Investments  

Mystery Shopper: Derby

This week, the mystery shopper visits Derby. He is contemplating transferring some if not all of the £6,000 in his cash Isa into a stocks and shares Isa account. He aims to use the funds to purchase a flat within the next three to five years. He is 26 years-old, single and works in a marketing role which pays £27,000 a year. He has no debt.

Adviser (Independent)

Orridge & Dunn Independent Financial Advice, Third Floor, 35/36 Iron Gate, Derby, DE1 3GA

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Speed of response: Time of call 3.20pm. Answered after four rings. 5/5

Telephone manner: Polite and friendly. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: No initial fee. Latter fee dependent on service required. 5/5

Guidance given: The adviser explained that stocks and shares Isas were more suitable for long-term savings, and told the shopper to think twice before committing himself. He added that even though a stocks and shares Isa could potentially give a far better return than a cash Isa, it would come at a far greater risk – especially if the investor were looking to take money out of the account before the five-year period. 4/5

Knowledge: The advice showcased a comprehensive knowledge of Isas and explained the increase in the Isa account limit to £15,000 from 1 July last year. 4/5

Email/web presence: stuart@orridgedunn.co.uk

http://www.orridgedunn.co.uk/ 5/5

Verdict: Overall, the adviser appeared well-equipped to deal with the shopper’s queries and gave advice which the shopper found helpful.

33/35

Adviser (Independent)

Midland Financial Solutions, 50 Osmaston Road, Derby, DE1 2HU

Speed of response: Time of call 3.31pm. Answered after one ring. 5/5

Telephone manner: Professional and friendly. 5/5

Relevant qualifications: Chartered financial planner. Level six diploma. 5/5

Payment method: No initial fee. Latter fee is dependant on services required. 5/5

Guidance given: The adviser explained that a stocks and shares Isa, though it involves risk, could be a good investment over a time period spanning beyond five years. However, he strongly recommended that the shopper should stick with a cash Isa because of his plans to purchase a property within five years. The adviser also said that transferring into a more competitive cash Isa could be the better option. 5/5

Knowledge: The advisers gave details on which providers offered the best rates for cash Isas at the time. He also explained the factors that contribute to the state of the stock market. 4/5

Email/web presence: kevin@midlandsfinancialsolutions.co.uk

http://www.midlandfinancialsolutions.co.uk/ 5/5

Verdict: The adviser went above and beyond the call of duty by searching for the best cash Isa rates for the customer while on the phone – even though the shopper sensed that the adviser knew he was unlike to get his custom.

34/35

Adviser (Independent)

Richard Silverwood – TPWM, 28 Ashbourne Road, Friargate, Derby, DE22 3AD

Speed of response: Time of call 3.50pm. Answered after two rings. 5/5

Telephone manner: Professional. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: No initial fee. One per cent investment charge. 5/5

Guidance given: The adviser explained that due to the volatile nature of the stock market, it was not advisable to invest money into a stocks and shares account if the shopper was looking to withdraw the funds within five years. He added that the shopper should consider his attitude to risk before committing to the Isa. 4/5