Investments  

Mystery shopper: Leicester investments

This week the mystery shopper visits Leicester. He is seeking advice on investments after having recently inherited £30,000. He currently rents, but is considering purchasing a house in London in five years time. The shopper earns an annual salary of £26,000 and invests into a Help to Buy: Isa.

Adviser (Independent):

Bankfield Financial Advisers Ltd, Rutland Centre, 56 Halford Street, Leicestershire LE1 1TQ

Article continues after advert

Speed of response: Time of call: 10.29am. Answered after one ring. 5/5

Telephone manner: Energetic yet professional. The adviser engaged the shopper in a friendly conversation before discussing business. 4/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

No charge for the initial meeting, and 3 per cent charge of sum invested. 5/5

Guidance given:

The adviser kicked off the conversation by asking a series of questions about the shopper’s employment and living arrangements’ expenditure to better gauge his circumstances. The adviser mused that the first port of call could be to utilise the tax-free Isa allowance. He added that stocks and shares investments could generate impressive returns, but there was a possibility of losing money. He said investments made would mirror the shopper’s attitude to risk.

The price of property in London is significantly higher than those in Leicester, the adviser warned. He said the shopper may want to consider using a portion of the £30,000 to secure a mortgage to purchase a property in Leicester and then sell in five years time – at which time the value of the property may have increased. The amount generated by the sale could then be used to purchase a home in the capital. 5/5

Knowledge:

Extensive. The adviser notably displayed considerable knowledge on the price of property in both London and Leicester. 4/5

Email/web presence:

narennalik@bankfield.net

www.bankfield.net 5/5

Verdict:

The adviser’s friendly approach to the conversation was commendable. He created a pleasant environment in which to talk business. The shopper was satisfied with the guidance delivered.

33/35

Adviser (Independent):

PSA Financial Services Ltd, Central Office, 1 The Parade, Needham Avenue, Glen Parva LE2 9JW

Speed of response: Time of call: 10.43am. Answered after three rings. 5/5

Telephone manner:

Polite, friendly, patient and informative. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

No charge for the initial meeting, and 3 per cent charge of sum invested. A further 1 per cent for the ongoing advice charge. 5/5

Guidance given:

He praised the shopper for opening a Help to Buy: Isa, which he labelled a good initiative that will help young people onto the property ladder. He said the shopper could also open and contribute to an investment Isa in the new tax year. Once the shopper uses his full Isa allowance, the next port of call could be to open a collective investment account, which he claimed is a flexible way of investing your money over the medium to long term. 4/5

Knowledge:

The adviser showed comprehensive knowledge on investments. Using the example of the recent Chinese slowdown, he explained that global markets are closely linked. 4/5

Email/web presence:

nsood@psafinancial.co.uk 3/5

Verdict:

Superb. The adviser delivered detailed and help guidance. He patiently listened and answered the shopper’s many questions. He also took a great deal of time to better gauge the shopper’s circumstances to further tailor his guidance.