Speed of response: Time of call: 4.49pm. Call answered after six rings. 4/5
Telephone manner: Friendly and polite. 4/5
Relevant qualifications: The adviser assured the shopper that all the firm’s advisers were fully qualified, before adding that they each specialised in different sectors. 3/5
Payment method:
He explained that the initial meeting was free, and thereafter a charge of no more than 1 per cent would be applied for setting up and running each investment. 5/5
Guidance given: The adviser began by explaining that his firm offered a platform service, which offers flexibility and the ability to invest in funds catering to the shopper’s own appetite for risk. Despite the shopper insisting that he is willing to tie up his investments for 10 years, the adviser was keen to talk up the benefits of liquidity that platforms offer. As a next point of call, the adviser recommended coming in for a free chat to better understand the shopper’s capacity for loss. 3/5
Knowledge: He showed a basic understanding of investment, but went on to say that his colleagues may be better placed to deal with specific investment queries. Nonetheless, he offered a comprehensive explanation of platforms and how they function. 3/5
Email/web presence: abattfield@aol.com / attfieldjamesifa.co.uk 5/5
Verdict:
The adviser was polite and seemed genuinely keen to email over guidance on platforms. However, the shopper was concerned that except for catering to different risk profiles, the firm offered very little other variation to suit individual needs.
Score: 27/35
Adviser: A&J Financial Services Bigfrith Lane, Cookham, Maidenhead SL6 9PH
Speed of response: Time of call: 3.51pm. Told to call back in the morning. Managed to speak to an adviser at 9:34am, but it took two minutes to get put through. 2/5
Telephone manner: Initially not very keen to talk and slightly rude, but became friendlier as the conversation developed. 2/5
Relevant qualifications: The adviser seemed alarmed and irritated by this question, before confirming he held a CII diploma and is a FCA-regulated member. 5/5
Payment method: No charge for initial meetings. However, once an investment decision has been made, an initial charge will then be payable, as well as annual investment fees. 5/5
Advice given: The adviser was keen to state the importance of meeting face to face to discuss the shopper’s investment objectives. He stressed the need to complete a fact-find and thorough risk questionnaire before discussing specific investments and assured the shopper that there were a number of available vehicles to satisfy all investment needs. 3/5
Knowledge: The adviser discussed risk, volatility and steady recovery since the 2008 financial meltdown. While he did illustrate a fairly good understanding of equity markets, his heavy use of jargon confused the shopper. 3/5
Email/web presence: enquiry@ajwealth-management.com / ajwealth-management.com 5/5
Verdict: A fair level of knowledge was undermined by the occasional uninterested attitude of the adviser and his use of jargon.
Score: 25/35
Adviser: Finantium 29 Green Leys, Maidenhead, West Berkshire SL6 7EZ
Speed of response: Time of call: 3:50pm. The shopper tried to call a few times, then called back at 9:10am and, after five rings, was directly in touch with an adviser. 3/5
Telephone manner: Relatively friendly and helpful. 4/5
Relevant qualifications: The adviser confirmed he was a chartered financial planner and insisted his qualifications are far higher than minimum requirements. 5/5
Payment method: The adviser did state that the first meeting was free and that after that a percentage of the fund’s gains would be taken, depending on how much money has been invested. 5/5
Guidance given: The adviser informed the shopper of the wide range of options available and said investment would be worthwhile, provided the shopper is willing to invest over at least a five-year period. However, to filter through all the choices available, the adviser insisted on a meeting to establish the shopper’s investment profile. 4/5
Knowledge: Quite hard to gauge, given that he was keen to discuss details face to face. However, when questioned on current investment trends the adviser did begin to explain, in simple terms, how the market is volatile but more resilient than in 2008. 4/5
Email/web presence: office@finantium.com / www.finantium.com 5/5
Verdict: SHOPPER’S CHOICE
The shopper was impressed by the adviser’s friendly manner and professionalism. He seemed comfortable in the field, said there were plenty of viable options and even offered to come round to the shopper’s house to discuss further.
Score: 30/35
Provider: HSBC Maidenhead, 35 High Street, Maidenhead, West Berkshire SL6 1JQ
Speed of response: Time of call: 3.55pm. It took about five minutes to get put through to the relevant person.2/5
Telephone manner: The representative seemed slightly out of his depth but was friendly. 3/5
Relevant qualifications: The representative said members of HSBC’s investment helpline team were not qualified to give advice. 0/5
Payment method: He repeated that HSBC no longer offers a financial advisory service, but said there is a charge to use the non-advised online investment facilities, though not sure how much. 2/5
Guidance given: After being put on hold for 10 minutes to double-check the services HSBC offers, the shopper was advised to locate an adviser online through the Money Advice Service because HSBC, since the RDR has been implemented, no longer offers financial advice. However, the representative added that, by calling back after seeking advice, an investment could be made with a charge by HSBC. Later on in the call he then went on to say that HSBC can only advise those planning to invest £50,000 or more. 2/5
Knowledge: Despite the operator telling the shopper she would put him through to a financial adviser, it appeared that the helpline worker was just another call centre operative trained to deal with only basic queries. 1/5
Email web/presence: investments.hsbc.co.uk 3/5
Verdict: Despite advertising online a financial advice facility, it became clear that HSBC’s helpline team is not trained to deal with such queries, or go beyond basic bank account queries.
Score: 13/35
