Speed of response: Time of call: 2.49pm. Four rings then straight through to an adviser. 5/5
Telephone manner: Friendly and patient. 5/5
Relevant qualifications: Chartered financial planner, which the adviser explained was one of the highest qualifications. 5/5
Payment method: Free first meeting to decide the best course of action, and after specific charges will be discussed. 4/5
Guidance given: The adviser was keen to persuade the shopper to come to the office to discuss the best possible pensions. He explained there were plenty of available options and different payment methods for schemes, before discussing the importance of completing an attitude to risk test to better understand the shopper’s suitability. Minimum pension payments are £20 but the shopper could put in as much as he liked and was best advised to increase it throughout the years. 4/5
Knowledge: When questioned the adviser seemed fairly clued-up although he did not go into great detail and insisted that it was generally better to meet face-to-face. 4/5
Email/web presence: trevor.poulter@bernsbrettlife.com/ www.bbi.myifa.net/ 5/5
Verdict: The adviser was friendly and gave the shopper the impression he was in safe hands. Plenty of potential options were provided to cater to the shopper’s personal circumstances which left him feeling satisfied.
32/35
Adviser (Independent) Caton Fry Financial Services, Essex House, 7-8 The Shrubberies, George Lane, South Woodford, London E18 1BD
Speed of response: Time of call: 3.54pm. Four rings and answered directly by the adviser. 5/5
Telephone Manner: Friendly, patient and professional. 5/5
Relevant qualifications: G60 pension qualification and level-four professional diploma. 5/5
Payment method: Fees were generally paid upfront, either as a percentage or a flat fee. 4/5
Guidance given: The adviser was immediately keen to get some background information on the shopper’s employment and whether his company offered a pension. He stressed that the company could already have a scheme in place as part of auto-enrolment and that it could otherwise help to pay any upfront fees. Overall he said that setting up a pension is very straightforward and a number of options, including Sipps and stakeholder pensions, were available. 5/5
Knowledge: Good. The adviser answered all the shopper’s questions well and appeared very clued up on the different options available. 4/5
Email/web presence: peter@catons.com/ www.catons.com/ 5/5
Verdict: A positive experience. The adviser patiently explained different pension schemes and how they worked and offered some good advice on auto-enrolment and the support employers should be able to provide.
33/35
Adviser (Independent) A R G Financial Services, Patman House, 23-27 Electric Parade, George Lane, South Woodford, London E18 2LS
Speed of Response: Time of call: 4.09pm. A receptionist answered after two rings, on hold for about 40 seconds before being put through to an adviser. 2/5
Telephone Manner: Friendly, calm and professional. 5/5
Qualifications: Seemed confused by the question and immediately said he had to go and would call back later. 1/5
Payment method: Free meeting to discuss everything and then charges would be discussed based on the outcome 4/5
Guidance given: The adviser asked about financial circumstances, which he said were fundamental as independent advice required looking at the entire market. He stressed that pensions were a long-term commitment and it was important to carefully consider how much could be realistically contributed each month, without causing too much financial strain. He explained that pensions were flexible and contributions could be modified regularly, before explaining the nature of auto-enrolment and how all employers will have to get involved by 2017. 4/5
Knowledge: Competent. The adviser seemed to know a lot about auto-enrolment and was able to explain the changing nature of pensions very clearly. 4/5
Email/web presence: enquiries@arg-ifa.co.uk/ www.arg-ifa.co.uk/ 5/5
Verdict: Overall fairly good. The adviser explained the best route of action and advised the shopper to think clearly about his options before committing. The shopper was, however, alarmed by the adviser’s awkwardness when asked about qualifications.
25/35
Provider: Legal & General, call centre
Speed of Response: Time of call: 4.28pm. Automated menu and then answered after two rings. 4/5
Telephone Manner: Very friendly and sincere. 5/5
Relevant qualifications: The adviser said he was not qualified to give financial advice. 0/5
Payment method: Free to set up, although management fees would apply to funds. 3/5
Guidance given: The shopper was presented with two options: apply by post or online. The online option involved a discounted management charge provided the shopper set up a direct debit. The call centre operative said there were basic guidelines online that explained how the different funds worked, which were mostly L&G funds except for “a few externals”.4/5
Knowledge: Very limited. When the adviser asked what a stakeholder pension was, which is the only type of scheme the provider offered, the representative was unable to answer. Every slightly technical question was directed to the online guide.1/5
Email/web presence: www.legalandgeneral.com/pensions-retirement/ 3/5
Verdict: The representative was very friendly but unable to help much. He pointed out that the majority of pensions were managed online and that there were easy-to-understand guidelines on funds, but could not give any further information.
20/35
