This week the mystery shopper is in Winchester, Hampshire. He is seeking advice on equity release on behalf of his parents who are keen to obtain capital from their home, worth £750,000, and disseminate the money among their children.
Adviser (Independent)
Asset Management Financial Advisers, Chesil Mews House, Milland Road, Winchester, SO23 0QA
SPEED OF RESPONSE
Time of call: 12.11pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Polite, professional and friendly.
5/5
RELEVANT QUALIFICATIONS
Chartered financial planner. The adviser said he also had an ER1 – equity release (CII) qualification allowing him to advise on equity release.
5/5
PAYMENT METHOD
First meeting free. £600 fee to set up equity release – usually deducted from cash sum released. No ongoing charge from adviser.
5/5
GUIDANCE GIVEN
The adviser said he would explore the shopper’s parents’ circumstances and objectives in the initial meeting, to establish the best possible solution to meet their needs – which might not be equity release. He added all companies he used have a negative equity guarantee.
3/5
KNOWLEDGE
The adviser evidently knew the market. He explained the main pitfalls of equity release, showing why it was not the right approach in all cases.
4/5
EMAIL/WEB PRESENCE
bruce.mckendrick@assetmanagement.co.uk
www.assetmanagement.co.uk
5/5
VERDICT
The adviser explored the subject in a calm and clear manner. He clearly knew the market, giving a comprehensive explanation as to why equity release was not for everyone.
32/35
Adviser (Independent)
Mark Biddlecombe, 2plan Wealth Management, Wessex House, Upper Market Street, Eastleigh, SO50 9FD
SPEED OF RESPONSE
Time of call: 12.44pm.
The call was answered after one ring.
5/5
TELEPHONE MANNER
Friendly and professional, despite being “in between meetings”.
5/5
RELEVANT QUALIFICATIONS
Certificate in Long-Term Care (CF8) and Certificate in Equity Release (CF7).
5/5
PAYMENT METHOD
First meeting free. Fee is 1 per cent of sum released, subject to a minimum of £300.
5/5
GUIDANCE GIVEN
The adviser warned the shopper to be wary of the size of adviser fees for this area of advice. He also said his company’s code of conduct required a younger member of the family to be present in meetings when dealing with clients over the age of 75. He added that other solutions would be explored in the initial meeting.
3/5
KNOWLEDGE
He appeared knowledgable in subject. He explored past problems, and explained why this area required a great deal of care to arrange properly.
4/5
EMAIL/WEB PRESENCE
mark.biddlecombe@2plan.com
markbiddlecombe.2plan.com/default.aspx
5/5
VERDICT
Very good. The shopper was satisfied with the information given by the adviser.
32/35
Adviser (Independent)
Southern Independent Financial Consultancy, 8a Kingfisher House, Hursley Road, Chandlers Ford, Eastleigh, SO53 2FU
SPEED OF RESPONSE
Time of call: 2.11pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Polite and professional.
5/5
RELEVANT QUALIFICATIONS
Certificate in Long-Term Care (CF8).
5/5
PAYMENT METHOD
First half-hour free. Then typical fee around £1,500. Provider’s fee on top would typically be £1,000.
5/5
GUIDANCE GIVEN
The adviser said she would want other members of the family at the meeting. She warned that interest rolling up against the value of the home could seriously affect how much is left in the estate, depending on how long the couple live. However, she said she would investigate other options once she knew what the couple wanted, as equity release may not be the only means of achieving their aim.
5/5
KNOWLEDGE
She knew the market, and was particularly good at explaining how equity release works.
4/5
EMAIL/WEB PRESENCE
andrea@southernifc.co.uk
www.southernifc.co.uk
5/5
VERDICT
The adviser was able to speak about equity release in plain language. She was also sensitive to the human side of the issue.
34/35
PROVIDER
Just Retirement
SPEED OF RESPONSE:
Time of call: 2.31pm. Call answered by an automated system and transferred to the representative within five minutes.
2/5
TELEPHONE MANNER
Pleasant and polite.
5/5
RELEVANT QUALIFICATIONS
The representative said she was not qualified to give financial advice.
0/5
PAYMENT METHOD
She explained that the shopper’s parents would have to pay adviser fees, and that the cost of products was set on a case-by-case basis.
3/5
GUIDANCE GIVEN
The representative said the shopper should seek professional advice on equity release from an adviser, who would search the whole market for the right product.
3/5
KNOWLEDGE
She gave the shopper the website addresses of both the Equity Release Council and unbiased.co.uk, for education and to find a financial adviser respectively.
3/5
EMAIL/WEB PRESENCE
www.justretirement.com
3/5
VERDICT
The representative did as much as she could be reasonably expected to do, quickly assessing the shopper’s parents’ needs.
19/35