Regulation  

Mystery Shopper: Hull

This week the mystery shopper is in Hull. He is seeking advice on IHT mitigation on behalf of his uncle, 60, who has assets estimated at £600,000, and currently earns £50,000 a year. The uncle is single, childless, and owns a mortgage-free three-bed house.

Adviser (Restricted whole of market): The Insurance Partnership Financial Services, Partnership House, 40-42 Beverley Road, Hull, HU3 1YE

Speed of response:

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Time of call: 10.04am.
The call was answered after two rings. 5/5

Telephone manner:

Very friendly yet professional. 5/5

Relevant qualifications:

Advanced diploma. 5/5

Payment method:

No charge for initial meeting. The adviser said he would receive commission if he were to recommend a life assurance policy. 5/5

Guidance given:

The adviser said that there were two main options when it came to IHT mitigation: life cover and gifting. He explained that the former would require the uncle to take out a policy which would pay out a sum equal to the value of the IHT liability, which the adviser calculated as £125,000. 4/5

Knowledge:

The adviser displayed comprehensive knowledge of the topic. He correctly quoted the £325,000 nil rate IHT threshold. 5/5

Email/web presence:

hmcallister@tipfs.co.uk

www.tipfs.co.uk 5/5

Verdict:

SHOPPER’S CHOICE
The adviser gave detailed and helpful information in a friendly yet professional manner.

34/35

Adviser (Independent):

Informed Financial Planning, Chartered Financial Planners, Andrew Marr Building, Livingstone Road, Hessle, HU13 0EE

Speed of response:

Time of call: 10.20am.
The call was answered after two rings. 5/5

Telephone manner:

Polite and professional. 5/5

Relevant qualifications:

Chartered financial planner (CII). 5/5

Payment method:

No charge for initial meeting. Later charges would depend on individual circumstances. 4/5

Guidance given:

The adviser said he would need to do a fact-find on the uncle to better gauge his circumstances before offering tailored financial advice. He said the uncle should consider updating his will. There were a number of options available to mitigate IHT, including life cover, gifting and investments. The adviser also mentioned the £325,000 nil rate IHT threshold. 4/5

Knowledge:

Very good. The adviser explained changes to private residents’ relief, announced in the Summer Budget. He said that in April 2017 the government will introduce an inheritance tax-free allowance for home-owners who wish to pass their homes on to their direct descendants. 5/5

Email/web presence:
j.copsey@informedfinancialplanning.co.uk
www.informedfinancialplanning.co.uk 5/5

Verdict:
Detailed but also concise information. Although the adviser did not delve into the shopper’s uncle’s circumstances, he gave a good general overview of the subject.

33/35

Adviser (Independent): Warren & Warren, Hesslewood Hall, Ferriby Road, Hessle, HU13 0LH

Speed of response:

Time of call: 10.40am.
The call was answered after three rings. 5/5

Telephone manner: Professional and friendly. 5/5

Relevant qualifications:

Paraplanner and office manager, unqualified to give financial advice. 0/5

Payment method:

Payment would dependent on individual circumstances. 4/5

Guidance given:

Despite explicitly asking to speak to an adviser the shopper was passed on to the representative, who said that the adviser was unavailable. She added that the adviser would not be able to give advice over the phone, but would be available for a face-to-face meeting with the shopper and his uncle. 2/5