This week, the mystery shopper visits Leeds. She is a 37-year-old insurance broking account executive with a £45,000-a-year salary. She has about £25,000 in savings and wants to make a tax-free investment. She has two children who will soon going to secondary school and she wants to put money away that could become useful to them when they are older.
Adviser (restricted): Tilney BestInvest
Address: 3rd floor, City Point, 29 King Street, Leeds, LS1 2HL (The shopper spoke to a new business representative in Liverpool.)
Speed (time of call): 12.20pm. One ring then connected to the new business team in Liverpool. 4/5
Telephone manner: Polite and friendly. 5/5
Key qualifications: Not a qualified adviser. Part of the new business team. 3/5
Payment method: After application, there is a typical annual charge of 0.4 per cent. 5/5
Guidance: The new business team rep told the shopper her options ranged from a general investment account, an Isa or a Sipp. With Isas and general investments, the money is more readily available; the Isa is more tax-efficient. He said the best option would be an Isa, especially as she wants to invest for the long term. The process could be done by email and via the web. Only when asked about the product did he explain about the restricted nature of the advice, saying the Isa was a Tilney product. 3/5
Knowledge: The rep could only recommend Tilney’s product because of the amount she wanted to invest. 3/5
Website: www.tilney.co.uk
Email: francis.otira@tilney.co.uk 5/5
Verdict: The rep sounded knowledgeable,but for the level of investment the shopper had he was restricted to recommending Tilney’s own product, so the shopper was not able to compare it with other products on the market.
28/35
Adviser (independent): Integral Financial Planning
Address: 1 Aire St, Leeds, LS1 4PR
Speed (time of call): 12.46pm. One ring then put through to an adviser. 5/5
Telephone manner: Fairly helpful. 3/5
Key qualifications: DipFS – Personal Finance Society diploma. 5/5
Payment method: The fee would depend on whether the adviser was able to help the shopper. 3/5
Guidance: The adviser wanted to arrange a meeting with the shopper, but when she pressed a bit further he was able to provide her with a broad idea of her options. She was told that the starting point would be to look at stocks and shares options, while taking her end goal into consideration. She was told stocks and shares Isas are tax-free. The longer the period of investment, the riskier it is. He also explained that, in the long-term, cash Isas would be worth less, because of inflation. 4/5
Knowledge: The adviser seemed knowledgeable. He was keen to arrange a meeting to discuss her options in detail, but when she asked he offered more information over the phone. 4/5
Website: www.integralfp.co.uk
Email: sgroves@integralfp.co.uk 5/5
Verdict: The adviser gave the shopper a broad idea of her options. She would have liked a bit more information regarding the fees or to get a range of the charges.
29/35
Adviser (independent): Armstrong Watson
Address: Third Floor, 10 South Parade, Leeds, LS1 5QS
Speed (time of call): 1.18pm. One ring then put through to an adviser. 5/5
Telephone manner: Helpful and fairly knowledgeable. 4/5
Key qualifications: Paraplanner; not qualified to give advice, but could provide information. 3/5
Payment method: The fee would be drawn up by the adviser depending on the type of investments taken. 3/5
Guidance: The shopper was told that the type of investment appropriate for her would depend on what she wanted to use it for. For example, she could put £20,000 in a stocks and shares or cash Isa. The remaining £5,000 could be split and invested into junior Isas, which the children would not be able to touch until they were 18 years old. 5/5
Knowledge: He sounded knowledgeable and professional. 4/5
Website: www.armstrongwatson.co.uk
Email: emil.mckenzie@armtrongwatson.co.uk 5/5
Verdict: The paraplanner was helpful and knowledgeable with the information he provided.
29/35
Adviser (independent): Seventy Financial Planning
Address: The Apple Store, Haggs Farm, Haggs Road, Follifoot, Harrogate, HG3 1EQ
Speed (time of call): 1pm. One ring then put through to a paraplanner. 5/5
Telephone manner: Helpful and very knowledgeable. 5/5
Key qualifications: Administrator and paraplanner. Not a qualified adviser. 3/5
Payment method: Fees depend on the investment amount. Options include a fixed fee, hourly fee or a fee based on the percentage of the investment. 4/5
Guidance: The shopper was told by the paraplanner that he could not offer advice, but he could give her a broad idea of her options. She was told that as she wanted a long-term investment, with a stocks and shares Isa, there was a potential for growth in line with the UK/US stock market, while a diverse fund would pick up and down risks. The best options could be recommended by a qualified adviser within the team. 5/5
Knowledge: The paraplanner sounded very knowledgeable and spoke confidently. He provided technical information in a way the shopper could understand. 5/5
Website: http://seventyfinancialplanningsites.simplymembersites.co.uk/
Email: josh@seventyfinancialplanning.com 5/5
Verdict: The paraplanner gave the shopper detailed information in a clear manner. He was also able to clearly explain what the process would be if she wanted to enlist the firm to help her invest her money.
32/35
