This week the mystery shopper is in the Eastbourne area. Having inherited £20,000, he is interested in investing in a stocks and shares Isa for the first time, but is wary of the risk this may involve.
Adviser (Independent):
MDW Associates (Ifa), 57 Sancroft Road, Eastbourne, BN20 8HA
Speed of response:
Time of call: 2.28pm.
The call was answered after four rings. 5/5
Telephone manner:
Polite and professional. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Three per cent of initial investment and 0.5 per cent thereafter. 5/5
Guidance given:
The adviser said stocks and shares Isas investments are suitable over a minimum five-year period. He added that investing into a pension would be another option, although the shopper would not be able to access his money until he reached retirement age.
The adviser said that he would require a face-to-face meeting to ascertain the shopper’s objectives and risk profile. 3/5
Knowledge:
The adviser displayed comprehensive knowledge of investments and pensions. 4/5
Email/web presence:
malcolm@mdwassoc.uk
www.pangolin.plus.com/mdwassoc/contact-us.html 5/5
Verdict:
Very good overall. The adviser was friendly and helpful. His words did not come across as a sales pitch, and far from pressuring the shopper to arrange a meeting, he genuinely seemed to care about his situation.
32/35
Adviser (Independent):
T&L Financial Services, 21 Station Road, Hailsham, BN27 2BN
Speed of response:
Time of call: 2.47pm.
The call was answered after three rings. 5/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Flat fee or 3 per cent of initial investment. 5/5
Guidance given:
The adviser said that the suitability of stocks and shares investments would depend on the shopper’s attitude to risk. He added that the rates offered by cash Isas were not particularly attractive because of the low base rate – although interest rates may rise this year. 3/5
Knowledge:
Although the adviser did not go into detail on the available products because he required more information on the shopper’s financial background, he seemed knowledgeable in the area. 3/5
Email/web presence:
dweekes@tandlfinancial.co.uk 3/5
Verdict:
The shopper appreciated the adviser’s friendly conduct of the conversation, but did not feel the adviser was particularly informed on investment Isas. 29/35
Adviser (Independent):
Complete Financial Planning, CFP House, 22 Cornfield Rd, Eastbourne, BN21 4QE
Speed of response:
Time of call: 2.54pm.
The call was answered after three rings. 5/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
A minimum charge of £700. 5/5
Guidance given:
The adviser said that he would need to have a face-to-face meeting with the shopper to better gauge his financial circumstances before offering advice. 2/5
Knowledge:
The adviser failed to offer any real insight into investment Isas. 1/5
Email/web presence:
paul@cfp-uk.com
www.cfp-uk.com 5/5
Verdict:
Rather than address the matter at hand, the adviser seemed keen on arranging a meeting with the shopper.
28/35
Provider: Fidelity
Speed of response:
Time of call: 3.04pm. The call was answered by an automated system and transferred to an adviser within 30 seconds. 4/5
Telephone manner: Professional yet friendly. 5/5
Relevant qualifications:
The representative said that he was not qualified to give financial advice. 0/5
Payment method:
A 0.35 per cent monthly service charge. Fund management charges would vary. 5/5
Guidance given:
The representative said that the provider offered a wide range of funds across different risk levels. He recommended that the shopper browse the different funds available on Fidelity’s website, and offered to guide the shopper through the site. 3/5
Knowledge:
The representative showed good knowledge of the provider’s products. 3/5
Email/web presence:
www.fidelity.co.uk/investor/isa/stocks-and-shares-isa.page 3/5
Verdict:
Despite feeling slightly pressured towards the end of the conversation when the representative asked for his postcode to log the call, on the whole the shopper was satisfied with the service he had received. 23/35
