This week the mystery shopper is in Bath. He and his partner plan to apply for a mortgage in the near future and are also considering taking out a protection policy alongside it. The pair are both aged 27, earn a combined salary of £60,000 and have no children.
Adviser (Independent):
City Financial Planning, 3 Princes Buildings, George Street, Bath, BA1 2ED
Speed of response:
Time of call: 2.02pm. The call was answered after two rings. 5/5
Telephone manner:
Professional. 4/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
The adviser explained that people often look to take out some form of protection with their mortgages to enable their partners and/or other dependents to pay off the mortgages in the event of their deaths. He added that mortgage payment protection covers the monthly mortgage levy in the event of critical illness or unemployment. The adviser said that he would need to meet the couple and do a fact-find before offering tailored advice. 4/5
Knowledge:
The adviser displayed good knowledge of the topic. 4/5
Email/web presence:
av@cityfinancialplanning.co.uk
www.cityfinancialplanning.co.uk 5/5
Verdict:
While the conversation had only lasted a couple of minutes, the shopper was very satisfied with the information given.
32/35
Adviser (Independent):
Morgans, 41 Gay Street, Bath, BA1 2NT
Speed of response:
Time of call: 14.09pm. Answered after two rings. 5/5
Telephone manner:
Notably friendly, polite and informative. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
Protection is great for individuals who have dependents, but not essential for those who do not, according to the adviser, who said that the shopper probably need not take out a protection policy alongside his mortgage. The adviser went the extra mile by noting the shopper’s basic details and using the information to produce an estimate for a lifetime cover product. 4/5
Knowledge:
Comprehensive. The adviser was clearly well-versed in the subject. 4/5
Email/web presence:
steve.johnston@mfgl.com
www.mfgl.com 5/5
Verdict:
Excellent. The shopper felt well-informed about his options after the conversation.
33/35
Adviser (Independent):
Money Wise IFA, 7 Chapel Row, Queen Square, Bath, BA1 1HN
Speed of response:
Time of call: 2.23pm. Answered after three rings. 5/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
Level four diploma and CEMAP mortgage advice qualification. 5/5
Payment method:
Flat fee of £495 and commission. 5/5
Guidance given:
The adviser said the shopper could take out a mortgage life insurance which pays out a lump sum in the event of his death, ensuring that any dependents need not worry about monthly repayments. He also mentioned mortgage payment protection, which would cover the cost of mortgage payments in the event of accident, sickness or unemployment.
The adviser explained that the monthly premiums of protection products are influenced by a number of factors including age, lifestyle and occupation. 5/5
Knowledge:
Excellent. The adviser certainly had a sound grasp of the topic. 4/5
Email/web presence:
james@money-wise.co.uk
www.money-wise.co.uk 5/5
Shopper’s choice:
Superb. The shopper was thoroughly satisfied with the guidance he received.
34/35
Provider: 3XD
Speed of response:
Time of call: 2.44pm. The call was answered by an automated service, then transferred to a representative within 30 seconds. 5/5
Telephone manner:
Professional and friendly. 5/5
Relevant qualifications:
The representative said she was not qualified to give financial advice. 0/5
Payment method:
Payment would vary on a case-by-case basis. 4/5
Guidance given:
Recommending that the shopper seek financial advice, the representative offered to give him a financial adviser’s contact details. She explained that the provider offered mortgage payment protection insurance which would cover the cost of mortgage repayments in the event of illness or unemployment. 4/5
Knowledge:
The representative showed good knowledge of the provider’s mortgage payment protection product. 3/5
Email/web presence:
www.3xd.co.uk/product_information/mortgage_payment_protection_insurance 3/5
Verdict:
Good. The representative was open about her inability to offer financial advice, and had been willing to go the extra mile and give the shopper with an adviser’s contact details.
24/35
