Each week the mystery shopper seeks advice from independent 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 wants to find out what her options are after coming into a pot of money worth £60,000. She also has savings of £15,000 and is looking for investment advice, as she has a £200,000 mortgage left on a property worth £250,000.
Adviser: Principle Investment Management (Independent)
Address: 91 Stockport Road, Marple, Stockport, Cheshire SK6 6AA
Speed of response: 11.20am. The adviser was put through to adviser after two rings. 5/5
Telephone manner: Friendly and polite 5/5
Relevant qualifications: CeMAP qualified and diploma level 4 qualified. 5/5
Payment method: The mortgage fee on application is £300. The additional fee in relation to the Isa will depend on the type. 4/5
Guidance given: The adviser tried to establish a broad profile about the caller’s circumstances by asking lots of questions relating to the shopper's current mortgage situation. He also explained that the funds could be used to pay down some of the mortgage. If the shopper wanted to progress further then he could arrange a meeting at the office. The first meeting would be free. 5/5
Knowledge: The adviser was very knowledgeable about the mortgage rates in the market that the shopper could potentially be moved onto. 5/5
Website: www.principle-im.com alex@principle-im.com 5/5
Verdict: Shopper’s choice. The adviser was very courteous and knowledgeable. The shopper liked the fact that he was able to give her a rough idea of what her options could be.
34/35
Adviser: Prosper IFA Ltd (Independent)
Address: Prosper House, 99a High Street Standish, Wigan, Lancashire WN6 0HD
Speed of response: 11.40am. The adviser was put through to adviser after just one ring. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Cert CII in financial planning. 5/5
Payment method: The initial meeting is free. Fees are then based on the percentage of investment the IFA will manage and level of work undertaken. 4/5
Guidance given: The adviser said he preferred to arrange an initial meeting to talk about the shopper's circumstances and to discuss the various options open to the shopper. 3/5
Knowledge: The adviser spoke with a lot of confidence, but as he was reluctant to discuss matters further on the phone it was hard to gauge what advice he might be able to offer. 3/5
Website: www.prosper-IFA.co.uk enquiries@prosper-IFA.co.uk 5/5
Verdict: The caller would have preferred to be given a broad idea first of her options before committing to a meeting, but the adviser said he would prefer it if she came into the office to take things further.
30/35
Adviser: True Potential Wealth (Independent)
Address: Gateway West, Newburn Riverside, Newcastle upon Tyne NE15 8NX
Speed of response: 12pm. The adviser was put through to adviser after just one ring. 5/5
Telephone manner: Friendly and polite. 5/5
Relevant qualifications: Level 4 diploma. 5/5
Payment method: The first meeting is free. The fee will depend on the subsequent level of work required. 3/5
Guidance given: The adviser was keen to get a broad overview of the shopper’s situation over the phone. He asked about the shopper’s financial circumstances, and suggested that a lower rate could be negotiated with her mortgage provider, but stopped short of saying she could also consider paying off some of her mortgage and making some investments. He suggested she come to the office to talk things through properly. 4/5
Knowledge: The adviser was knowledgeable about current mortgage rates. But with regards to investment possibilities he wanted to leave that for a further conversation. 4/5
Website: www.tpllp.com/wealth-platform jonathanwilcox@tpllp.com 5/5
Verdict: The adviser came across as very confident, but the caller would have liked to have received a bit more information over the phone about other options open to her.
31/35
Provider: NatWest
Speed of response: 12.53pm. The shopper was on hold for three minutes before being put through to the sales team. 3/5
Telephone manner: Friendly and polite. 5/5
Relevant qualifications: Trained customer services representative. 4/5
Payment method: The caller did not proceed far enough with the conversation to discuss payment. 0/5
Guidance given: The customer services representative went into detail about Isa options, as if reading from a script, but she was unable to provide guidance on mortgages. Someone offering all-encompassing advice on her options was not on offer, but the customer services individual said she would put the shopper through to a mortgage adviser. The shopper was left on hold for seven minutes before she decided to put the phone down. 3/5
Knowledge: Caller did not feel that she was able to get advice on all her options as the first person could only offer guidance on Isas. For further advice on mortgages caller needed to talk to a trained mortgage specialist as well. Caller felt a bit lost. 3/5
Website: www.natwest.com 3/5
Verdict: Although Natwest appears to provide the services the caller potentially needs, she was not able to get an overview of her options from one place. She felt that speaking to different departments would lead to confusion.
21/35
