Speed of response: Time of call: 11.16am. Four rings. 5/5
Telephone manner: The adviser had a pleasant telephone manner and was easy to speak to. 5/5
Relevant qualifications: Qualified to level four since RDR came into effect. 5/5
Payment method: Depends on which option was chosen. For investments there would be a 2 per cent initial charge, but for a bank savings account it would be best to go to the provider direct. 4/5
Guidance given: The shopper was presented with two options. Either save the money into a bank bond or invest the money in the stock market. For the latter it was necessary to sit down and carry out a review in person to assess the shopper’s attitude to risk and time frame. The riskier the investment, the higher the potential for better returns, although most of these vehicles were best left for at least five years even if they are open-ended. 4/5
Knowledge: The adviser provided some background information on the current savings climate, and particularly the state of poor interest rates and high inflation. To counter these issues, he advised a long-term investment. 4/5
Email/web presence: http://www.stirlinghouseliverpool.com 3/5
Verdict: Good. The adviser objectively gave advice without attempting to push the shopper into paying for his services. His responses seemed sincere and it was made clear that there were plenty of options available.
30/35
Adviser (Independent) Brooks Financial Consultancy, Pioneer House, Pioneer Business Park, North Road, Ellesmere Port CH65 1AD
Speed of Response: Time of call: 11.29am. A receptionist answered after two rings. On hold for about 20 seconds before being put through to an adviser. 3/5
Telephone Manner: Friendly, confident and patient. 5/5
Qualifications: Chartered, which the adviser said was the gold standard of the profession. He was also a member of the Chartered Insurance Institute. 5/5
Payment method: First consultation free of charge and then an initial charge of 4 per cent and 2.5 per cent was applied, depending on the amount invested. If the shopper required regular monitoring, there would be a further charge of between 0.5 and 0.7 per cent. 3/5
Guidance given: The adviser was keen to stress how much the decision depended on personal circumstances. It may be better to keep the money in bank deposits but investments would bring better returns for those who can accept risk. For more volatile investments, the shopper was advised to not touch the money for at least five years, regardless of whether the fund was open-ended and there were no penalties for early withdrawals. 4/5
Knowledge: The adviser clearly described how inflation and interest rates had played out since the 2008 recession. Explaining the various factors behind monetary policy, he mentioned that most bank saving vehicles offered interest rates lower than inflation. 5/5
Email/web presence: http://www.brooksfinancial.co.uk/ 3/5
Verdict: Very good. The adviser was extremely knowledgeable and provided plenty of clear information for the shopper to think about.
28/35
Adviser (Independent) Sorensen Financial Services, 30 The Avenue, Huyton L36 7SD
Speed of response: Time of call: 11.49am. Two rings. 5/5
Telephone Manner: Friendly but slightly rushed – the adviser was changing the tyres on his car. 4/5
Relevant qualifications: Level four and a member of the Chartered Insurance Institute. 5/5
Payment method: First appointment free and then for investments an initial charge of 3 per cent was applied. Ongoing services could also be provided at a fee of between 0.5 per cent and 1 per cent. 4/5
Guidance given: The adviser was hesitant to give guidance over the phone and said he would prefer to meet face-to-face to determine the shopper’s needs. When prompted he said most depended on one’s attitude to risk and for how long you were willing to tie up the money up. For less risky options there were short-term cash Isas but they offered small returns. Otherwise stocks and shares Isas may be considered. 3/5
Knowledge: Although he spoke briefly about inflation levels and interest rates, the adviser was once again reluctant to go into too much detail over the phone. 3/5
Email/web presence: advice@sfs-ifa.co.uk / http://sorensenfs.co.uk/ 5/5
Verdict: Not a great deal of information was given over the phone as the adviser was hesitant to say very much before meeting in person. Questions were answered quickly and with little detail, although the adviser did appear fairly knowledgeable and capable of helping the shopper invest his money wisely.
29/35
Provider: Nationwide, call centre
Speed of Response: Time of call: 11.57am. Automated menu and then just a one-minute wait. 2/5
Telephone Manner: Nice and enthusiastic. 5/5
Relevant qualifications: The consultant said she was not qualified to give financial advice. 0/5
Payment method: No charge for savings and the consultant was not sure as far as investments were concerned. 2/5
Guidance given: After listening to the shopper’s situation, the consultant said fixed-rate bonds could represent the best option. She added that these could vary from six months to four years, with interest rates dependant on the length of time of investment. The consultant also discussed the different Isa plans, although these were capped at £5760 a year. Investments, on the other hand, could be discussed in branch, or by speaking to Legal & General. 4/5
Knowledge: The consultant knew plenty about Nationwide’s products and saving vehicles but was unable to speak about investments. She said Legal & General managed Nationwide’s investment offerings. 4/5
Email/web presence: http://www.nationwide.co.uk/savings/default.htm 3/5
Verdict: The consultant presented a list of saving vehicles to the shopper and explained, more or less, how each functioned. However she was unable to advise and could not speak about investments.
20/35
