This week the mystery shopper visits Bromley in Kent, seeking advice on protection options that will cater to his circumstances. He and his wife, with one child aged one, are two years into their 25-year fixed-term mortgage. The shopper has become the main breadwinner after his wife opted to work part-time to look after the child.
Adviser (Independent): Chaldon Fox Associates, 20 London Road, Bromley, BR1 3QR
Speed of response:
Time of call: 12.07pm. The call was answered after three rings. 5/5
Telephone manner:
Courteous and helpful. 5/5
Relevant qualifications:
Advanced Financial Planning Certificate. 5/5
Payment method:
Provider commission. 5/5
Guidance given:
The adviser said the shopper should consider taking out a mortgage life insurance, which would remove the burden of loan repayments from his spouse at the event of his death. He added that a joint life insurance policy would cover the lives of the couple and tends to be cheaper than buying two separate policies. 3/5
Knowledge:
The adviser had good knowledge, but failed to mention the suitability of other products such as CI, but the adviser did say a comprehensive overview would await a meeting. 3/5
Email/web presence:
tony@chaldonfoxassociates.co.uk
www.chaldonfoxassociates.co.uk 5/5
Verdict:
Good overall. The shopper would have liked more guidance on critical illness, but the adviser delivered helpful insight on life insurance.
31/35
Adviser (Independent): Succession Group (via Maze Wealth), 6 Chancery Lane, Beckenham, Kent, BR3 6NR
Speed of response:
Time of call: 12.13pm. The call was answered after three rings. 5/5
Telephone manner:
Open, friendly and helpful. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Provider commission. 5/5
Guidance given:
A decreasing term insurance, designed to cover the reducing amount a borrower owes on a repayment mortgage, and CI cover, are among a host of options, the adviser said. Family income benefit was also mentioned, which pays out regular tax-free income for a set period of time to the policyholder’s next of kin in the event of death, the adviser said. 4/5
Knowledge:
A sound overview of the different life insurance options available was offered. The adviser mentioned CI, but fell short of offering guidance on the cover. 4/5
Email/web presence:
paul.pascoe@successiongroup.co.uk
www.successiongroup.co.uk 5/5
Verdict:
Superb. The adviser addressed the options in much detail and delivered clear and concise guidance in a friendly manner.
33/35
Adviser (Independent): James Mercer 2plan Wealth Management, Pickhurst Green, Bromley, BR2 7QT
Speed of response:
Time of call: 12.25pm. The call was answered after three rings. 5/5
Telephone manner:
Boisterous and engaging. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Provider commission. 5/5
Guidance given:
The adviser suggested the best course of action would be to arrange an initial face-to-face meeting to get a better understanding of the couple’s circumstance. Those with dependents should take out life insurance and critical illness to ensure that their loved ones would not descend into financial peril at the event of their death. 3/5
Knowledge:
The adviser only showcased a fraction of the wealth of knowledge he claimed to have in the area, but stressed that he would be happy to arrange a meeting for a more comprehensive discussion. 4/5
Email/web presence:
james.mercer@2plan.com
jamesmercer.2plan.com
5/5
Verdict:
Being a father of two toddlers himself, the adviser quickly bonded with the shopper. Although the adviser only offered basic guidance, the shopper felt in good hands because of his friendly approach.
32/35
Provider: Tesco Bank
Speed of response:
Time of call: 12.41pm. The call was answered by an automated machine. The shopper was transferred to a representative within 50 seconds. 4/5
Telephone manner:
Polite and professional. 5/5
Relevant qualifications:
The representative said she was not qualified to offer financial advice. 0/5
Payment method:
Varies – on a case-by-case basis. 3/5
Guidance given:
The representative said the provider offered a number of plans, including life insurance and critical illness. She briefly explained the workings of decreasing term insurance and parent life cover for new parents – which pays out £10,000 if either father or mother dies before their child’s first birthday. 4/5
Knowledge:
The representative seemed to have a good grasp on what life insurance plans Tesco Bank offered. 4/5
Email/web presence:
www.tescobank.com/life-insurance 3/5
Verdict:
The representative performed well. She gave clear explanations and seemed keen to help where she could.
23/35
