Each week the mystery shopper seeks advice from independent and tied advisers in the UK. The aim is to find out whether advisers are delivering the goods when it comes to the all-important initial telephone contact between client and adviser. It is only intended to evaluate this first interview, and it is understood that further meetings would be necessary before final decisions could be made. The purpose is not to expose poor selling practices, but to show constructively any weaknesses in the advice process.
This week, the mystery shopper visits the Hertford area. After years of renting, he and his partner are looking to purchase a property for the first time. They have £50,000 in savings and a joint income of £54,000. They are seeking to buy a property in the region of £250,000.
Adviser (Independent): Myers Davison Ginger Ltd
24 The Finches,
Hertford, SG13 7TB
Speed of response: Time of call: 3.44pm. Answered after one ring. 5/5
Telephone manner:
Polite and friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5.
Payment method:
The adviser said that it would be explored by his referral colleague. 4/5
Guidance given:
The adviser explained he stopped advising on mortgages before the financial crash and refers all mortgage-related enquiries to his colleague. He said this individual would conduct a fact-find to identify the most suited solution for the shopper. 2/5
Knowledge:
Difficult to gauge. The adviser admitted to no longer operating in the space. 2/5
Email/web presence:
neiljohnson@mdgmortgages.com
www.mdgifa.com
5/5
Verdict:
The adviser came across well and seemed keen to help the shopper get in contact with his referral colleague.
28/35
Adviser (Independent):
Thompson Riddle Associates Ltd
Headstart House, 39 High Street, Ware,
Hertfordshire, SG12 9BA
Speed of response: Time of call: 3.49pm. Answered after two rings. 5/5
Telephone manner:
Notably friendly and polite. 5/5
Relevant qualifications:
Advanced Certificate in Mortgage Advice. 5/5
Payment method:
£199 plus commission from lender.
5/5
Guidance given:
The first port of call would be to arrange an initial face-to-face meeting which would delve deeper into the shopper’s circumstances to find the best solution, according to the adviser. The meeting would be set up at the adviser’s expense. 3/5
Knowledge:
Again, difficult to gauge, as he wouldn’t be giving guidance until the initial meeting. 3/5
Email/web presence:
simon@themodernifa.co.uk
www.themodernifa.co.uk
5/5
Verdict:
The adviser came across exceptionally well but the shopper would have liked more on the guidance front over the phone.
31/35
Adviser (Independent):
Robinson George Financial Management
Beech House, 3 Beechwood Close,
Hertford, SG13 7HW
Speed of response: Time of call: 3.55pm. Answered after five rings. 5/5
Telephone manner:
Friendly, attentive and helpful.
5/5
Relevant qualifications:
Chartered financial planner.
5/5
Payment method:
Up to £1,500 – covered by a flat fee and provider commission.
5/5
Guidance given:
The adviser kicked off the conversation by asking for basic details, including the dates of birth and joint income of the shopper and his partner. After taking a brief pause to crunch numbers, the adviser said the couple were likely to be able to secure an 80 per cent loan-to-value mortgage – assuming that their credit history was not affected by defaults.
5/5
Knowledge:
The adviser was notably well versed on the area. 5/5
Email/web presence:
tony@purewealthltd.com
www.robinsongeorge.com
5/5
Verdict:
Very good. The adviser took time to make calculations to offer more tailored guidance, to his credit.
35/35
Provider
Barclays
Speed of response: Time of call: 4.10pm. The call was answered by an automated machine. The shopper was transferred to a representative within 30 seconds. 4/5
Telephone manner:
Professional.
4/5
Relevant qualifications:
The representative said she was not qualified to offer advice.
0/5
Payment method:
Varies from product to product.
3/5
Guidance given:
The representative said the shopper would be able to seek advice from one of the bank’s internal mortgage advisers once he completed the mortgage-in-principle application. She explained that the adviser would conduct a fact-find and would advise on whether a fixed rate or tracker would best meet the couple’s needs.
4/5
Knowledge:
The representative showed good knowledge of the company’s mortgage process.
4/5
Email/web presence:
www.barclays.co.uk/mortgages
3/5
Verdict:
The representative gave helpful information in a timely fashion.
22/35
