Investments  

Mystery Shopper: Southampton

This week the mystery shopper visits Southampton. He and his fiancée are looking to accumulate £80,000 to serve as a deposit to purchase a property in 2021. They each earn £27,000, and each have £1,000 in savings.

Adviser (Independent):

P & P Invest

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Unit 17/18, Building 2, William Street, Shamrock Quay, SO14 5QL

Speed of response: Time of call: 12.19pm. Answered after one ring. 5/5

Telephone manner: Professional. 5/5

Relevant qualifications: Advanced diploma in financial planning. 5/5

Payment method: £250 for a report, initial fee of 3 per cent for investments and 1 per cent fee per year for ongoing advice. 5/5

Guidance given:

The adviser asked questions to gauge the shopper’s spending habits and monthly disposable income. He explained the need to create a budget to ensure the shopper could save substantial amounts, but still be able to live a comfortable life.

The adviser suggested that the best course of action would be to deposit the savings into a cash Isa. He explored stock and shares Isas, but explained that the investment mechanism is too risky, especially within a five-year time-frame. 3/5

Knowledge:

The adviser accurately stated that the current Isa limit is £15,240 and demonstrated good knowledge of the rates of interest offered by leading Isa providers in the marketplace. However, there was no mention of help to buy Isa 3/5

Email/web presence:

advice@pandpinvest.com

www.financialadvisorsouthampton.com 5/5

Verdict:

The adviser explained that he would not be willing to take the shopper on as a client because the fee charged by his firm would not represent good value. He did offer detailed guidance without being prompted to do so, although he omitted help-to-buy Isa

31/35

Adviser (Independent):

Choice Financial Solutions

17-18 The Avenue, Southampton, SO17 1XF

Speed of response: Time of call: 12.31pm. Answered after one ring. 5/5

Telephone manner: Very friendly and professional. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: £500 minimum. 5/5

Guidance given:

The adviser said the shopper could benefit by saving via a Help to Buy: Isa, explaining that the government tops up the shopper’s deposit to the value of 25 per cent – up to £3,000. He added that the shopper’s fiancée could also set up a separate Help to Buy: Isa.

He explored the option of investing in equities, and explained the potential for high returns and hefty losses. For this reason, he recommended that the shopper focus on depositing money into a cash Isa and a regular savings account. 5/5

Knowledge:

Very good. The adviser demonstrated good knowledge on the help-to-buy Isas and some of the more competitive Isas and regular savings product in the marketplace. 5/5

Email/web presence:

craig@choicefinancialsolution.com

www.choicefinancialsolutions.com 5/5

Verdict:

The adviser’s approach to the conversation was particularly noteworthy. The shopper also found the adviser to be helpful.

35/35

Adviser (Independent):

A B S Financial Planning Limited

The Design Chapel, Cemetary Road, Southampton, SO15 7NN

Speed of response: Time of call: 12.45pm. Answered after one ring. 5/5

Telephone manner: Professional yet friendly. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method: £130 hourly fee. 5/5