FidelityAug 16 2017

FA Mystery Shopper - East Sussex

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FA Mystery Shopper - East Sussex

Adviser: Sandycross Wealth Management (independent)

Address: Monkhurst House, Sandy Cross Lane, Heathfield, East Sussex TN21 8QR

Speed: 1.52pm. The shopper was put through to the adviser after one ring. 5/5

Telephone manner: Very friendly and helpful. 5/5

Relevant qualifications: CII in Financial Planning Practice and a DipPFS from the Personal Finance Society. 5/5

Payment method: The initial consultation is free. Following the implementation of investment, there is a £825 fee. There is also a separate charge for ongoing management of the investment. 5/5

Guidance: The adviser told the shopper she would like to arrange a face-to-face meeting to assess the shopper’s portfolio and level of cash savings. If the shopper wanted to invest the bulk of her money for the long term, she could put the remaining smaller amount into an instant Isa or premium bond. The larger amount of the money could then be placed in a long-term investment vehicle. To assess the best investment vehicles, the adviser told shopper it would be best to arrange a fact-finding meeting. 4/5

Knowledge: The shopper felt the adviser was very knowledgeable as she was able to give her detailed information. 4/5

Website: www.sandycrosswealth.co.uk

Email: info@sandycrosswealth.co.uk 5/5

Verdict: The shopper was impressed with adviser’s knowledge, and felt very much at ease with them.

33/35

 

Adviser: Prosperity IFA (independent)

Address: Tubwell Farm, Tubwell Lane, Crowborough TN6 3RQ

Speed: 2.10pm. There were two rings before the shopper was put through to an adviser. 5/5

Telephone manner: Polite and helpful. 4/5

Relevant qualifications: DipPFS – Diploma in Financial Services. 5/5

Payment method: The initial meeting is free, and the fee is dependent on the level of investment. For example, on a £70,000 investment, the fee would be 3 per cent of funds invested. 5/5

Guidance: The adviser told the shopper he wanted to undertake a fact-finding exercise to collect information on the shopper’s risk profile, attitude to risk and expected timescale on getting a return on her investment. The shopper was told she had many options; ranging from tax-efficient Isas to putting the money in stocks. Depending on her choice, each year the monies could then be moved around to get the best returns. 5/5

Knowledge: The adviser appeared to know quite a lot about the various options the shopper could pick from. He also spoke in what the shopper felt was a very professional manner. 5/5

Website: www.prosperityifa.com

Email: info@prosperityifa.com 5/5

Verdict: Shopper’s choice: The adviser came across very knowledgeable and acted in a professional and polite manner. He initially wanted the shopper to come in, but when she indicated that she wanted to get a broad idea of her options he was then able to give her some broad options.

34/35

 

Adviser: Flying Colours  (independent)

Address: Preston Road, East Sussex, Brighton, East Sussex BN1 6AF

Speed: 4.33pm. One ring and the shopper was put through to a representative whose job title is client adviser. 5/5

Telephone manner: Very friendly and helpful. 5/5

Relevant qualifications: Not a qualified adviser. As a client adviser he just deals with the initial query, takes down information before arranging a time when the shopper can speak to the adviser. 3/5

Payment method: Free consultation over the phone. It is not known what the fee will be until the shopper speaks with the qualified adviser. 4/5

Guidance: The representative asked the shopper about any savings, pensions or Isas she had. He told her the next stage would be a free consultation followed by a more in-depth conversation with the financial adviser based close to where the shopper is based. 4/5

Knowledge: As the person the shopper spoke to was a not a trained adviser, he was unable to give her an idea about her possible options. 2/5

Website: https://flyingcolourswealth.com

Email: info@flyingcolourswealth.com 5/5

Verdict: The client adviser representative was very helpful over the phone, but the shopper would have preferred it if she could have spoken to an adviser in the first instance.

29/35

 

Adviser: Fidelity

Speed: 4.15pm. The shopper was on hold for three minutes before put through to a customer representative. 3/5

Telephone manner: Friendly and polite. 5/5

Relevant qualifications: Not a qualified adviser. Only trained to give guidance. 3/5

Payment method: Each investment has an ongoing charge figure that will go to the fund manager. It will be calculated and deducted from the fund price. 4/5

Guidance: Representative is not trained to give advice, but can give guidance on options available. With Fidelity, customers can put money into investment fund pots, with each fund run by a manager. If the shopper chooses to invest with Fidelity, she would be able to regularly check the performance of the fund. Other options the shopper was told about included putting the money into a tax-free Isa or a Sipp, among others. If the shopper wanted to proceed further the representative could put her in touch with a specialist. 3/5

Knowledge: The representative was quite knowledgeable about the different options available to the shopper. The representative told the shopper that if she was unsure about her options, she could get further help from a trained and qualified financial adviser. 3/5

Website: www.fidelity.co.uk 3/5

Verdict: The shopper felt the representative was quite knowledgeable about the options available to her, but wanted to be given advice. Following the call, the shopper still did not feel confident enough to make the decision by herself.

24/35