Personal PensionJan 23 2013

Mystery Shopper: Sutton

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

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

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

Relevant qualifications: Full diploma in pensions and, at the time of speaking, three exams away from becoming fully chartered. 4/5

Payment method: There would be no charge for an initial meeting of 40 minutes to an hour, and the shopper would not be committing to anything further. 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 gave very good general advice and said he would explain about the difference of regulated and independent. 4/5

Email/Web presence: wesleyashifa@gmail.com www.ashjames.co.uk 5/5

Verdict: The adviser gave good initial advice, and outlined the options open to the shopper.

30/35

Provider: Halifax Building Society, Call Centre

Time of call: Time of call 11.10am. The shopper was on the phone for 35 minutes without being put through to an adviser, instead being transferred between various locations in the UK. 1/5

Telephone manner: The phones were diverted to staff who were polite but could not help. 3/5

Relevant qualifications: N/A 0/5

Payment method: N/A 0/5

Guidance given: None as the shopper could not access an adviser on the phone. 0/5

Knowledge: Asked whether Halifax gave advice on pensions, one staff member placed the call on hold to find out. 0/5

Email/web presence: None forthcoming. 0/5

Verdict: Accessing a Halifax adviser or any phone advice proved futile and frustrating. Calling the Sutton branch number resulted in the call being answered by the telephone banking service in Leeds, as the branch line was busy. The shopper was repeatedly placed on hold for the branch. Asked whether there was another number for advice on pensions, she said she was not aware of an option for pensions. She transferred the call to savings, where the shopper was told that financial advisers were based in branches. The shopper was transferred back to Sutton. The number was still busy and the staff member apologised and tried another number and offered to send an email. The shopper asked to be put through to another local branch. At 11.31am, the call was answered by the Croydon branch. The respondent said she would have to check and find out who could help. The shopper was finally told an adviser might not be available as they were in appointments all day, and was offered the option of having a call back within a few hours. She said it was “luck of the draw” if an adviser would be available on the phone. Asked whether Halifax gave advice on pensions, she went to find out.

4/35