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 Cardiff seeking advice on redundancy cover. The shopper, whose girlfriend is pregnant, is worried about losing his job following a string of redundancies at his workplace. He is seeking advice on the protection product that is best suited to his predicament.
Adviser (Independent):
Niche Chartered Financial Planners, Claymore Place, Cardiff Bay, Cardiff, CF10 4NS
Speed of response: Time of call: 2.46pm. The call was answered after three rings. 5/5
Telephone manner:
Courteous. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
This week the mystery shopper visits Cardiff seeking advice on redundancy cover. The shopper, whose girlfriend is pregnant, is worried about losing his job following a string of redundancies at his workplace. He is seeking advice on the protection product that is best suited to his predicament. 4/5
Knowledge:
The adviser was clearly well versed on redundancy protection. 5/5
Email/web presence:
chris.baillieux@nicheifa.co.uk
www.nicheifa.co.uk 5/5
Verdict:
Very good. The adviser delivered helpful guidance in a timely fashion.
34/35
Adviser (Independent):
Thomas Duffy Ltd
16 Museum Place, South Glamorgan, CF10 3BH
Speed of response: Time of call: 2.56pm. The call was answered after three rings. 5/5
Telephone manner:
Friendly and polite. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
Redundancy protection is a short term policy that typically pays out monthly sums over a 12 month period, the adviser said. He added the product would cover a percentage of his basic salary or bills. The adviser also explained that providers would not cover him if his employers announced that more redundancies were forthcoming. 5/5
Knowledge:
The adviser seemingly held a very high level of knowledge on protection. 5/5
Email/web presence:
www.thomasduffyfinancial.co.uk
info@thomasduffyfinancial.co.uk 5/5
Verdict:
The shopper gained greater knowledge on redundancy protection after his conversation with the adviser.
35/35
Adviser (Independent):
Daniel Ross - True Potential Wealth Management
36 Monthermer Road, Roath, Cardiff, CF24 4RA
Speed of response: Time of call: 3pm. The call was answered after two rings. 5/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission 5/5
Guidance given:
The adviser suggested arranging an initial consultation to discuss the matter in greater depth. Redundancy protection policy typically pays out monthly premiums over a short time period of up to 24 months according to the adviser, adding that the deferral period is usually between two and three months.
4/5
Knowledge:
The adviser displayed comprehensive knowledge of redundancy protection. 4/5
Email/web presence:
danielross@tpllp.com
www.tpllp.com
5/5
Verdict:
The adviser was engaging friendly, and the shopper was satisfied with the guidance he received.
33/35
Provider
Columbus Direct
Speed of response: Time of call: 3.08pm. The call was answered by an automated system. The shopper was transferred to a representative within 30 seconds. 3/5
Telephone manner:
Very polite and helpful. 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 said that the provider adopts a somewhat overtly cautious approach when it comes to redundancy protection. He added that the shopper was more than likely to fall foul of the firm’s redundancy cover eligibility rules because of the threat of redundancy. 3/5
Knowledge:
The representative showed confidence in his knowledge of the firm’s redundancy cover eligibility rules. He was also able to accurately recall the finer details of the product. 3/5
Email/web presence:
www.columbusdirect.com/income 3/5
Verdict:
The representative conduced himself well. He was likeable, attentive and offered useful information.
20/35
