Adviser (Independent)
KDW, 2nd Floor, Centurion House, 136-142 London Road, St Albans, Herts, AL1 1PQ
SPEED OF RESPONSE
Time of call: 2.39pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Pleasant, articulate and confident.
5/5
RELEVANT QUALIFICATIONS
CeMAP mortgage advice qualification and Diploma in financial advice.
5/5
PAYMENT METHOD
First meeting free. No charge for mortgage advice as lender pays adviser a percentage of the loan amount.
5/5
GUIDANCE GIVEN
Despite the shopper saying it was too late to save for a pension, the adviser said he should not discount it, though she estimated he may probably only get a pot of around £60,000 by imagined retirement age of 65. But she said it may be possible to do both buy-to-let and pension. She went through the tax implications of both.
The adviser explained that lenders would expect a deposit of 25 per cent on a buy-to-let property, but that the shopper could raise money remortgaging his home to top up deposit saving.
She said a lot would depend on the shopper’s income expectations and needs, which would have to be discussed.
4/5
KNOWLEDGE
The adviser had a firm grip on the relevant factors in making such a decision over retirement planning, and made her points concisely and clearly.
4/5
EMAIL/WEB PRESENCE
lucy@kdw.co.uk
www.kdw.co.uk
5/5
VERDICT
Impressive. The adviser gave information with clarity and confidence, clearly identifying areas that required advice.
TOTAL SCORE 33/35
Adviser (Independent)
Adviceworks, 52A High St, Redbourn, St Albans, Hertfordshire, AL3 7LN
SPEED OF RESPONSE
Time of call: 3.12pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Welcoming and comfortingly authoritative.
5/5
RELEVANT QUALIFICATIONS
Level 4 Diploma in financial planning.
5/5
PAYMENT METHOD
First meeting free. £150 per hour for advice.
5/5
GUIDANCE GIVEN
The adviser went through the pros and cons of pensions and buy-to-let, covering tax angles as well as how pensions freedoms may help the shopper’s situation. He also emphasised that being a higher rate taxpayer, the shopper would still benefit from higher rate relief.
He warned that buy-to-let was not as easy as it appeared, and explained his own experience. He pointed out that the return will be reduced if the shopper cannot afford time to manage it himself and appoint an agent. He also said current deposit would probably mean it was better to remortgage his own home to fund purchase.
5/5
KNOWLEDGE
The adviser touched on the intricacies of tax planning, comparing buy-to-let and pensions in a calm, authoritative manner.
4/5
EMAIL/WEB PRESENCE
ian@adviceworkd.co.uk
www.adviceworks.co.uk
5/5
VERDICT
His practical experience of buy-to-let particularly resonated. He covered a great deal in a relatively short time without seeming to rush through the issues.
TOTAL SCORE 34/35
Adviser (Independent)
IPFC, Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SN
SPEED OF RESPONSE
Time of call: 3.37pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Brisk and confident.
5/5
RELEVANT QUALIFICATIONS
Diploma level 4, and currently studying for chartered status.
5/5
PAYMENT METHOD
First meeting free. £150 an hour, minimum charge of £500 to develop a financial plan.
5/5
GUIDANCE GIVEN
The adviser explained that it was not too late to save for a pension because tax relief on contributions continues until age 75. The adviser compared pensions with buy-to-let explaining the pros and cons.
He emphasised that current interest rates were exceptional and a risk for those unprepared for a rise. He warned that attractive rental yields of 7 to 8 per cent available outside the south east can easily be cut to 5 per cent after taking tax and costs into consideration.
He went into further detail on the wide range of assets that may be more appropriate than property, each with their own risk, adding that the shopper’s reaction to the level of risk each presented would have to be assessed.
5/5
KNOWLEDGE
The adviser had a wide knowledge of the field, and was particularly impressive on investment and comparing assets.
5/5
EMAIL/WEB PRESENCE
jsmall@ifpc.co.uk
www.ifpc.co.uk
5/5
VERDICT
The adviser demonstrated a very wide knowledge base. He had an all-round approach as befits someone studying financial planning, and wanted to demonstrate to the shopper that the solution to the problem was about more than just comparing pensions with buy-to-let.
TOTAL SCORE 35/35
Provider
Saffron Building Society, Saffron House, 1A Market Street, Saffron Walden, Essex, CB10 1HX
SPEED OF RESPONSE
Time of call: 4.07pm.
The call was answered after three rings.
5/5
TELEPHONE MANNER
Patient, courteous and helpful.
5/5
RELEVANT QUALIFICATIONS
The shopper spoke to an administration assistant who did not have advice qualifications.
0/5
PAYMENT METHOD
Society had a tie with independent financial planning business Wren Sterling for advice but could not provide any indication of charges.
3/5
GUIDANCE GIVEN
The assistant listened patiently to the shopper’s request, but said that the society could only assist directly if the shopper knew what he wanted, and that she could arrange for the IFA to call.
3/5
KNOWLEDGE
The assistant knew it would be wrong to put the shopper through to either the mortgage or pensions departments of the society before the shopper knew what he really wanted.
3/5
EMAIL/WEB PRESENCE
www.saffronbs.co.uk
3/5
VERDICT
While no advice was available, the way the call was handled was as much as one could hope for.
TOTAL SCORE
22/35
