Adviser (Independent), FH Manning Financial Services, The Street Lamp, 8-12 South Street, Horncastle, Lincolnshire LN9 6DT
Speed of response: Time of call: 11.55 One ring and a receptionist and put her through to an adviser. 5/5
Telephone Manner: Polite, helpful and friendly. 5/5
Relevant Qualifications: Qualified to diploma level with the Chartered Insurance Institute. 5/5
Payment Method: Fees. Generally £120 an hour plus VAT, but it would have to be agreed as it could be too much for someone who contributes a small amount to a pension. 5/5
Guidance Given: The shopper was asked if she has a pension through her employer, which she does not as the company is very small. The adviser said the firm would have to offer her a pension eventually as the government had introduced a pension scheme to encourage this and that it is being phased in. The benefit to this would be that it would involve a contribution from the employer. The adviser said a pension would offer tax relief and it is tax-free, but that the money is locked in until at least age 55 and that only a percentage could be claimed as a lump-sum. He noted that there were other options available. 5/5
Knowledge: The adviser was very knowledgeable on recent changes in legislation, and on the pros and cons of pension investment according to the shopper’s age and financial circumstances. 4/5
E-mail/Web presence: mail@fhmanning.co.uk http://fhmanning.co.uk/5/5
Verdict: The shopper felt confident in the company’s ability to advise her well and would be happy to have an initial meeting.
34/35
Adviser (Independent), Gold IFA, 28a The Forum, North Hykeham, Lincoln LN6 8HW
Speed of response: Time of call: 12.05. Three rings then through to a receptionist who put the shopper through to an adviser. 5/5
Telephone Manner: Polite and professional. The receptionist offered an appointment straightaway, as did the adviser. 5/5
Relevant Qualifications: All advisers were qualified to diploma level. 5/5
Payment Method: Fee-based and usually a charge for advice from a percentage of the pension contribution. 5/5
Guidance Given: The adviser was insistent that a meeting would be necessary to ascertain what the shopper needed, and asked her if she wanted to retire on a state pension. She said that pensions needed to be reviewed regularly so that they do not get a shock on retirement. The adviser said that they would need to look at the risk-reward balance. 3/5
Knowledge: The adviser appeared knowledgeable about the pensions market but seemed reluctant to give too much away on the telephone. 2/5
E-mail/Web presence:www.goldfinancialgroup.co.uk/ enquires@gold-ifa.co.uk 5/5
Verdict: The adviser was helpful and well-informed, but pushed quite hard for a meeting from the outset which made the shopper feel a little under pressure.
30/35
Adviser (Independent), Choice IFA, Cambridge House, 5 Cambridge Avenue, Lincoln LN1 1LS
Speed of response: Time of call: 1.45. Three rings and then straight through to an adviser.5/5
Telephone Manner: Polite, friendly and professional. 5/5
Relevant Qualifications: The adviser said all advisers were required to have a level-four diploma. 5/5
Payment Method: The initial chat would be free and then the costs would be explained depending on what was required. 5/5
Guidance Given: The adviser recommended that the shopper considered her circumstances for the next five years and whether she would want short-term access to her savings – for the deposit for a mortgage perhaps – or if the longer-term option worked better for her. He said that having a first step on the property ladder might be a first priority given the shopper’s age. 3/5
Knowledge: The adviser did not go into detail about possible products, but asked the shopper lots of questions about her circumstances and said that either a low-cost stakeholder pension or a company pension, when it became compulsory for employers, might suit her best. 4/5
E-mail/Web presence: http://www.choiceifa.com choiceifa@btconnect.com 5/5
Verdict: The adviser was very helpful and not too pushy. He said the shopper’s bank may also be able to help her with a non-advice stakeholder plan although he would not necessarily recommend this approach. The shopper would consider an initial meeting to discuss her options further.
32/35
Provider
Nottingham Building Society, Call Centre
Speed of response: Time of call: 1.55. Recorded message then two sets of options. A call centre adviser answered after 10 rings. 2/5
Telephone Manner: Very polite and helpful. The adviser gave her name so the shopper could call her back directly to make an appointment. 5/5
Relevant Qualifications: Not given. 0/5
Payment Method: Not given. 0/5
Guidance Given: The customer service adviser was very keen to make an appointment for the shopper to visit the branch and talk to an adviser, and was not willing to talk about any options on the telephone. 1/5
Knowledge: Not possible to say. 0/5
E-mail/Web presence: www.thenottingham.com/ customer-services@thenottingham.com 5/5
Verdict: While the adviser was polite and friendly, she only offered the option of a branch visit and the shopper felt that she had not achieved anything from the call.
13/35