Personal Pension  

Mystery Shopper: Sutton

She is 50 years old, has a flexible personal plan worth £14,000, £3000 in a building society Isa and £1800 in a Pep.

IFA (Independent): Lucra, 2a Sutton Court Road, Sutton, Surrey SM1 4SY

Speed of Response: Time of call 10.30am. Two rings and answered by a receptionist who transferred the call to an advisers. 5/5

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Telephone Manner: Friendly and helpful. 5/5

Relevant Qualifications: Personal Finance Society certified. The adviser did not give any other information on qualifications. 1/5

Payment Method: First 20-minute meeting free of charge, followed by either paying a fee, a monthly retainer or no fee if commission was generated on product. 5/5

Guidance given: The adviser suggested a chat to see if he could help. He said an appointment could be arranged either for him to call around or to come in for a chat. He did not give any advice on the phone but said that a passport and a utility bill or bank statement would be needed for the appointment. He checked his diary and offered some dates. 2/5

Knowledge: The adviser did not give general advice on pensions/savings during the call. 1/5

Email/web presence: blang@lucra.org

www.lucra.org 5/5

Verdict: The adviser was helpful in laying out his charges up front but did not give general advice on the shopper’s specific situation.

24/35

IFA (Independent): Holdaway Johnson Financial Services, Saxon House, 17 Lewis Road, Sutton SM1 4BR

Speed of Response: Time of call 11am. One ring and answered by a receptionist, who transferred the call to an adviser. 5/5

Telephone manner: Friendly and helpful. 5/5

Relevant qualifications: Chartered financial planner. 5/5

Payment method: First 30-minute meeting on a no charge basis, then on to fees. 5/5

Guidance given:

The adviser said the £14,000 pension was not going to result in much of a pension and said the shopper should bring in details of the smaller company pension. He said the shopper could not draw on a pension until the age of 55, at which point 25 per cent of the pension could be taken as a cash-free lump-sum. The personal pension would generate £800 a year. He said that the state pension age was 65, maybe 67, for women. 4/5

Knowledge; The adviser was knowledgeable and was willing and upfront about the shopper’s situation. 4/5

Email/Web presence: chas@holdawayjohnson.co.uk,

www.holdawayjohnson.co.uk 5/5

Verdict: The adviser was very helpful and forthcoming with advice without prompting.

33/35

IFA (Independent): Jade Independent Financial Advisers

Sutton Business Centre, Restmor Way, Wallington, Surrey SM6 7AH

Speed of response: Time of call 10.50am. The call was answered promptly by a switchboard operator who placed the call on hold and then transferred it. After explaining the shopper’s situation, the company receptionist offered an adviser’s mobile number. The process of giving out this and the company’s direct number took around six minutes. The adviser answered the phone immediately. 3/5

Telephone manner: Friendly and helpful. 5/5