InvestmentsSep 28 2016

Mystery Shopper: Swansea

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

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 Swansea. Disillusioned by the low rates offered on fixed deposits, the shopper is seeking advice to establish a suitable investment vehicle to grow his £35,000 inheritance. He aims to withdraw his investment after five years to purchase a buy-to-let property.

Adviser (Independent): Cilbenrick Limited

6 Southgate Road, Southgate, Swansea, SA3 2BT

Speed of response:

Time of call: 4.50pm. The call was answered after five rings. 5/5

Telephone manner:

Very polite and friendly. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

This would be explored during an initial meeting the adviser said.4/5

Guidance given:

The adviser said it is difficult to get an impressive return on an investment in a low interest rate environment over a short period of time – which he defined as less than five years. Five years is on the cusp of what is regarded by the industry as an acceptable time frame for stocks and shares and bond investments, he added. 4/5

Knowledge:

Very good. The adviser notably explored the risks associated with stocks and shares and bond investments to some depth. 4/5

Email/web presence:

rhidian@cilbenrick.co.uk

www.cilbenrick.co.uk 

5/5

Verdict:

The adviser offered some sound guidance and endeared himself to the shopper with his friendly approach to the conversation.

Score: 32/35

 

Adviser (Independent): Acumen Independent Financial Planning

Acumen House, 40 Frederick Place, Llansamlet, Swansea, SA7 9RY

Speed of response:

Time of call: 5.01pm. The call was answered after two rings. 5/5

Telephone manner:

Friendly and professional. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Typically up to 3 per cent according to the adviser. 5/5

Guidance given:

The adviser said the best course of action would be to arrange an initial meeting to get a better understanding of the shopper’s circumstances and gauge his appetite for investment risk. 3/5

Knowledge:

The adviser mentioned stocks and shares and bonds as possible investment vehicles, but did not explore either in significant depth. 3/5

Email/web presence:  

acumen99@hotmail.com

www.acumenifa.trustedadviser.info 

5/5

Verdict:

The adviser was nice enough, but he did not offer any meaningful form of guidance.

Score: 31/35

 

Adviser (Independent): D C Financial

Unit A, William Knox House, Britannic Way, Llandarcy, West Glamorgan, SA10 6EL

Speed of response:

Time of call: 10.33am. The call was answered after three rings. 5/5

Telephone manner:

Professional. 4/5

Relevant qualifications:

Advanced Diploma in Financial Planning. 5/5

Payment method:

3 per cent. 5/5

Guidance given:

The adviser said the best port of call would be to arrange an initial meeting where she would conduct a fact-find which would serve to tailor her advice. She explained most investments run over a five-year period at the very least. 4/5

Knowledge:

The adviser highlighted a few potential investment options including stock and shares, bonds and unit trusts, but did not explore them in any depth. 3/5

Email/web presence:

kerry@dcfinancial.com

www.dcfinancial.com 5/5

Verdict:

The shopper admired the adviser’s desire to arrange a meeting to get a better understanding of his circumstances but would have like more guidance in the first instance.

Score: 31/35

 

Provider: Charles Stanley Direct

Speed of response:

Time of call: 10.40am. The call was answered after four rings. 5/5

Telephone manner:

Polite. 5/5

Relevant qualifications:

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

Payment method:

0.25 per cent for investment via platform. 5/5

Guidance given:

The representative stressed from the outset that she was not qualified to offer advice. She said individuals are able to construct their own investment portfolio from a range of investments including stocks and shares and bonds, or choose from a range of model portfolios. 

2/5

Knowledge:

The representative displayed good knowledge on the firm’s investment Isa options.

4/5

Email/web presence:

www.charles-stanley-direct.co.uk/

3/5

Verdict:

The representative was not in a position to offer advice but she delivered helpful information.

Score: 24/35