ProtectionMay 9 2013

Mystery Shopper Dundee

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Adviser (Independent): Cyber IFA, 24 South Tay Street, Dundee DD1 1PD

Speed of Response: Time of call: 10.02am. One ring. 5/5

Telephone Manner: Both the person who answered the phone and the adviser himself were polite and friendly. 5/5

Qualifications: The adviser explained he is qualified to Diploma level and is authorised to provide advice on protection and investment. 5/5

Payment Method: The adviser said remuneration for the advice would take the form of commission or a fee, depending on the size of the premium 5/5

Guidance Given: The adviser said the first step would be for the shopper to make an appointment for a meeting, so the adviser could identify her needs and review her income and expenditure to gauge affordability. He outlined three protection possibilities – life cover, income protection and critical illness cover – and explained the difference. He said income protection could pose some challenges, given that the shopper’s business is new and her income levels are as yet unknown. 4/5

Knowledge:The adviser was knowledgeable about the subject. 4/5

Email/Web Presence

www.cyberifa.com

ian@cyberifa.co.uk

5/5

Verdict

The shopper was impressed by the adviser’s in-depth and clear explanations and professional approach. He also took the time to show an interest in the shopper’s new business and her plans for it.

33/35

Adviser (Independent): Blackadders Wealth Management, 30 & 34 Reform St, Dundee, DD1 1RJ

Speed of response: Time of call: 11.21am. Two rings. 5/5

Telephone manner: The adviser had a warm, friendly telephone manner and a down-to-earth, professional approach. 5/5

Qualifications: The adviser said he is a chartered financial planner and that only 5-10 per cent of advisers in the UK are qualified to that level. 5/5

Payment Method

He said a half-hour meeting to assess the shopper’s requirements would be free of charge, and that there would be a fee for any work after that. 5/5

Guidance Given

The guidance given was practical, as well as specific to the shopper’s questions. The adviser explained that the shopper should consider the risk to her business if she became unwell and cover herself accordingly, but to assess this in light of what she could feasibly afford. 3/5

Knowledge

The adviser was knowledgeable about the subject of personal and business protection and the factors that could determine the size of the premiums. 4/5

Web Presence

www.blackadders.co.uk

wealthmanagement@blackadders.co.uk 5/5

VERDICT

He came across as a good listener and empathised with the shopper’s explanation that it may be some time before she could progress the matter, due to the demands of her new business.

32/35

Adviser (Independent): Walker Dunnett & Co, 29 Commercial Street, Dundee DD1 3DG

Speed of Response: Time of call: 11.50am and 11.52am. Three rings on the first call, one on the second. 5/5

Telephone Manner:

The receptionists and adviser were courteous, cheerful and helpful. 5/5

Qualifications:

The adviser told the shopper at the outset of the conversation that she was speaking to a fully qualified adviser. 3/5

Payment method:

The adviser said this would be identified at the first meeting, but there would be a minimum charge of £650 if fee-based, or a charge of 3 per cent of the level of cover. 5/5

Guidance Given:

The adviser said he would suggest an initial meeting to undertake a “fact-find” and complete a risk questionnaire. He said it was important to obtain an overall view of the shopper’s circumstances to give advice, and that critical illness might not be the most suitable product for her needs. 4/5

Knowledge:

The adviser fully demonstrated his knowledge of critical illness and income protection and outlined the factors that would have an impact on the cost of premiums. 4/5

Web presence

www.walkerdunnett.co.uk

admin@walkerdunnett.co.uk 5/5

Verdict

The adviser was patient in answering the shopper’s queries and explained things clearly.

31/35

Provider

Nationwide, 59 Reform Street, Dundee DD1 1TF

Speed of Response: Time of call:10.43am. Answered after three rings. 5/5

Telephone Manner: The representative was polite and helpful throughout the call. 5/5

Qualifications:

The shopper was informed that the senior financial adviser at the branch was fully qualified. 3/5

Payment Method:

The representative said the financial adviser would explain this in the meeting, but said she believed there was no charge for critical illness policies. 3/5

Guidance Given:

No guidance was given, other than to arrange an appointment with the senior financial adviser to explore requirements. 1/5

Knowledge:

The representative was knowledgeable about the range of insurances available. She said it might be useful to review other requirements, such as pension, in the course of discussing the critical illness policy. 4/5

Web presence

www.nationwide.co.uk 3/5

Verdict

The shopper thought the representative was as helpful as she could be. However, the representative continued to ask for the shopper’s phone number, after she declined to give it, in a manner that verged on being over assertive.

24/35