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 shopper visits Doncaster. The shopper, 28 years old, has been self-employed for two years but does not currently have a pension plan. He previously worked as a tester for a software company for six years, with a contributory pension.
Adviser (Independent):
Partner At True Potential Wealth Management LLP
Hangar 3, Fourth Avenue, Robin Hood Airport, Doncaster, DN9 3GE
Speed of response: Time of call: 11.02am. The call was answered after two rings. 5/5
Telephone manner: Courteous and friendly. 5/5
Relevant qualifications: Chartered Financial Planner. 5/5
Payment method: Varies – on a case-by-case basis. 4/5
Guidance given:
The adviser said she would not be able to assess the suitability of aggregating an existing pension plan with a new pension until she received more information on the former. She offered to arrange an initial consultation, which, she said, would be at her own expense. The adviser went on to explain that some pensions had minimum guarantees which are a boon for savers. 4/5
Knowledge: The adviser appeared to be very knowledgeable in the area. 5/5
Email/web presence:
maxineclarke@tpllp.com
www.tpllp.com 5/5
Verdict:
Very good. The adviser gave a good overview of the key considerations and delivered helpful guidance in a friendly manner.
33/35
Adviser (Independent):
Proaktive
Proaktive House, Sidings Court, White Rose Way, Doncaster, DN4 5NU
Speed of response: Time of call: 11.18am. The call was answered after three rings. 5/5
Telephone manner: Friendly and engaging. 5/5
Relevant qualifications: Level four diploma. 5/5
Payment method: Varies – on a case-by-case basis. 4/5
Guidance given:
The adviser said that transferring an existing scheme into a new pension was possible, but whether or not it would be a wise move to take was wholly dependent on the strength of the existing plan. He also explored the tax advantages of setting up a personal pension through a limited company. He said pension contributions made by a company were deductible for corporation tax purposes. 5/5
Knowledge:
The adviser seemed well-versed in the area. His knowledge of the tax benefits of setting up a personal pension through a limited company was particularly impressive. 5/5
Email/web presence:
darrenwood@proaktive.co.uk
www.proaktive.co.uk
Verdict:
The adviser was very personable. He exchanged banter with the shopper before going on to deliver useful guidance.
34/35
Adviser (Independent):
Plan-To-Retire
22 Castlegate, Tickhill, South Yorkshire, DN11 9QU
Speed of response: Time of call: 11.33am. The call was answered after two rings. 5/5
Telephone manner: Polite. 5/5
Relevant qualifications: The representative said she was not qualified to give advice. 0/5
Payment method: The representative said this was something that would have to be discussed with the adviser. 3/5
Guidance given:
None given – which is understandable considering the representative was not qualified to offer financial advice. She explained that the firm’s sole adviser was unavailable, and offered to arrange a call back. 2/5
Knowledge: The representative did not display significant knowledge in the area. 1/5
Email/web presence:
None given. 0/5
Verdict:
The representative handled the call well and was quick to offer to arrange a call back.
16/35
Provider
Barclays Stockbrokers Pension
Speed of response: Time of call: 11.11am. The call was answered by an automated system. The shopper was transferred to a representative within 30 seconds. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: The representative said she was not qualified to offer advice. 0/5
Payment method: Quarterly administration charge of £38.75. The representative said that other charges were listed on the company’s website. 3/5
Guidance given:
The representative said that a transfer from an existing pension was possible, with the exception of defined benefit and final salary schemes. She recommended that the shopper sought advice before taking such a move. 3/5
Knowledge:
The shopper demonstrated a good knowledge of the firm’s pension criteria. 3/5
Email/web presence:
www.barclaysstockbrokers.co.uk/Accounts/SIPP/pages/How-to-open.aspx 4/5
Verdict:
Not bad. The representative should be commended on advising the shopper to seek professional advice.
23/35