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The shopper's mother is approaching retirement and is considering the possibility of equity release as a means of supplementing her income. She moved to the Isle of Wight five years ago, which is the last time she had her house valued. The shopper is concerned about equity release and is ringing advisers to find out more about the options available for his mother.

Island IFA, Isle of Wight, PO37 7JB

www.islandifa.com

Speed of response: Time of call: 10.33am. The call was answered quickly after one ring by a receptionist. After a short time on hold the shopper was put through to an adviser.

Rating: 3/5 stars

Telephone manner: The adviser was friendly, polite and professional but not particularly lively.

Rating: 4/5 stars

Qualifications: No qualifications were discussed.

Rating: 0/5 stars

Payment method: When asked the adviser said the first meeting would be free. However he did not mention anything else about payment.

Rating: 1/5 stars

G uidance: The adviser explained he would have to establish the type of equity release scheme his mother was interested in. He explained the difference between lifetime mortgages and home reversion plans. He told the shopper he had been doing a lot of equity release cases recently as the rates were currently quite good. The adviser explained it was usually considered as a last resort and it was important the client's family were involved in the decision making process. The adviser told the shopper he would be happy to make a home visit to discuss the available options a little more thoroughly.

Rating: 3/5 stars

Knowledge: It was clear to the shopper the adviser knew the equity release market well and dealt with these clients on a regular basis.

Rating: 4/5 stars

Verdict: The adviser was professional and seemed to know what he was talking about. He offered the shopper concise and comprehensive advice, however he could have been a little bit more in-depth at times. Unfortunately the adviser did not fully explain the way he expected to be paid or reveal his specific qualifications.

Rating: 15/30 stars

Liddlelow Financial Services, Isle of Wight, PO38 1RL

No web presence

Speed of response: Time of call: 10.41am. The call was picked up after three rings by a receptionist who after asking the shopper a few basic questions transferred the call to an adviser.

Rating: 3/5 stars

Telephone manner: The adviser was friendly, professional and had a calm tone of voice.

Rating: 4/5 stars

Qualifications: The adviser neglected to mention his qualifications.

Rating: 0/5 stars

Payment method: When asked the adviser said the initial chat would be free and fees would be discussed at a later stage.

Rating: 2/5 stars

Guidance: The adviser explained the importance of exploring all other avenues first. He asked the shopper whether his mother currently had a mortgage and whether she had received a state pension forecast. The adviser said before he could give any concrete advice he would firstly need to establish his mother's income. He explained in the past equity release had received a bad name. He said nowadays, with regulation, equity release was nothing to worry about. He explained the difference between lifetime mortgages and home reversion plans and also mentioned roll up mortgages. He told the shopper about Safe Home Income Plans and about no negative equity guarantees.

Rating: 4/5 stars

Knowledge: It was clear the adviser knew exactly what he was talking about and had regular dealings in this area.

Rating: 4/5 stars

Verdict: The adviser was helpful and friendly on the telephone. He covered all the necessary bits of preliminary information, however he did neglect to explain payment methods to the shopper and also failed to mention his qualifications, which was important when it comes to equity release. As a bonus the adviser did offer the option of visiting the client at home and seemed genuinely interested in helping the shopper and his mother.

Rating: 17/30 stars

Positive Solutions Financial Services LTD, Isle of Wight, PO39 OBD

www.phillippalmer-thinkpositive.co.uk

Speed of response: Time of call: 10.51am. The telephone was picked up by an adviser after three rings.

Rating: 4/5 stars

Telephone manner: At first the adviser came across as a bit suspicious and short with the shopper, claiming he was curious about calls from people he did not know and asked the shopper where he had found his telephone number from and the purpose for the call.

Rating: 0/5 stars

Qualifications: The adviser mentioned he had the CS7 qualification, which he said was necessary to be able to advise on lifetime mortgages.

Rating: 4/5 stars

Payment method: When prompted the adviser told the shopper there would be no fee for the initial meeting but after that the client and the adviser would arrange payment either by fees, commission or a combination of both.

Rating: 3/5 stars

Guidance: He said the first question he would ask is whether the shopper's mother was able to sell her house and downsize. He said equity release was a last resort and downsizing would be cheaper. The adviser was not very eager to give too much information and was pushing for a face to face meeting. He said after the initial meeting he would go away and do some research and come back with some recommendations. He said there were many different schemes out there and it was a case of finding the right one to suit the shopper's mother. The adviser explained the importance of advice and to make sure there was no other alternative for his mother. He told the shopper to go away and explore all the other options before seeking advice.

Rating: 2/5 stars

Knowledge: The adviser seemed to know about equity release, but the shopper was unable to ascertain how much because he did not want to give much information away over the phone.

Rating: 2/5 stars

Verdict: The adviser at first was suspicious and did not seem that interested in taking the shopper's call. When he did relax a little, he was much too keen on telling the shopper to arrange a face to face meeting rather that telling him anything helpful. On the other hand the adviser did explain his qualifications and how he expected to get paid.

Rating: 15/30 stars