Apr 5 2017

Mystery shopper: Derby

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Mystery shopper: Derby

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 Derby. He and his wife are seeking to invest £60,000 in stocks and shares that mirror their ethical stance. They are opposed to tobacco companies and firms involved in operations that damage the environment. The couple hope to withdraw the investment after four years to pursue a business venture.

 

Adviser (Independent):

Derwent Financial Planning 

Suite 2 Acorn Place, Alfreton Road, Derby, Derbyshire, DE21 4AS

Speed of response:

Time of call: 12.18pm. Answered after four rings. 5/5

Telephone manner:

Very polite and friendly. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Hourly, fixed or percentage fee. 5/5

Guidance given:

The adviser kicked off the conversation by explaining he is an independent financial adviser – meaning he adopts a whole of market approach to determine suitable solutions. He added ethical investments is a specialist field and is subject to unique investment risks. The adviser recommended arranging an initial meeting to further explore investments with potential to meet the couple’s objective over their chosen investment period.

3/5

Knowledge:

The adviser outlined the basic considerations of risk and investment time frame. The manner in which he broached ethical investments suggests he is well versed in the area.

3/5

Email/web presence:

darren.wheatcroft@derwentfp.co.uk

www.derwentfinancialplanning.co.uk

5/5

Verdict:

The adviser’s friendly approach to the conversation was welcome. He delivered some helpful guidance.

31/35

 

Adviser (Independent):

Professional Financial Centre (East Midlands)

Wesley House, St Michael's Lane, Derby, Derbyshire, DE1 3DW

Speed of response:

Time of call: 12.26pm. Answered after two rings. 5/5

Telephone manner:

Notably polite. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Not disclosed due to shopper being an inappropriate client. 0/5

Guidance given:

Alluding to the changes to the financial services sector brought about by a host of legislative changes including the Retail Distribution Review, the adviser explained it is no longer economical to offer investment advice on sums below £500,000. This is because of the heightened liability and compliance pressures, he said. The shopper could go direct to providers to circumvent advice levies, they said.

2/5

Knowledge:

Very good. The adviser notably mused about the future direction of markets across the globe – many of which are trading at record highs, he said. 3/5

Email/web presence:

Email not disclosed

pfceastmidlands.co.uk

3/5

Verdict:

The adviser was upfront about his minimum investment criteria, which is commendable and offered some useful guidance – although he did not discuss ethical investment in great depth.

23/35

 

Adviser (Independent):

Alpha Independent Financial Solutions

Crown Way, Chellaston, Derby, Derbyshire, Derbyshire, DE73 5NU

Speed of response:

Time of call: 12.44pm. Answered after four rings. 5/5

Telephone manner:

Friendly. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Dependent on the value of the initial investment amount according to the adviser. 4/5

Guidance given:

The adviser flagged the couple’s targeted investment time frame. She said stocks and shares are medium to long-term investments – defined as between five and 10 years. She suggested arranging an initial meeting to further explore the duo’s circumstances and establish their appetite to risk.

3/5

Knowledge:

The adviser displayed awareness on some of the more basic investment considerations – investment period and risk. 3/5

Email/web presence:

ginny@alphaifs.co.uk

www.alphaifs.co.uk

5/5

Verdict:

The adviser offered some useful information, but the shopper would have appreciated a steer on the suitability of ethical investments.

30/35

 

Provider

OneFamily

Speed of response:

Time of call: 12.26pm. Answered by an automated system. The shopper was transferred to a representative within one minute and 20 seconds. 3/5

Telephone manner:

Courteous. 5/5

Relevant qualifications:

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

Payment method:

N/A 0/5

Guidance given:

The representative stressed he was not qualified to offer financial advice. He was unsure on whether the firm’s ethical options were in line with the couple’s stance. He spent a while looking on the company's website to source the relevant information, but to no avail. He offered to send the shopper an information pack that provides further information on the firm’s investment products.

1/5

Knowledge:

The representative displayed a decent level of knowledge on the firm’s investment offerings. 2/5

Email/web presence:

www.onefamily.com/savings-and-investments/adult/ethical-equity-isa

3/5

Verdict:

The representative presented himself well, but offered little information.

14/35