This week the mystery shopper is in Cheltenham. He is seeking to invest in a stocks and shares Isa for the first time, but is wary of the risk that it may involve.
Adviser (Independent)
Bank House Group, 125 The Promenade, Cheltenham, GL50 1NW
Speed of response:
Time of call: 2.11pm. The call was answered after three rings. 5/5
Telephone manner:
Polite and professional. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Generally 3 per cent, according to the adviser. 5/5
Guidance given:
The adviser did not offer any form of guidance as such but instead outlined the advice process with the shopper. He said that the free initial meeting would involve him doing a risk profile on the shopper to better gauge his attitude to risk. 3/5
Knowledge:
The shopper felt that the adviser was clearly knowledgeable in the area, but opted against offering guidance. 4/5
Email/web presence:
niall.macdonald@bhim.co.uk
www.bankhousegroup.co.uk
5/5
Verdict:
The adviser’s approach to the conversation was commendable – so too was the disclosure of his charging strategy without being prompted. However, the reason for the call was to receive guidance, which the adviser disappointingly did not offer.
32/35
Adviser (Independent):
Safehands Independent Financial Advisers, St George House, 29 St Georges Road, Cheltenham, GL50 3DU
Speed of response:
Time of call: 2.24pm. The call was answered after two rings. 5/5
Telephone manner:
Friendly and engaging. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Three per cent. 5/5
Guidance given:
There will always be an element of risk when it comes to investments, according to the adviser. He said that investments in property, bonds and equities all present different levels of risk. Stocks and shares are more suited for investments over a medium to long period of time. The adviser also explored the importance of having emergency funds before taking the plunge and tying money into a long-term investment. 4/5
Knowledge:
The adviser displayed good knowledge of the subject. 4/5
Email/web presence:
markmanning@safehandsifa.co.uk
www.safehandsifa.co.uk 5/5
Shopper’s choice:
Very good overall. The adviser was clearly clued up on the topic, and appeared genuinely interested in the shopper’s circumstances.
33/35
Adviser (Restricted Whole of Market Adviser):
Acorn Financial Planning, 25 St George’s Road, Cheltenham, GL50 3DT
Speed of response:
Time of call: 2.33pm. The call was answered after two rings. 5/5
Telephone manner:
Slightly rushed. 3/5
Relevant qualifications:
Fellow Membership (CII). 4/5
Payment method:
Three per cent, and 0.5 per cent for ongoing advice. 5/5
Guidance given:
The adviser said that the firm tends to use the Standard Life wrap, which features more than 2,000 funds to invest in. He added that he would need to do a fact find and a risk profile on the shopper to better gauge his attitude to risk. 3/5
Knowledge:
The adviser appeared well-versed in the advice area, although he did not actually offer any form of guidance. 4/5
Email/web presence:
pete@acornfp.co.uk
www.acornfp.co.uk
5/5
Verdict:
Average. The adviser did not come across as rude, but seemed rushed in his delivery. The shopper was also disappointed by the lack of guidance given.
29/35
Provider
HSBC
Speed of response:
The call was answered by an automated system, and was transferred to a representative within three minutes. 3/5
Telephone manner:
Professional. 4/5
Relevant qualifications:
The representative said that she was not qualified to give financial advice. 0/5
Payment method:
Fees vary. 3/5
Guidance given:
The representative stressed from the outset that she was not qualified to give financial advice but would only be able to disclose facts on the HSBC’s stocks and shares investments. 3/5
Knowledge:
Difficult to gauge. The representative directed the shopper to the exact page on the bank’s website which holds comprehensive details on the banks stocks and shares Isa options. While this was helpful, it was no indicator of her knowledge of the subject. 2/5
Email/web presence:
www.investments.hsbc.co.uk/products 3/5
Verdict:
Being unauthorised to give financial advice, the representative was limited as to what she could say. However, the shopper would have liked to learn more about HSBC’s stocks and shares Isa options rather that simply being directed to a web page.
18/35
