ProtectionDec 3 2015

Mystery Shopper: Woking

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This week the mystery shopper is in the area of Woking, Surrey. His fiancée was recently made redundant from her job. The shopper would like to put income protection in place to ensure that his costs of living, including rent, are covered at the event of illness or injury. He is 26 and earns £26,000 a year, with commission capped at £5,000.

Adviser (independent):

Anglo International Group, The Investment & Mortgage Centre, 170 Epsom Road, Guildford, GU1 2RP

Speed of response:

Time of call: 11.28am. The call was answered after two rings. 5/5

Telephone manner:

Very friendly and engaging. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Commission or fee. 5/5

Guidance given:

The adviser said that the shopper could take out an income protection policy that is linked to his salary and would pay out a certain percentage of his earnings in the event of accident or illness. Payments on income protection were subject to a deferral period, she added. She told the shopper to find out whether sick pay was included in his employment benefits package. This information would be significant when it comes to determining the length of the deferral period. 4/5

Knowledge:

Extensive. The adviser demonstrated comprehensive knowledge of the topic. 4/5

Email/web presence:

susan@angloifa.co.uk

www.angloifa.com 5/5

SHOPPER’S CHOICE:

Very impressive. The adviser’s approach to the conversation was engaging. She patiently listened to the shopper’s questions and delivered detailed yet concise responses.

33/35

Adviser (independent):

Penmor, River End Cottage, Dunsborough Park, Ripley, Woking, GU23 6AL

Speed of response:

Time of call: 11.40am. The call was answered after two rings. 5/5

Telephone manner:

Polite and friendly. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

A £147 charge for the initial consultation. Later fees would depend on individual circumstances. 5/5

Guidance given:

The first port of call would be to find out whether the shopper was entitled to sick pay in his current employment, according to the adviser. He said that the longer the deferral period, the cheaper income protection premiums were likely to be. He added that the shopper should consider whether his savings would be enough to tide him over should he ever become unable to work.

4/5

Knowledge:

Without saying very much on the subject, the adviser demonstrated a good level of knowledge of it. 3/5

Email/web presence:

Kevin@penmor.co.uk

www.penmor.co.uk

5/5

Verdict:

Very good overall. The adviser’s polite approach to the conversation was commendable, although the shopper wanted more information on the subject.

32/35

Adviser (independent):

Laithwaite Financial Services, The Forge, 101 Robin Hood Road, Knaphill, Woking, GU21 2LS

Speed of response:

Time of call: 11.48am. The call was answered after one ring. 5/5

Telephone manner:

Professional yet friendly. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Commission. 5/5

Guidance given:

The adviser said the best thing would be to sit down with the shopper and do a fact-find. He said that other options should be taken into consideration, adding that income protection is not helpful in the event of redundancy. He too told the shopper to find out if his employers offer sick pay. 3/5

Knowledge:

The adviser was clearly well-versed in the subject. He also demonstrated knowledge of other potentially suitable products without mentioning them by name. 3/5

Email/web presence:

edward@laithwaiteifa.co.uk

www.laithwaiteifa.co.uk 5/5

Verdict:

Good. The adviser seemed genuinely interested in the shopper’s situation, giving some helpful guidance.

31/35

Provider

Best Insurance

Speed of response:

Time of call: 12.18pm. The call was answered by an automated system and transferred to an adviser within 40 seconds. 3/5

Telephone manner:

Friendly. 4/5

Relevant qualifications:

The representative said she was not qualified to offer financial advice. 0/5

Payment method:

N/A 3/5

Guidance given:

The representative said that one of the firm’s in-house advisers would be able to help the shopper. After spending around 40 seconds attempting to transfer the call to an adviser, the representative said there had been a technical glitch, but an adviser would call him back immediately, before politely hanging up. The shopper waited for around 10 minutes before giving up on waiting for the return call. 1/5

Knowledge:

Impossible to gauge. The representative did not offer any form of guidance. 0/5

Email/web presence:

www.bestinsurance.co.uk/income-protection-insurance.php

3/5

Verdict:

Unfortunate. The representative approached the conversation in a friendly manner, but for whatever reason, did not offer any form of guidance.

14/35