This week, the mystery shopper visits Bristol. The shopper and his fiancée, both 26, aim to purchase a property in approximately seven to 10 years’ time. He is seeking advice on whether to invest money in a cash Isa, investment Isa or other savings vehicles. The couple has £8,000 in savings.
Adviser (Independent): LEBC Group, Broad Quay House, Prince Street, Bristol, BS1 4DJ
Speed of response:
Time of call: 1.17pm. The call was answered after five rings. 5/5
Telephone manner:
Very friendly and talkative. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£160 per hour. 5/5
Guidance given:
The adviser attempted to dissuade the shopper from using his service because the firm’s minimum fee policy would not represent good value for the advice the shopper sought. However, he explained that investment Isas may not be the best option because the value of the initial investment could depreciate. Cash Isas, on the other hand, are not risky, although they offer a low rate of interest. The adviser also encouraged the shopper to look into the new help-to-buy Isa scheme. 5/5
Knowledge:
Very good. The adviser correctly explained that the help-to-buy Isa scheme allows savers to save up to £200 a month into their account, which the government will then top up by 25 per cent – capped at a total of £3,000. 5/5
Email/web presence:
keithallneult@lebc-group.com
www.lebc-group.com/about/our-people/bristol-branch 5/5
Verdict:
Superb. Although the adviser knew that he would not be receiving business from the shopper, he spent more than 20 minutes on the phone with the shopper, giving him detailed information on the savings options available to him, and how they related to his situation.
35
Adviser (Independent): 121-Advice Ltd, Rodney House, Clifton Down Road, Clifton, Bristol, BS8 4AL
Speed of response:
Time of call: 1.43pm. The call was answered after one ring. 5/5
Telephone manner:
Professional. 4/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Payment methods would vary. 4/5
Guidance given:
The adviser said that he would not be able to offer guidance or advice until the shopper completed a questionnaire which is sent to all new enquirers as standard practice. 3/5
Knowledge:
As the adviser was unable to offer advice or guidance, the shopper could not gauge his level of knowledge. 1/5
Email/web presence:
sk@121-advice.com
www.121-advice.com 5/5
Verdict:
Disappointing. Although the shopper appreciated the reason for the introductory questionnaire before receiving advice, he would have liked the adviser to offer a brief comment on his scenario.
27/35
Adviser (Independent): Churchill Wealth Management, 13 Alma Vale Road, Clifton, Bristol, BS8 2HL
Speed of response:
Time of call: 1.49pm. The call was answered after four rings. 5/5
Telephone manner:
Friendly and polite. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£2,000 minimum. 5/5
Guidance given:
The adviser explained that he would not be able to help the shopper because the minimum fee for his services would not represent good value for the shopper in the area of advice he sought. He encouraged the shopper to speak to cheaper advisory firms. The adviser, however, did mention that cash Isas guarantee returns on investments, whereas stocks and shares Isas are subject to market volatility and clients’ attitudes to risk. The adviser said he should initially consider investing in a stocks and shares Isas, before transferring the money into a cash Isa. 4/5
Knowledge:
The adviser displayed comprehensive knowledge in this area of advice. 4/5
Email/web presence:
awalsh@churchillwm.co.uk
www.churchillinvestmentmanagement.co.uk 5/5
Verdict:
The shopper appreciated the guidance offered by the adviser, although the latter knew he would be turning down new business by offering the information.
33/35
Provider: Barclays
Speed of response:
Time of call: 2.08pm. Call answered by an automated system, then transferred to a representative within 40 seconds. 4/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
The representative said she was not qualified to give financial advice. 0/5
Payment method:
N/A 0/5
Guidance given:
The representative said that investment Isas are a good investment over the long term, although they are subject to market volatility. The suitability of the product would depend on the shopper’s attitude to risk. She added that cash Isas guarantee returns. 3/5
Knowledge:
The representative displayed good know of the firm’s Isa products. 3/5
Email/web presence:
www.barclays.co.uk/Savings/ISAs/InstantCashISAIssue1/P1242628917544
3/5
Verdict:
The representative offered good guidance and seemed knowledgeable about the firm’s Isa products.
18/35
