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.
Adviser (Independent): Lewis Investment
41 Commercial Road, Poole, Dorset, BH14 0HU
Speed of response: Time of call: 12.22pm. The call was answered after two rings. 5/5
Telephone manner: Friendly, engaging and professional. 5/5
Relevant qualifications: Level-four diploma. 5/5
Payment method: 1.5 per cent for pension transfer below £40,000 and 0.5 per cent ongoing charge. 5/5
Guidance given: The adviser told the shopper that it was in his best interest to remain in the scheme because of employer contribution – which he described as free cash. He advised the shopper to consult his HR department to find out what other investment choices are available within the scheme and consider his attitude to risk before opting for a different investment strategy. 5/5
Knowledge: Very good. The adviser explained that from April 2018, employees and employers will be required to contribute a minimum of 3 per cent and 2 per cent respectively into a pension scheme. 5/5
Email/web presence:
k.ward@lewis investment.co.uk
www.lewisinvestment.co.uk 5/5
Verdict: Although the adviser explained that taking financial advice may not be worth it at this stage, he gave in-depth guidance to help improve the shopper’s understanding of the processes involved.
35/35
Adviser (Independent): Coleman Financial Services Ltd
8 Albany Park, Cabot Lane, Poole, BH17 7AZ
Speed of response: Time of call: 12.34pm. The call was answered after one ring. 5/5
Telephone manner: Friendly and professional. 4/5
Relevant qualifications: Compliance officer. The representative said he was qualified to give financial advice but was not FCA authorised. 3/5
Payment method: The representative said that charges would be discussed in a conversation with one of the firm’s advisers. 4/5
Guidance given: The representative said that the shopper’s employers are unlikely to want to pay into a personal pension scheme. He said the shopper could set up a new scheme to sit alongside his existing workplace proposition, adding that he would have to remain in the same scheme if he still wanted his employer to make contributions. 4/5
Knowledge: The representative showed good knowledge in the area. He explained that the minimum level of pension contribution will rise in April 2018. 4/5
Email/web presence:
pardyw@colemanfsl.co.uk
www.colemanfsl.co.uk 5/5
Verdict: Short but sweet. The adviser delivered digestible guidance in a timely fashion.
29/35
Adviser (Independent): Dean Robertson Dip PFS
78, Pine Vale Crescent, Redhill, Bournemouth, BH10 6BJ
Speed of response: Time of call: 12.43pm. The call was answered after three rings. 5/5
Telephone manner: Somewhat brusque at first but friendly in the latter half of the conversation. 4/5
Relevant qualifications: Level-four diploma. 5/5
Payment method: Something that would be explored during the first meeting with the adviser. 4/5
Guidance given: The adviser kicked off the conversation by suggesting a face-to-face meeting to discuss matters further. He went on to warn the shopper against turning his back on employer contributions. The adviser explained that investing for retirement takes time, therefore, short-term loss needs to be seen in the wider context. 5/5
Knowledge: The adviser provided clear explanations and a good understanding on how the slowdown in the Chinese market and the more recent EU referendum result has affected the global markets. 4/5
Email/web presence:
dean.robertson@ssfs.co.uk
www.ssfs.co.uk
5/5
Verdict: The adviser’s immediate approach was somewhat curt, but he went on to deliver helpful guidance in a friendly manner by the end of the conversation. 32/35
Provider: Virgin Money
Speed of response: Time of call: 12.52. The call was answered by an automated machine. The shopper was transferred to a representative within 80 seconds. 3/5
Telephone manner: Friendly. 4/5
Relevant qualifications: The shopper said she was not qualified to give financial advice. 0/5
Payment method: 1 per cent annual management charge for personal pension schemes. 5/5
Guidance given: The representative stressed that she was unable to offer financial advice but discussed the type of fund available within the provider’s personal pension wrapper. 3/5
Knowledge: The representative offered basic information on Virgin Money’s personal pension schemes. 2/5
Email/web presence:
uk.virginmoney.com/virgin/pension/personal 3/5
Verdict: The representative performed as well as could be expected. She could have gone into more detail about the provider’s pension options and seemed eager to assist.
20/35