PensionsApr 13 2016

Mystery Shopper Oxfordshire

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Adviser (Independent): Positive Solutions (Oxford), 88 Banbury Road, Oxford OX2 6JT

Speed of response: Time of call: 10.34am. Answered after six rings. 5/5

Telephone manner: Professional and to the point. 5/5

Relevant qualifications: Advance Financial Planning Certificate (CII). 5/5

Payment method:

No charge for initial meeting. The adviser said he normally works on a percentage fee basis, which is determined by the size of the pension pot and the retirement solution. 5/5

Guidance given:

The adviser said it would be appropriate to arrange an initial meeting at the first instance to better gauge the shopper’s mother’s circumstances. He briefly explained the workings of an annuity and how it differs from a flexi-access drawdown. The latter will generate a higher advice charge because the shopper’s mother’s pension pot would remain invested, the adviser added. 4/5

Knowledge:

The adviser appeared to have a good grasp on the two retirement solutions, but the shopper felt the adviser withheld information so as not to offer guidance due to his ignorance of the shopper’s mother’s circumstances. 4/5

Email/web presence:

robinalgar@thinkpostive.co.uk

www.thinkpositive.com 5/5

Verdict:

The conversation with the adviser was brief but the shopper was satisfied with the information delivered. He also appreciated the adviser’s reluctance to offer more tailored guidance with little knowledge of his mother’s situation.

33/35

Adviser (Independent): Shaw Gibbs Financial Services Limited, 264 Banbury Road, Oxford, Oxfordshire OX2 7DY

Speed of response: Time of call: 10.42am. Answered after two rings. 5/5

Telephone manner: Very inquisitive and professional. 5/5

Relevant qualifications: Chartered Financial Planner (CII). 5/5

Payment method:

No charge for the initial meeting. The cost of advice is dependent on the retirement solution. The adviser said the firm operates a number of charging models. He said the shopper could opt for the hourly rate model of £260 plus a £55 administration charge, or agree a fixed fee. 5/5

Guidance given:

The adviser asked whether the shopper’s mother is paying into a workplace pension or a self-invested personal pension, the value of her pension pot and if vshe receives income from other sources. He explained that the answers to these questions were integral to the process of determining the retirement solution best suited to her needs. He offered to arrange an initial meeting to further explore the shopper’s mother circumstances. 5/5

Knowledge:

The adviser seemed well versed in the topic. He also briefly explained the difference between annuity and drawdown. 4/5

Email/web presence:

ed.gibson@shawgibbs.com

www.shawgibbs.com/services/individuals/financial-services 5/5

Verdict:

The adviser was notably inquisitive and delivered helpful guidance in a timely manner.

34/35

Adviser (Independent): McGrath Rathbone Limited, 1 The Quadrangle, Banbury Road, Woodstock, Oxfordshire OX20 1LH

Speed of response: Time of call: 10.58am. Answered after three rings. 5/5

Telephone manner: Very friendly, polite and professional. 5/5

Relevant qualifications: Level four diploma. 5/5

Payment method:

No charge for an initial meeting. The adviser said that the charge of advice is dependent on the retirement option and is something that is discussed more in depth at the initial meeting. 5/5

Guidance given:

The adviser quizzed the shopper on the life company that currently provides his mother’s pension. He said that some old pension schemes come with guaranteed annuity rates that are substantially better than annuity rates on offer at this moment in time. The adviser explored three retirement solutions: an annuity, drawdown and a third way product which combines elements of the two. 5/5

Knowledge:

Very good. The shopper was the only adviser in this mystery shopping exercise to mention a third way product. 5/5

Email/web presence:

michael@mr-ifa.co.uk

www.mr-ifa.co.uk 5/5

Verdict:

The adviser was clear, concise and delivered useful information in a friendly manner.

35/35

Provider

Standard Life

Speed of response: Time of call: 11.06am. The call was answered by an automated machine, and the shopper was transferred to a representative within 30 seconds. 4/5

Telephone manner:

Professional. 5/5

Relevant qualifications:

The representative said he was not qualified to give financial advice. 0/5

Payment method:

Varies – on a case-by-case basis. 3/5

Guidance given:

The representative strongly advised the shopper to contact Pension Wise to receive free impartial information on the matter, explaining that each life company’s annuity offering varies. He added that annuities rates are heavily based on the lifestyle of an individual. 3/5

Knowledge:

Difficult to gauge because the representative did not say much on annuities. 2/5

Email/web presence:

www.standardlife.co.uk/c1/guides-and-calculators/retirement-annuity.page 3/5

Verdict:

Good. The representative appeared to have offered guidance based on what would be best for the shopper rather than pushing for a sale.

20/35