Each week the mystery shopper seeks advice from independent and tied advisers in the UK. The aim is to find out whether advisers are delivering the goods when it comes to the all-important initial telephone contact between client and adviser. It is only intended to evaluate this first interview, and it is understood that further meetings would be necessary before final decisions could be made. The purpose is not to expose poor selling practices, but to show constructively any weaknesses in the advice process.
With a baby on the way, the shopper is seeking advice on the most suitable investment mechanisms to build up a pot for his child’s future for university fees and other expenses. His seed money amounts to £6,000.
Adviser (Independent):
Lewis Christopher Ltd
Ashton House, 401 Silbury Boulevard, Central Milton Keynes, MK9 2AH
Speed of response: Time of call: 10.13am. Answered after two rings. 5/5
Telephone manner:
Courteous, sincere and helpful. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Minimum fee of £2,500. 5/5
Guidance given:
The adviser said the shopper could save through a junior cash Isa or invest via the stocks and shares equivalent. He told the shopper to strongly consider the latter, because history shows that investments grow significantly over a long period of time. The adviser said that although he would be happy to arrange a meeting to further discuss the matter, the firm’s minimum levy would not represent good value for money for the shopper. 4/5
Knowledge:
The adviser covered the main option and displayed a good understanding of investment philosophy. 4/5
Email/web presence:
geoff@lewischristopher.co.uk
www.lewischristopher.co.uk
5/5
Verdict:
The shopper felt that the adviser was eager to help, and delivered helpful guidance.
33/35
Adviser (Independent):
Richmond House Financial Services Limited
Midsummer Court, 314 Midsummer Boulevard, Milton Keynes, MK9 2UB
Speed of response: Time of call: 10.25am. Answered after one ring. 5/5
Telephone manner:
Professional yet somewhat terse. 4/5
Relevant qualifications:
Receptionist – was not qualified to offer financial advice. 0/5
Payment method:
The receptionist explained this would be covered in a discussion with one of the firm’s advisers. 2/5
Guidance given:
After citing the scenario outlined in the introduction, the representative said the company tended not to offer advice on savings, and seemed reluctant to take the conversation any further. After the shopper repeated his interest in stocks and shares, the receptionist said it was company policy for her to take down the details of potential clients then send an email to the company director to determine who would be best suited to handle the query – if anyone. 2/5
Knowledge:
The receptionist displayed no knowledge on the matter at hand, but this is understandable given her position. 1/5
Email/web presence:
No email given.
www.rhg.co.uk 3/5
Verdict:
The shopper did not understand why he was unable to speak with an adviser and was left frustrated as a result.
17/35
Adviser (Independent):
Perspective Financial Management Limited
3 Whittle Court, Knowlhill, Buckinghamshire, MK5 8FT
Speed of response: Time of call: 10.30am. Answered after one ring. 5/5
Telephone manner:
Notably friendly and engaging. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Varies – on a case-by-case basis. Maximum fee of 3 per cent 5/5
Guidance given:
The adviser explained that the shopper could open up a junior Isa once the baby is born. The adviser added he would be happy to meet with the shopper if he wanted to make an investment ahead of the birth of his child. 3/5
Knowledge:
The adviser appeared knowledgeable on the topic. 3/5
Email/web presence:
mathew.agbame@perspective-group.com
www.perspective-group.com 5/5
Verdict:
The adviser’s approach to the conversation was commendable. He kicked off by congratulating the shopper on his partner’s pregnancy and later offered useful guidance.
31/35
Provider:
Scottish Friendly
Speed of response: Time of call: 10.37am. The call was answered by an automated system. The shopper was transferred to a representative within 15 seconds. 4/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
The representative said he was not qualified to give financial advice. 0/5
Payment method:
Admin fee of 1.5 per cent for the provider’s junior Isa plans (stocks and shares). 5/5
Guidance given:
The representative said that stocks and shares investments are dependent on individual attitude to risk. He stressed that he could not offer financial advice, and directed the shopper to the company’s website for greater insight on the company’s junior Isa offerings. 3/5
Knowledge:
The representative displayed a limited knowledge of investments and the company’s junior Isa solutions. 2/5
Email/web presence:
www.scottishfriendly.co.uk/isas/junior-isa
3/5
Verdict:
So-so. The guidance given was not groundbreaking, but the shopper appreciated that the representative was not in a position to offer financial advice.
22/35
