Mystery ShopperJan 24 2018

Mystery Shopper: Glasgow

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Mystery Shopper: Glasgow

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 Glasgow. The shopper wants to set up long-term savings plans for her four-year and six-month-old daughters after receiving money. She initially wants to put in £10,000 into each account and another £20,000 later in the year; after which the accounts will be topped up annually.

 

Adviser: Orr Kerr Dykes Financial Services (independent)

Address: 3/1 Atlantic Chambers, 45 Hope Street, City of Glasgow, G2 6AE

Speed of response: 10.48am. Spoke to receptionist and was kept on hold for a minute before talking to an adviser. 4/5

Telephone manner: Friendly and professional. 5/5

Relevant qualifications: Advanced Financial Planning Certificate. 5/5

Payment method: Initial charge for advice is typically 3 per cent of amount invested and an ongoing charge of 0.5 per cent of the fund value. 5/5

Guidance: The adviser wanted to email the information and only when pressed did he discuss Junior Isas and the investment limits. The adviser explained that there are ways to invest more depending on the tax wrapper chosen. He also added that if she wanted to consider general investments her risk appetite would first need to be assessed. He recommended an investment horizon of more than five years.  4/5

Knowledge: The adviser sounded knowledgeable about the shopper’s options but she did not think the guidance offered over the phone was as detailed as she would have wanted. 4/5

Email: steven@okdfs.co.uk

Website: www.okdfs.co.uk 5/5

Verdict: The adviser was friendly and knowledgeable, but he initially seemed more eager to send the shopper information via email than to spend time getting familiar with her circumstances over the phone.

32/35

 

Adviser: ARD Consulting Limited (independent)

Address: 69 Buchanan Street, Glasgow G1 3HL

Speed of response: 11.10am. One ring and put through to a receptionist then put on hold for about two minutes. 4/5

Telephone manner: Friendly and professional. 5/5

Relevant qualifications: DipFS. 5/5

Payment method: Minimum fee of £595 or 3 per cent on investments, whichever is greater and an ongoing management charge of 1 per cent. 5/5

Guidance: The adviser said there were a range of investment possibilities depending on the shopper’s level of risk. Junior Isas might not be applicable because of the amounts she is looking to invest. The adviser explained that the investment could be put into trust, so it would be the children’s money but she would have control over it, or she and her husband could set up Isas until they decided to gift the funds to the children. 5/5

Knowledge: The adviser appeared to be very knowledgeable and offered the shopper a wide range of options and spent time fleshing out his points. 5/5

Email: admin@ardconsultancy.co.uk

Website: www.ardconsultancy.co.uk 5/5

Verdict: Shopper’s Choice. The adviser provided the shopper with a wide range of options and he was also very detailed on the fees she might need to pay. The shopper felt that he took his time considering her circumstances. 

34/35

 

Adviser: Fairstone Financial Management (independent)

Address: 65 Bath Street, Glasgow G2 2BX

Speed of response: 11.28am. One ring and put through to a contact centre in Newcastle. 5/5

Telephone manner: Friendly and professional. 5/5

Relevant qualifications: Trainee IFA so not qualified to give advice and did not give any guidance either. 2/5

Payment method: The trainee was unable to provide any information. 0/5

Guidance: The trainee said he would take the shopper’s details and get a qualified IFA to call her back. At the very least, she thought that he might be able to give guidance but he said he could not. 1/5

Knowledge: The shopper was unable to ascertain how much knowledge the trainee IFA had. The most he could say was that there were various options available to her. 1/5

Email: info@fairstone.co.uk

Website: www.fairstone.co.uk 5/5

Verdict: The shopper felt that even though she was talking to a trainee IFA, he could have done more to offer her some broad information, even if he could not give proper regulated advice.

19/35

 

Adviser: McCrea Financial Services (independent)

Address: 3rd Floor, Moncrieff House, 69 West Nile Street, Glasgow G1 2QB

Speed of response: 11.50am. One ring and put through to an adviser. 5/5

Telephone manner: Friendly and professional. 5/5

Relevant qualifications: Diploma in regulated financial planning. 5/5

Payment method: The adviser said he could not offer any details on fees and charges until they met face-to-face to discuss her case in more detail. 2/5

Guidance: The adviser said the shopper could set up an investment specifically for the children, which would still leave her in control until she was ready to give them the funds. Alternatively, he explained that she could set up Isas in the children's name and drip-feed money into it. 4/5

Knowledge: The adviser sounded knowledgeable about the various options but the shopper would have liked a bit more detail on what type of fees she might be facing. 4/5

Email: doughall@mccreafs.co.uk

Website: www.mccreafs.co.uk 5/5

Verdict: The adviser offered some pointers but the shopper felt let down that the adviser was not more helpful in offering information about what she could expect in fees and charges.

30/35