This week the mystery shopper visits Warwickshire. The shopper works for a small company that does not offer a workplace pension scheme, but he is keen to save for retirement. He is 27 years-old, earns £30,000 and rents a property.
Adviser (Independent):
Abacus Associates Financial Services Limited, Citibase Plc, 101 Lockhurst Lane, West Midlands CV6 5SF
Speed of response: Time of call: 3.05pm. Answered after two rings. 5/5
Telephone manner: Professional, friendly, polite and notably informative. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: Minimum cost of £500. 5/5
Guidance given:
The adviser said the shopper’s employers are legally bound to offer a workplace pension by 2018. He added that the first port of call would be to find out when the company is due to stage. On the other hand, the adviser explored the benefits of a personal pension. He said they are tailored to individual preferences whereas a group scheme often adopts a one-size-fits-all approach. 4/5
Knowledge:
The adviser demonstrated good knowledge on the different staging dates, the minimum level of employer contribution and the wider topic in general. 4/5
Email/web presence:
xennonkaihorner@abacusadvisers.co.uk
abacusadvisers.co.uk 5/5
Verdict:
Very good. The adviser patiently listened to the shopper’s questions and delivered comprehensive and helpful answers.
33/35
Adviser (Independent):
Financial Design (Ifa) Ltd, The Business Resource Network, 53 Whateleys Drive, Warwickshire CV8 2GY
Speed of response: Time of call: 3.26pm. Answered after five rings. 5/5
Telephone manner: Polite, friendly and professional. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: Varies – on a case-by-case basis. 4/5
Guidance given:
The adviser said the shopper’s employers are legally obliged to offer a workplace pension scheme by 2018. He said it might be in the shopper’s interest to hold fire and wait for the workplace pension to come in because of the cost associated of setting up a personal pension. He added he would need to do a fact-find before offering tailored advice. 4/5
Knowledge: Good – the adviser was clearly well versed in the area. 4/5
Email/web presence:
matt@financial-design.co.uk
www.financial-design.net 5/5
Verdict:
The adviser delivered useful guidance even though he knew it was unlikely to be in his commercial interest.
32/35
Adviser (Independent):
SFB Wealth Management Limited, Manor Court Chambers, Townsend Drive, Nuneaton, CV11 6RU
Speed of response: Time of call: 3.26pm. Answered after two rings. 5/5
Telephone manner: Friendly, polite, helpful and professional. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: Around £800 to set up a self-invested personal pension. 5/5
Guidance given:
The more costeffective option would be to wait for the implementation of a workplace pension rather than going it alone because of the arrangement costs of the latter, according to the adviser. He added that employer contributions make the former an attractive proposition despite many companies opting to implement the minimum requirement of 1 per cent contributions. 5/5
Knowledge:
The adviser displayed good knowledge on the topic. 4/5
Email/web presence:
James.inglis@sfb.uk.com
www.sfbwm.co.uk 5/5
Verdict:
The adviser was friendly in his approach while reassuring the shopper that he would go over it all again so he fully understood in a face-to-face meeting.
34/35
Provider:
Wesleyan
Speed of response: Time of call: 3.46pm. The call was answered by an automated system. The shopper was transferred to a representative in just over a minute. 4/5
Telephone manner: Professional. 5/5
Relevant qualifications: The representative said he was not qualified to offer financial advice. 0/5
Payment method: Varies – on a case-by-case basis. 4/5
Guidance given:
The representative was quick to mention that he was not qualified to offer financial advice. He offered to arrange for a financial adviser to call the shopper to fully explore his circumstances. 3/5
Knowledge:
Difficult to gauge. The shopper sensed that the representative was reluctant to discuss the provider’s personal pension plan for fear that the shopper might mistake the information on the product for financial advice. 3/5
Email/web presence:
www.wesleyan.co.uk/pensions/personal-pensions 3/5
Verdict:
So-so. The shopper was left feeling none the wiser, but appreciated the representative’s difficult position.
22/35