:
The representative said that investment Jisas could deliver a good return but is subject to market volatility, adding that a return on the initial investment is not guaranteed. Whereas cash Jisa offer guaranteed return which is subject to the rate of interest. 3/5
Knowledge:
While displaying good knowledge of Halifax cash Isa products, the rep admitted she would be unable to comment much on investment Isa – though offering to transfer the shopper onto the relevant person. 2/5
Email/web presence:
www.halifax.co.uk/isas 3/5
Verdict:
The representative was friendly, informative and willing to go above and beyond to ensure that the shopper receive the guidance he sought.
21/35
