This week the Mystery Shopper is in Hitchin, Hertfordshire. Having heard about pensions simplification he is worried about higher rate relief being removed from contributions, as well as wondering if an Isa may be better as it is tax-free. The shopper, an IT freelancer, is aged 48, married, and has a 10-year deferred defined benefits pension from the BBC. He has amassed a personal pension fund of £150,000 since turning freelance.
Adviser (Independent)
Provisio, PO Box 401, The Nexus Building, Broadway, Letchworth Garden City, SG6 9BN
SPEED OF RESPONSE
Time of call 2.54pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Polite and confident.
5/5
RELEVANT QUALIFICATIONS
Level four diploma.
5/5
PAYMENT METHOD
No fee for the first meeting, £100 per hour thereafter. A pensions report would cost around £750.
5/5
GUIDANCE GIVEN
The adviser listened carefully to the shopper’s concerns over pensions simplification. He said it was possible that the upper rate tax on pensions contributions might be removed, but that equally, the shopper should not assume that in future income taken from an Isa would always be tax-free.
4/5
KNOWLEDGE
The adviser had a firm grasp of tax implications and was well-informed on the current debates over pensions simplifications and Isas versus pensions.
3/5
EMAIL/WEB PRESENCE
cthompson@provisio.co.uk
www.provisio.co.uk
5/5
VERDICT
The adviser was very engaging and appeared genuinely interested in the shopper’s concerns.
32/35
Adviser (Restricted whole of market)
Philip Moore – True Potential Wealth Management
Office E, Business Centre, West Avenue One, Letchworth, Hertfordshire, SG6 2HB
SPEED OF RESPONSE
Time of call: 3.04pm.
The call was answered after two rings.
5/5
TELEPHONE MANNER
Patient and friendly.
5/5
RELEVANT QUALIFICATIONS
Level four diploma.
5/5
PAYMENT METHOD
No cost for the initial meeting, £125 per hour thereafter. The adviser added that the fee could be deducted from contributions, which the shopper found a bit confusing.
4/5
GUIDANCE GIVEN
The adviser appeared to understand the shopper’s concerns, but said that he would favour sticking with pensions rather than taking out an Isa instead because of tax. The adviser added he would have a clearer idea of what was needed after the first meeting. Without being prompted, he said he could go elsewhere to meet my needs if what True Potential offers does not do so.
3/5
KNOWLEDGE
The adviser said he has been in financial advice since 1986. He was clearly wary of leaping in with a ‘quick solution’ without a full understanding of its implications, as befits someone with such experience.
3/5
EMAIL/WEB PRESENCE
pims1tconnect.com
www.philmoore.tpllp.co.uk/default.aspx
5/5
VERDICT
The fact that the adviser offered different payment routes was somewhat confusing. However, the shopper sympathised with his anxiety about ‘restricted’ status. The adviser was clearly experienced, but the message was a bit mixed.
30/35
Adviser (Independent)
The First Choice Insurance Consultants,
160 High Street, Stevenage, Hertfordshire SG1 3LL.
SPEED OF RESPONSE
Time of call: 3.53pm.
The call was answered after two rings
5/5
TELEPHONE MANNER
Friendly and confident.
5/5
RELEVANT QUALIFICATIONS
G60 Advanced diploma in pensions planning.
5/5
PAYMENT METHOD
First meeting free, £175 an hour thereafter.
5/5
GUIDANCE GIVEN
Impressive. The adviser listened patiently to the shopper’s concerns, and said that the shopper’s personal circumstances, including his IHT situation and his marital status, were important factors to consider. He explained how pensions freedoms made pensions even better financial instruments than they used to be as well as being much more flexible.
5/5
KNOWLEDGE
Evidently highly experienced, the adviser was able to elaborate clearly and concisely how to approach the issue in the short space of time he was given.
5/5
EMAIL/WEB PRESENCE
info@1stchoiceconsultants.co.uk
www.1stchoiceconsultants.co.uk
5/5
VERDICT
While the adviser was obviously highly experienced, he sought to educate, and communicated with elegant simplicity. His manner would encourage confidence in potential clients.
35/35
PROVIDER
Hargreaves Lansdown
SPEED OF RESPONSE
Time of call: 5.01pm
After five rings, an automated message apologised for busy lines, after which the call was answered.
3/5
TELEPHONE MANNER
Polite and patient.
5/5
RELEVANT QUALIFICATIONS
The representative said he was not qualified to give financial advice, although he was working towards a Cisi qualification.
0/5
PAYMENT METHOD
He said that Hargreaves Lansdown advisers worked on a fee basis based on a percentage of funds under management.
5/5
GUIDANCE GIVEN
The representative said he was not qualified to give advice, but could take down the shopper’s details and get a qualified adviser to contact him.
2/5
KNOWLEDGE
Not an adviser, and did not attempt to do anything other than speak about the product he covers and the company he works for.
3/5
EMAIL/ WEB PRESENCE
www.hl.co.uk
3/5
VERDICT
The shopper felt he had got as much out of the phone call as he could reasonably hope for. He would recommend this service only to a young person just starting to seek advice.
16/35
