InvestmentsOct 1 2015

Mystery Shopper: Chester

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This week the mystery shopper is in Chester, Cheshire. He has recently inherited £30,000, which he and his wife want to invest ethically.

Adviser (Independent)

D&G Independent, 61 Ringway, Waverton, Cheshire, CH3 7NN

SPEED OF RESPONSE

Time of call: 10.35am.

The call was answered after two rings.

5/5

TELEPHONE MANNER

Warm, polite and professional.

5/5

RELEVANT QUALIFICATIONS

Level 4 diploma.
5/5

PAYMENT METHOD

First meeting free. Initial fee: 4 per cent of sum invested. Ongoing: 2.2 per cent a year.

5/5

GUIDANCE GIVEN

The adviser said ethical funds varied as to where they invested, and explored the importance of investing in those with good track records.

3/5

KNOWLEDGE

The adviser displayed a good knowledge of funds, but did not go into other relevant areas such as Isas.

3/5

EMAIL/WEB PRESENCE

www.dandgifa.co.uk
darren.booth@dandgifa.co.uk

5/5

VERDICT

An experienced adviser who was receptive to the enquiry, but who did not take the opportunity to ask questions and further display his knowledge. The shopper was surprised that the subjects of Isas and investment spread had not been raised during the conversation.

31/35

Adviser (Independent)

Innes Reid Investments, Dee House, Hoole Road, Chester, Cheshire, CH2 3NJ

SPEED OF RESPONSE

Time of call: 11.02am.
The call was answered after two rings.

5/5

TELEPHONE MANNER

Polite and professional.

5/5

RELEVANT QUALIFICATIONS

Chartered financial planner.

5/5

PAYMENT METHOD

Initial fee: 3 per cent of sum invested. Ongoing fee: A choice of either 0.5 per cent of fund a year for annual review; 0.75 per cent for one meeting and two reviews a year; or 1 per cent for two meetings and two reviews a year.

5/5

GUIDANCE GIVEN

The adviser explained the ethical route presented its own risk because of limits placed on investment. He added that there were few ethical funds avaliable in the market, and the geographical focus of these funds may just be UK or global. He also mentioned that spread of investment may be important, with holdings in fixed interest as well as equities. He also raised the issue of a combined husband and wife Isa.

4/5

KNOWLEDGE

The adviser showed a clear understanding of the issues.

3/5

EMAIL/WEB PRESENCE

james@innesreid.co.uk
www.innesreid.co.uk

5/5

VERDICT

The adviser was good on investment, but did not go further to look into how it might fit in with the shopper’s existing financial situation.

32/35

Adviser (independent)

Yates & Co Independent Financial Advisers, Parkers Court, Shipgate Street, Chester, Cheshire, CH1 1RT

SPEED OF RESPONSE

Time of call 11.30am.
The call was answered after three rings.

4/5

TELEPHONE MANNER

Polite and professional.

5/5

RELEVANT QUALIFICATIONS

Level 4 diploma.

5/5

PAYMENT METHOD

Initial fee: 1 per cent of amount invested plus £1,000.
Ongoing fee: 1 per cent of fund a year.

5/5

GUIDANCE GIVEN

The planner said that he only offered advice on a minimum investment of £35,000 so using him would be inappropriate. However, the adviser told the shopper to consider the cost of any debt and whether it would be more appropriate to pay it off, before thinking of investment. He too raised the issue of Isas.

4/5

KNOWLEDGE

Good. The adviser appeared keen to ensure the shopper did not see the investment in isolation from other personal finance issues.

4/5

EMAIL/WEB PRESENCE

gareth@yatesifa.co.uk
www.yatesifa.co.uk

5/5

VERDICT

Very good, considering that from the outset the adviser told the shopper he would not be able to justify charging his fees based on the amount he was seeking to invest.

33/35

Provider

Fidelity Investments

SPEED OF RESPONSE

Time of call: 12.02pm. The call was answered at 12.04pm after going through an automated system.

3/5

TELEPHONE MANNER

Pleasant, clear and professional.

5/5

RELEVANT QUALIFICATIONS

The representative said she was not qualified to give financial advice.

0/5

PAYMENT METHOD

An annual service fee of 0.35 per cent on top of fund charges.

5/5

GUIDANCE GIVEN

The representative said that no guidance would be given, and that the shopper would have to research funds using the platform’s online tools and information.

3/5

KNOWLEDGE

The representative displayed very good knowledge of her company’s products.

5/5

EMAIL/WEB PRESENCE

www.fidelity.co.uk/investor

3/5

VERDICT

Admirably clear presentation. The representative raised the issue of Isas, and took the time to show that the platform did hold ethical funds.

24/35