Speed of response: Time of call: 11.07am. Answered after four rings and then put through to an adviser. 5/5
Telephone manner: Friendly, patient and easy to talk to. 5/5
Relevant qualifications: Diploma in financial services. 5/5
Payment method: First meeting free of charge to see whether further help would be required. Thereafter the fee depends on the level of investment, with £100,000 likely to be charged at 3 per cent. 5/5
Guidance Given: The adviser said there were potential solutions but for now it was best to speak with a solicitor about accessibility and deeds of variations. With the brother’s full co-operation, a plan could be put together, depending on various factors such as risk, growth and tax implications. Instruments that tie money up are available and can also be taken out in joint names. Finally the adviser was clear that investments were better than Isas because they were more likely to beat inflation levels. 3/5
Knowledge: The adviser spoke about low interest rates affecting saving accounts and bonds and, overall, appeared to be clued-up on investment markets and different savings vehicles. 4/5
Email/web presence: advice@forward-plan.co.uk / http://www.forward-plan.co.uk/ 5/5
Verdict: The adviser demonstrated a good knowledge of numerous different investment vehicles and was clear on potential tax implications and the accessibility of the money.
32/35
Adviser: Financial Advice and Services, Sterling House, Concept Court, Shearway Business Park, Folkestone CT19 4RG
Speed of response: Time of call: 11.22am. Picked up after six rings and then a slight wait to be put through to an adviser. 4/5
Telephone manner: Polite and eager to impress. 5/5
Relevant qualifications: Level-four diploma. 5/5
Payment Method: An initial meeting would cost £95 and then charges would be on a fees basis. For £100,000 of investment the average fee would be in the region of 2 per cent to 3 per cent. 4/5
Guidance given: The adviser said anybody over 18 was free to access inheritance money and therefore the shopper’s brother must be involved in any decision. With that agreed, he went on to recommend potentially looking at property, either for investment purposes or as a main residence, setting up a pension, or considering a wide range of investment funds. He said there were plenty of options to tie up money and a factfind would need to be completed to understand the full situation. 4/5
Knowledge: The adviser said he could not offer anything in detail without first running some checks to fully understand the shopper’s circumstances. However he did briefly summarise the various options available. 4/5
Email/website: ifa@financial-advice.co.uk / http://financial-advice.co.uk/ 5/5
Verdict: The adviser was very keen to set up a meeting and seemed confident that an ideal solution for tying up the money could be found.
31/35
Adviser: Spectrum Financial Planning, The Anchorage, 105 Capel Street, Capel-Le-Ferne, Folkestone CT18 7HB
Speed of response: Time of call: 11.37am. Picked up after six rings 5/5
Telephone manner: Clear, attentive and helpful. 5/5
Relevant qualifications: Chartered financial planner. 5/5
Payment method: Depended on the services required. Normally there was no charge for the initial factfinding meeting and thereafter a percentage of the amount invested would be charged. 5/5
Guidance given: The adviser said arrangements could be drawn up with a solicitor to restrict access to funds and five years offered plenty of opportunity to secure fairly decent returns. One of the key points he repeatedly stressed was however the level of risk and how this determined the type of investment. He said this was not something that could be discussed on the phone. In terms of the accessibility, he also mentioned the possibility of using a trust.4/5
Knowledge: The adviser was knowledgeable about interest rates being below inflation and the importance of looking beyond banks and building societies for acceptable returns. He also spoke at length about trusts and the various options that a solicitor could help with. 5/5
Email/web presence: spectrumfinancialplanning@googlemail.com / http://www.spectrumfinancial-ifa.co.uk/default.aspx 5/5
Verdict: A useful level of advice was provided. The adviser was hesitant to go into too much detail on the phone but nonetheless provided a basic insight into the legalities of access and the importance of determining risk.
34/35
Provider: Halifax
Speed of response: Time of call: 11.54pm. Answered after 11 rings. 2/5
Telephone manner: Friendly and helpful. 5/5
Relevant qualifications: The consultant explained that she was not qualified to give advice, but that the bank’s saving experts had passed their adviser exams. 1/5
Payment Method: Halifax offers a free service. 5/5
Guidance given: An appointment could be arranged to meet with a savings expert in branch to advise on different interest rates and the various options, but only on savings products that were offered by Halifax. The representative also said Halifax offered five-year savings products with limited or no access. 3/5
Knowledge: The representative was clued-up on the bank’s different saving deals. 3/5
Email/web presence: http://www.halifax.co.uk/savings/ 3/5
Verdict: Although not offering a full range of services, the representative said there were numerous saving vehicles available from the bank and that assistance could be provided on finding the best one.
22/35
