This week the mystery shopper is in the North London borough of Barnet. He is seeking advice on how to protect his family in the event of his death or incapacitation. He has a wife, who has recently left work, and two school-age children. The only protection he has – apart from his company’s pension scheme benefits – is £200,000 life cover as protection for a £200,000 mortgage.
Adviser (independent)
Holden & Partners IFA, 49 Union Street, Barnet, London, EN5 4HY
SPEED OF RESPONSE:
Time of call: 12.00 noon. The call was answered after two rings.
5/5
TELEPHONE MANNER:
Hesitant but helpful.
4/5
RELEVANT QUALIFICATIONS:
Chartered financial planner.
5/5
PAYMENT METHOD:
The initial meeting would be free. Thereafter for protection products the adviser would take a disclosed commission.
5/5
GUIDANCE GIVEN:
After getting the shopper to provide the relevant information, the adviser quickly picked up that income protection was required. Explaining how IP worked, he said it would be tax-free because of how it was written. The shopper had to prod him to consider alternatives, such as ASU.
3/5
KNOWLEDGE:
Confident and relaxed, the adviser kept the subject simple, and was ready with answers when the shopper asked him for alternatives, such as explaining why ASU would not be adequate for his needs because “income protection is more robust”.
4/5
EMAIL/WEB PRESENCE:
rbiggadike@holden-partners.co.uk
www.holden-partners.co.uk
5/5
VERDICT:
The information given was a tad cursory, but the adviser was confident and helpful.
TOTAL SCORE: 31/35
Adviser (independent)
EA Financial Solutions, 869 High Road, Finchley, Barnet, London, N12 8QA
SPEED OF RESPONSE:
Time of call 12.30pm. The call was answered after two rings. 5/5
TELEPHONE MANNER:
Polite and businesslike.
5/5
RELEVANT QUALIFICATIONS: Chartered financial planner.
5/5
PAYMENT METHOD:
First meeting free. Payment on fee basis thereafter.
5/5
GUIDANCE GIVEN:
The adviser’s probing questions about what the shopper really wanted elicited details of assets and income. He said a plan would involve upping life cover to £300,000, and suggested income replacement and possibly critical illness cover, as well as a review of the mortgage. He asked if the shopper had a will in place.
4/5
KNOWLEDGE:
Clearly possessing a very high level of knowledge, the adviser was able to rapidly assess the shopper’s needs. The only negative point was that he did not ask about company pension scheme benefits.
4/5
EMAIL/WEB PRESENCE:
minesh@eafsolutions.co.uk
www.eafsolutions.co.uk
5/5
VERDICT: The adviser’s breadth of knowledge and ability to assess the situation quickly and provide an all-round solution would give anyone confidence.
TOTAL SCORE: 33/35
Adviser (independent)Phillip Masters Independent Financial Advisers, 37 Lodge Lane, Finchley, Barnet, London, N12 8JG
SPEED OF RESPONSE: Time of call: 1.07pm. The call was answered after two rings by an administrator, who quickly put the shopper through to the adviser Phillip.
5/5
TELEPHONE MANNER: Friendly and courteous.
5/5
RELEVANT QUALIFICATIONS: Level four diploma.
5/5
PAYMENT METHOD: First hour free, then payment by commission on protection products.
5/5
GUIDANCE GIVEN: The adviser took time to establish the shopper’s financial situation, including asking about company pension benefits (which no others did). He asked if the shopper had a will. Then he took the shopper through the implications of options such as increasing life cover, critical illness and income protection, but was careful not to be prescriptive.
5/5
KNOWLEDGE:
The adviser was clearly highly experienced, and was able to illustrate points with examples of how he had assisted clients.
5/5
EMAIL/WEB PRESENCE:
phillip@pensionsuk.co.uk
www.pensionsuk.co.uk
5/5
VERDICT:
Shopper’s choice
A friendly, approachable manner backed by considerable experience. The shopper did not feel that he was being sold to.
TOTAL SCORE: 35/35
PROVIDER
Legal and General Financial Solutions Direct
SPEED OF RESPONSE:
Time of call: 2.28pm. Two rings to a call handler who checked what the shopper wanted, then put him through to an adviser.
4/5
TELEPHONE MANNER:
Polite and helpful.
5/5
RELEVANT QUALIFICATIONS: ““Qualified financial consultant.”
2/5
PAYMENT METHOD:
The shopper was told there would be no fee as he would just pay a premium for the product. Advisers are remunerated by a salary and bonuses based on the business they transact.
4/5
GUIDANCE GIVEN:
The adviser described the range of products that L&G could provide, including critical illness, income replacement and unemployment family cover. He wanted to book an appointment for a full review, which would take 15 to 20 minutes. So to be fair there was little time to show expertise or otherwise.
3/5
KNOWLEDGE:
The adviser clearly knew what he was talking about.
4/5
EMAIL/WEB PRESENCE:
nick.hurley@landg.com
www.legalandgeneral.com
5/5
VERDICT:
Quite good. Plus points to L&G for having a proper advice line – and to the adviser for volunteering his telephone number without being asked.
TOTAL SCORE: 27/35
