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 visits Chester. The shopper wants to find out about the options available to her mother who has read a lot in the press about pension transfers and wants to know if it is something she should consider. Her mum is 60 years old and has worked in retail all her life.
Adviser (independent): Cestrian Financial Planning Services
Address: 10 Grosvenor Park Road, Chester, CH1 1QQ
Speed of response (time of call): 10.46am. One ring then transferred to an adviser. 5/5
Telephone manner: Polite and friendly. 5/5
Key qualifications: The adviser was not a transfer specialist, but there are qualified transfer specialists in the team. 4/5
Payment method: Fee for advice and the work involved. 5/5
Guidance: The adviser was initially reluctant to give the shopper background information; saying she would prefer to arrange a fact-find meeting to explain the process. The adviser said it was not possible to give advice over the phone because of the complex nature of advising on pension transfers. On the shopper’s insistence for more information the adviser gave her a bit more information about how the value of pension transfers is calculated and the options available to her mother. 4/5
Knowledge: The adviser sounded knowledgeable about pension transfers, but the shopper felt she could have been given more information. 4/5
Website: www.cestrianifa.co.uk
Email: advice@cestrianifa.co.uk 5/5
Verdict: The shopper felt the adviser could have given her a bit more detail about pensions transfers without it moving into the realm of advice.
32/35
Adviser (independent): Moneytree Wealth Management
Address: Talbot House, Albion Street, Chester, CH1 1RQ
Speed of response (time of call): 11.10am. One ring then put through to an adviser. 5/5
Telephone manner: Helpful and friendly. 5/5
Key qualifications: The adviser was not specifically a transfer specialist, but there are G60 trained specialists in the team. 5/5
Payment method: Typical charge is about 4 per cent of product, with a further charge of between 0.5 per cent and 1 per cent for ongoing management. 5/5
Guidance: The adviser told the shopper that several things would be taken into account when considering the value of pension transfers. These include looking at the level of state pension the shopper’s mother will get, mortgages and other costs. The adviser also told the shopper the process of deciding the best option for her mother would be to start with a cash flow model. 5/5
Knowledge: The adviser sounded very knowledgeable to the shopper, particularly when talking about the other factors in her mother’s life that she should take into account. 5/5
Website: www.moneytreewm.co.uk
Email: info@moneytreewm.co.uk 5/5
Verdict: Shopper’s choice. The shopper liked the fact the adviser spoke to her about getting her mother to consider all aspects of her life and the bearing that might have on whether transferring her pension was really the most appropriate thing for her to do. The shopper also liked that the adviser gave more detailed information about the fees.
35/35
Adviser (independent): Innes Reid Investment
Address: Dee House, Hoole Road, Chester, CH2 3NJ
Speed of response (time of call): 11.35am. One ring then put through to an adviser. 5/5
Telephone manner: Polite. 4/5
Key qualifications: AF3 qualified to advise on pension transfers. 5/5
Payment method: Fee. 5/5
Guidance: As the shopper was not 100 per cent sure of the pension schemes her mother currently has, the adviser explained that the transfer would vary depending on the current scheme she is under. The adviser told the shopper the process of advising on pension transfer would typically start with an initial consultation to understand her mother’s circumstances and objectives, to see how it plays into the overall retirement strategy. 5/5
Knowledge: The adviser displayed a deep level of knowledge about pensions transfers. 5/5
Website: www.innesreid.co.uk
Email: andrew@innesreid.co.uk 5/5
Verdict: The shopper felt the adviser was quite knowledgeable about pensions transfer, but she would have liked a bit more detail.
34/35
Adviser (independent): Financial Fortress
Address: 3 A V Wilding Estates, Guilden Sutton, Chester, CH3 7EX
Speed of response (time of call): One ring then put through to an adviser. 5/5
Telephone manner: Polite and friendly. 5/5
Key qualifications: Pension transfer specialist with AF3 qualification. 5/5
Payment method: Fixed fee either paid by the customer or through the pension product. 4/5
Guidance: The adviser said he would like to arrange a face-to-face sit-down meeting with the shopper’s mother to explain in more detail the options available to her and to ascertain what option might work best in her circumstances. He also said that as the subject of pensions transfers was probably one of the most complex areas in financial planning, it is very important to understand her mother’s attitude to risk. 4/5
Knowledge: The adviser sounded knowledgeable and was able to give the shopper a wide variety of options. 5/5
Website: www.financialfortress.co.uk
Email: waynemusker@financialfortress.co.uk 5/5
Verdict: The shopper felt the adviser was helpful and knowledgeable about the various options her mother should consider.
33/35
