This week, the mystery shopper visits Berkshire.
The shopper has inherited a large sum of money - £500,000 - from her grandfather and she is looking for help on the best way to invest the money, as she has a mortgage with her husband, while they have two young children.
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.
Adviser: Fairstone Financial Management (independent)
Address: Swan House, 2 Market Street, Maidenhead SL6 8AB
Speed of response: 11.13. The phone call was answered by a trainee adviser. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: The shopper spoke to a trainee, who was not a qualified financial adviser. 3/5
Payment method: Trainee adviser told shopper fee would depend on what she wanted to do. 2/5
Guidance: The trainee adviser told the shopper the process would be to ask her questions about what she wants to achieve and then get the best adviser to speak to her. He asked her about the mortgage property value, age of children, if she had any debts or life insurance. He went on to offer her a face-to-face or telephone consultation. 3/5
Knowledge: The trainee adviser was friendly, but he could not give her much guidance and she felt he was a bit vague on the type of topics she would be discussing with the adviser. 2/5
Website: www.fairstone.co.uk
Email: ben.relph@fairstone.co.uk 5/5
Verdict: The trainee adviser behaved in a fairly professional manner but the shopper felt he could have given her more information or guidance on options available to her.
25/35
Adviser: Douglas Hope Financial Management (independent)
Address: 43 Northbrook St, Newbury RG14 1DT
Speed of response: 11.33am. The shopper was transferred to the adviser by the receptionist. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: DipPFS. 5/5
Payment method: The fee structure will depend on what the shopper wants but there is a minimum fee of £1500 to cover recommendations and administration. 4/5
Guidance: The adviser was keen to arrange a meeting with the shopper to discuss long and short term goals and was reluctant to provide information over the telephone. 2/5
Knowledge: The shopper felt the adviser could have given her some basic guidance over the telephone on what options she should be considering. 2/5
Website: www.dhfm.co.uk
Email: crissie@dhfm.co.uk 5/5
Verdict: The adviser was polite and friendly but was reluctant to give the shopper much information over the phone, rather, preferring to arrange a meeting instead.
28/35
Adviser: Flying Colours (independent)
Address: 2, Queen's Square, Lyndhurst Rd, Ascot SL5 9FE
Speed of response: 11.41am. Call transferred to client liaison. 5/5
Telephone manner: Friendly. 5/5
Relevant qualifications: Client liaison - not a qualified financial adviser. 3/5
Payment method: Fee depends on what the shopper wants to do, but it will not be anything more than 3 per cent. 4/5
Guidance: The client liaison told the shopper the firm could help her to make tax efficient investments. He also told her that the adviser he would refer her to would look at pensions and investment options for her and the family. The advisers would also be able to explain the pros and cons and would conduct and assessment of the shopper’s attitude to risk. 3/5
Knowledge: Although not a qualified adviser, and unable to provide guidance, the client liaison gave the shopper detailed information on what to expect from the adviser and the areas she should be thinking about before her meeting with the advisers. 3/5
Website: www.flyingcolourswealth.com
Email: aferry@flyingcolourswealth.com 5/5
Verdict: The client liaison was friendly but was limited as to the amount of information he could provide.
28/35
Adviser: Ward Williams Financial Services (independent)
Address: 9 Crossways, London Rd, Sunninghill, Ascot SL5 0PY
Speed of response: 12pm. Shopper was transferred to adviser. 5/5
Telephone manner: Polite and friendly. 5/5
Relevant qualifications: Dip-PFS. 5/5
Payment method: Fee depends on what is discussed between the adviser and the shopper, but the firm normally charges between £500-£3000 for a report. 4/5
Guidance: The adviser explained to the shopper the different options she could consider; such as Isas and other types of investments. He also told the shopper it was important for her and her husband to have a will and protection policies in place, so that if something happened to either of them the children would be looked after. He also said they had two years from the death of her grandfather to amend the will so some of the money going to her goes straight to the children - which can generate tax advantages. 5/5
Knowledge: The adviser sounded very knowledgeable about the factors that the shopper should be considering and he also gave her a lot of pointers, particularly about protecting her children. 5/5
Website: www.wardwilliamsf.co.uk
Email: cliff.pocock@wardwilliams.co.uk 5/5
Verdict: Shopper’s choice. The adviser behaved in a professional manner and provided the shopper with a lot of information to consider.
34/35
