This week, the mystery shopper visits Swindon. The shopper has inherited £70,000 from her grandparents and would like to put the money in an ethical investment.
Adviser: Alexander House Financial Services (independent)
Address: 42 Bosworth Road, Swindon, Wiltshire SN5 6AL
Speed of response: 10.03am. One ring and put through to adviser. 5/5
Telephone manner: Friendly, but the adviser failed to properly introduce herself. 4/5
Relevant qualifications: DipFS and chartered financial planner. 5/5
Payment method: Typically on a £70,000 investment there is a 3.5 per cent fee for the initial investment. 5/5
Guidance: The adviser said ethical investing can be used to filter out unwanted investments, such as tobacco-related companies, for example. However, she warned ethical investing may narrow the field of available funds and it is possible that the ethical fund does not perform as well as a mainstream fund. 4/5
Knowledge: The adviser sounded knowledgeable, but the shopper would have preferred a more probing approach with more information offered about the various options open to her. 4/5
Website: www.alexanderhousefs.co.uk
Email: hazel.platt@alexanderhousefs.co.uk 5/5
Verdict: The adviser behaved in a fairly professional manner and was keen to arrange a face-to-face meeting, but was a bit reluctant to offer an overview over the phone.
32/35
Adviser: Roy Chambers Associates (independent)
Address: 12 Manor Park, South Marston, Swindon, Wiltshire SN3 4RR
Speed of response: 10.15am. One ring and put through to adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: DipFS. 5/5
Payment method: On investments up to £50,000 the fee is 3 per cent, £50,000 to £100,000 it is 2.5 per cent and more than £100,000 it is 2 per cent. 5/5
Guidance: The adviser said there are different types of sustainable investments with different guiding factors, then suggested a face-to-face meeting. 4/5
Knowledge: The shopper did not feel that the adviser gave her an overview of the market for someone in her circumstances. He seemed more keen to arrange a meeting so that they could go through a fact find. 3/5
Website: www.rcaifa.co.uk
Email: info@rcaifa.co.uk 5/5
Verdict: The shopper would have liked if the adviser had taken more time to explore her circumstances over the phone and to offer a snapshot of the market and her options.
32/35
Adviser: Inspire Financial planning (independent)
Address: Redwood House, Templars Way Industrial Estate, Royal Wootton Bassett, Wiltshire SN4 7SR
Speed of response: 10.35am. One ring and put through to an adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Chartered financial planner. 5/5
Payment method: Initial report fee of £970. If the investment goes ahead the £970 is offset against a 3 per cent fee of the initial amount, and the remainder is paid. 5/5
Guidance: The adviser explained how socially responsible investing works and described its growing interest in the last few years. Additionally, the adviser offered examples of an ethical approach governed by negative and positive guiding factors. 5/5
Knowledge: The adviser sounded knowledgeable on the topic and explained that with more of these types of investments now available, ethical funds can perform as well as mainstream funds. 5/5
Website: www.inspirefp.co.uk
Email: matthew.randall@inspirefp.co.uk 5/5
Verdict: Shopper’s choice. The adviser was detailed in his explanation about ethical investing and did a good job describing the market and outlining the shopper's options.
35/35
Adviser: Castlegate Investments (independent)
Address: Berkeley House, Hunts Rise, South Marston Park, Swindon SN3 4TG
Speed of response: 10.25am. One ring and put through to adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Diploma in professional financial services. 5/5
Payment method: Typically, there is an initial fee of 3 per cent of the invested total and then an optional ongoing charge between 0.5 per cent and 1 per cent. 5/5
Guidance: The adviser said that 10 to 15 years ago were few ethical funds in the market. He also explained that the market is volatile so it is important to be clear on risk appetite. 4/5
Knowledge: The adviser sounded knowledgeable, but the shopper felt he did not give her enough information or examples of ethical investments. 4/5
Website: www.castlegateinvestments.com
Email: bstretton@castlegateinvestments.com 5/5
Verdict: The adviser behaved in a professional manner but the shopper felt he could have done more to offer context and an overview of the market for these investments.
33/35