Adviser (Independent):
Bankfield Financial Advisers Ltd, Rutland Centre, 56 Halford Street, Leicestershire LE1 1TQ
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.
31/35
Adviser (Independent):
Throgmorton Investment Management Limited, 3 Broad Street, Enderby, Leicester LE19 4AA
Speed of response: Time of call: 11.04am. Answered after three rings. 5/5
Telephone manner:
Somewhat brisk, but friendly nonetheless. 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. Ongoing charges are dependant on the level of service required. 5/5
Guidance given:
Stock and shares Isas offer returns as high as 60 per cent, but are subject to market risk that could result in a fall in the value of investment, the adviser explained. He added that the rule of thumb is to invest over a minimum of three to five years for a better chance of high returns. The adviser also said a portfolio would be constructed to suit the shopper’s level of risk. 3/5
Knowledge:
The adviser seemed to be well versed on the topic. 3/5
Email/web presence:
ashley@throgmortonim.co.uk
www.throgmortoninvestmentmanagement.co.uk/index.php/en 5/5
Verdict:
The shopper could not help but feel the conversation was rushed. The shopper delivered some helpful guidance on investments, but failed to delve into the topic of mortgages.
30/35
Provider:
Alliance Trust Saving
Speed of response: Time of call: 11.13am. The call was answered by an automated machine. The shopper was transferred to a representative within 30 seconds. 4/5
Telephone manner:
Friendly and helpful. 5/5
Relevant qualifications:
The representative said she was not qualified to offer financial advice. 0/5
Payment method:
An annual charge of £90 split into monthly repayments of £7.50. 5/5
Guidance given:
The representative stressed that she was not qualified to give financial advice from the outset and recommended that the shopper contact a qualified financial adviser. She said the shopper could invest a maximum of £15,240 into an Isa per tax year. He is also able to open a stocks and shares Isa in the next tax year and split the Isa allowance with his pre-existing Help to Buy: Isa. 4/5
Knowledge:
The representative demonstrated good knowledge on the provider’s Isa offerings. She was unable to tell the shopper whether he would be able to split his Isa allowance between a cash and investment Isa at the first instance, but was able to provide an answer after putting the call on hold for a short time. 3/5
Email/web presence:
www.alliancetrustsavings.co.uk/isa/stocks-and-shares-isa 3/5
Verdict:
The representative did a good job under the circumstances. She was upfront about her inability to offer advice, but provided helpful insight into the options available to the shopper.
24/35
