This week, the mystery shopper is in Bournemouth. He is looking for advice on investments on behalf of his sister who is looking to invest £30,000 over a long period of time. She is contemplating using the sum to secure a buy-to-let mortgage, but is open to other investment vehicles. She is 30 years old, married and has a residential mortgage.
Adviser (independent):
St Barts Finance Ltd, 260-264 Charminster Road, Bournemouth, BH8 9RR
Speed of response:
Time of call: 2.54pm. The call was answered after two rings. 5/5
Telephone manner:
Very polite and friendly. 5/5
Relevant qualifications:
Level 4 four diploma. 5/5
Payment method:
No charge for the intial meeting. Fixed fee of £500 for a report outlining the suitability of different investment vehicles. 5/5
Guidance given:
Buy-to-let could be a financially rewarding solution, but it is not devoid of risks, according to the adviser. He said the acquisition of a property, and the subsequent income generated from rent, is subject to taxation. The adviser said capital would need to be set aside to cover the costs of maintenance and periods of time during which the property is unoccupied. The adviser also explored cash and investment Isas. He said the latter is the riskier of the two propositions. 4/5
Knowledge:
Very good. The shopper correctly explained that a hike in stamp duty is due to come into force from April 2016 following the Chancellor’s announcement during his autumn statement speech. 5/5
Email/web presence:
john@burgessandlee.co.uk
www.stbartsfinance.co.uk 5/5
Verdict:
Impressive. The adviser was clearly knowledgeable in the area of advice. He delivered somewhat complex information in a clear and concise manner.
34/35
Adviser (independent):
JLT Wealth Management, 35 Richmond Hill, Bournemouth, BH2 6HT
Speed of response:
Time of call: 3.14pm. The call was answered after two rings. 5/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
Chartered financial planner and Fellow of the Personal Finance Society. 5/5
Payment method:
£250 an hour flat fee 5/5
Guidance given:
There are a host of costs to be wary of when it comes to BTL investments – including taxation and maintenance costs, according to the adviser. He added that investment Isas can be a good investment for dividends and capital growth over a medium to long term. To determine the suitability of the different investment vehicles, the adviser said that the first port of call is to explore the shopper’s sister’s circumstances, including her current credit score and capacity for loss. 4/5
Knowledge:
The adviser displayed a good level of knowledge on the topic area. He briefly explored how one’s attitude to risk determines the suitability of an investment product. 4/5
Email/web presence:
martyn_scott@jltgroup.com
www.jlt.com 5/5
Verdict:
Short and sweet. The shopper was impressed with the amount and quality of information given by the shopper in their brief telephone conversation.
33/35
Adviser (independent):
Edward Chappell Financial Services, 2 Surrey Glade, 68 Surrey Road,, Westbourne, Bournemouth, Dorset, BH4 9AH
Speed of response:
Time of call: 3.21pm. The call was answered after four rings. 5/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Depends on investment vehicle adopted. 3 per cent for investments up to £25,000 and 2 per cent thereafter. 5/5
Guidance given:
The adviser said that most lenders require a minimum of 25 per cent deposit for BTL mortgage. From stamp duty to maintenance, there are a number of costs that should be taken into consideration before the purchase of a property, he added. Meanwhile, the suitability of stock and shares Isa investments are subject to individual attitude to risk, The adviser said. 4/5
Knowledge:
Comprehensive. The adviser also explained that stamp duty on BTL homes is set to rise from April 2016. 4/5
Email/web presence:
The adviser did not want to disclose his email.
www.edwardchappell.co.uk 3/5
Verdict:
The shopper found the adviser’s friendly approach to the conversation endearing.
31/35
Provider:
Post Office
Speed of response:
Time of call: 3.39pm. The call was answered by an automated system. The call was answered within one minute. 4/5
Telephone manner:
Friendly yet professional. 5/5
Relevant qualifications:
The representative said that he was not qualified to give financial advice. 0/5
Payment method:
Varies from product to product. 3/5
Guidance given:
The representative stressed that he was not qualified to give financial advice. He asked the shopper a series of eligibility questions to identify whether the shopper’s sister would be eligible for the products. 3/5
Knowledge:
The representative displayed a good level of knowledge on the topic. 4/5
Email/web presence:
www.postoffice.co.uk/mortgages/buy-to-let 3/5
Verdict:
Good. The representative delivered helpful information on the lender’s products.
22/35
