This week the mystery shopper is in Milton Keynes. The shopper is seeking advice on how best to protect his wife in the event of an accident or illness at work. The shopper earns £32,000 in his role in construction, while his wife earns £13,000. They have no mortgage or outstanding debts.
Adviser (Independent):
Scottsdale Consulting, 7 Copperhouse Court, Caldecotte, Milton Keynes, MK7 8NL
Speed of response:
Time of call: 3.46pm. The call was answered after two rings. 5/5
Telephone manner:
Polite and professional. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
The first port of call would be to arrange a meeting to better gauge the shopper’s personal circumstances, the adviser said. Income protection insurance could be the most appropriate policy given the shopper’s circumstances. The adviser explained that the value of monthly premiums for the cover would depend on a host of factors including the length of the deferral period.
3/5
Knowledge:
The adviser displayed a good understanding on income protection insurance. He mentioned other insurance products but failed to specify them. 3/5
Email/web presence:
k.blake@sc-mw.co.uk
www.scottsdaleconsulting.co.uk 5/5
Verdict:
Good overall. The adviser was clearly clued up on income protection insurance, but the shopper would have appreciated more information on other protection options – critical illness in particular.
31/35
Adviser (Independent): Excel 121, The Mansion, Bletchley Park, Milton Keynes, MK3 6EB
Speed of response:
Time of call: 3.57pm. The call was answered after one ring. 5/5
Telephone manner:
Friendly and welcoming. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
The adviser said that income protection could be best suited to the shopper’s circumstances, and explained that the cover was designed to replace the bulk of an individual’s salary. He added that the monthly premiums for this type of cover were even more expensive for those working in construction because of the relatively dangerous nature of the work.
The adviser also explored critical illness cover, which, unlike income protection, would pay out a lump sum.
4/5
Knowledge:
Very good. The adviser was able to provide comprehensive explanations of both income protection and critical illness. He also briefly explored the workings of life cover. 5/5
Email/web presence:
pete@excel121.com
www.excelwealth.co.uk 5/5
Verdict:
Excellent. The adviser gave a thorough overview of the matter at hand, in a friendly manner. In addition, he listened patiently to the shopper’s questions, and gave concise answers.
34/35
Adviser (Independent):
Pride Associates, Unit 1, Office 7, Clifton Court, 48 High Street, Newport Pagnell, MK16 8AQ
Speed of response:
Time of call: 4.07pm. The call was answered after one ring. 5/5
Telephone manner:
Professional and attentive. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
The government provides protection for those who are injured or contract an illness in the workplace, but the cover is basic and short-term, the adviser said. He also spoke of the need to meet the shopper and do a full fact-find before offering tailored advice. 3/5
Knowledge:
Difficult to gauge. The shopper felt that the adviser was very knowledgeable about the subject, but was reluctant to give him too much information. 2/5
Email/web presence:
pride.associates@yahoo.co.uk 3/5
Verdict:
Good, although the shopper did not feel particularly enlightened following his conversation with the adviser. He would have liked the adviser to explore the different types of protection insurance.
30/35
Provider: Beagle Street
Speed of response:
Time of call: 4.16pm. The call was answered by an automated system, and was transferred to a representative within 20 seconds. 4/5
Telephone manner:
Polite yet professional. 5/5
Relevant qualifications:
The representative said he was not qualified to give financial advice. 0/5
Payment method:
Payment would depend on individual circustances. 3/5
Guidance given:
The representative made it clear that he would not be unable to give financial advice. However, he provided detailed information on the provider’s life cover and critical illness policies. He explained that the life assurer currently does not offer income protection insurance. 3/5
Knowledge:
The representative appeared to have a good knowledge of the provider’s product range. 3/5
Email/web presence:
www.beaglestreet.com/life-insurance/critical-illness-cover 3/5
Verdict:
Not being authorised to give financial advice, the representative was restricted as to what he could say. However, the shopper found the information he gave on the provider’s product range helpful.
21/35
