Mystery ShopperNov 28 2018

Mystery Shopper: Swansea

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Mystery Shopper: Swansea

The shopper has £20,000 in a cash Isa and wants to put it into a stocks and shares Isa account. They hope to use the money to buy a flat in the next five to seven years. The shopper is 25-years-old, and earns an annual salary of £30,000.

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: WPS Financial Group (Independent)

Address: 11 Axis Court, Mallard Way, Swansea Vale, Swansea, Swansea, SA7 0AJ

Speed of response: 16:00. The shopper was transferred quickly to an adviser. 4/5

Telephone manner: The adviser was polite and friendly. 5/5

Relevant qualifications: Director with PFS, CeMap. 5/5

Payment method: The adviser said there would be no fee for the initial 30-minute consultation, but did not suggest a price range for further consultation. 3/5

Guidance: The adviser said clients would need to describe circumstances in more detail in the initial consultation, during which a discussion of all the risks would need to take place, and the adviser would go from there. 3/5

Knowledge: The adviser was knowledgeable on the difference between a cash Isa and a stocks and shares Isa, and the risks involved in the investment. 4/5

Website: http://www.wpsfinancialgroup.co.uk/

Email: When asked, the adviser said he would give an email but then referred to the website and firm’s number instead. The shopper did not ask for the email again. 3/5

Verdict: The adviser was friendly and knowledgeable, especially on the risks associated with switching to a stocks and shares Isa, but needed encouragement to discuss the details over the phone. 

Total score: 27/35

 

Adviser: CBK Wales (Independent)

Address: Henley House, Queensway, Swansea West Business Park, Swansea, Swansea, SA5 4DJ

Speed of response: 09:30. The shopper was transferred to an adviser straight away. 5/5

Telephone manner: The adviser was very friendly and helpful. 5/5

Relevant qualifications: Dip PFS. 5/5

Payment Method: The adviser said fees would be around 3 per cent of the investment, about £600. There would be no fee for the initial consultation. 5/5

Guidance: The adviser said the investment would depend on the shopper’s individual circumstances, but added that generally house prices in Swansea are a lot less than in London, and so asked if the shopper had looked into a Help-to-Buy Isa instead. 4/5

Knowledge: The adviser gave a good account of the differences between the investments, and hinted that a Help-to-Buy Isa might also be an option. 5/5

Website: http://www.cbkwales.co.uk/

Email: mark.kearle@cbkwales.co.uk 5/5

Verdict: The adviser offered a solid description of what would be involved in the first consultation and showed good knowledge of the different types of investments, but needed some encouragement to go into more detail.

Total score: 34/35

 

Adviser: Estate Capital Financial Management

Address: 7 Uplands Crescent, Uplands, West Glamorgan, Swansea, SA2 0PA

Speed of response: 10:30. The shopper was transferred to an adviser straight away. 5/5

Telephone manner: The adviser was extremely polite and well-mannered. 5/5

Relevant qualifications: Dip FA. 5/5

Payment Method: The adviser explained there was no obligation to pay during the initial meeting, upon which a fee would be discussed after having considered all the investment options. 4/5

Guidance. The adviser said the initial consultation would involve determining the client’s attitude and aversion to risk, as the investment will be sidelined by the shopper’s attitude to loss. He said a five-year horizon was generally a pretty good idea for buying a property, and could be a good move, and suggested there are many investment mediums available for long-term planning. He suggested the client have a look at the firm’s website and access some helpful information there. 4/5

Knowledge: The adviser sounded confident and showed a sound understanding of investing with the aim of buying a property. 5/5

Website: https://www.estatecapital.co.uk/

Email: kevin.jones@estatecapital.co.uk 5/5

Verdict: The adviser was knowledgeable and did not hesitate to give his contact email, but needed some encouragement to go into detail.

Total score: 33/35

Adviser: Acumen Independent Financial Planning (Independent) 

Address: Acumen House, 40 Frederick Place, Llansamlet, Swansea, SA7 9RY

Speed of response: 11:15. The shopper was transferred to an adviser straight away. 5/5

Telephone manner: The adviser was friendly and chatty. 5/5

Relevant qualifications: Director with a Dip PFS. 5/5

Payment method: The adviser said the initial consultation was free, while cost of advice would depend on the type and amount of the investment. For example, a £10,000 investment in a stocks and shares Isa would incur a £300 fee. However, if the client decided to invest in a Lisa there would be no cost. 5/5

Guidance: The adviser ran through several different scenarios, and explained three of the best options available: a Lisa, stocks and shares Isa and Help-to-Buy Isa. 

Knowledge: The adviser showed a high level of understanding of the situation, and explained several details of the different options available. For example, that a Help to Buy Isa means the government will boost your savings by 25 per cent. 5/5

Website: https://www.acumenifp.co.uk/

Email: acumen99@hotmail.co.uk 5/5

Verdict: Shopper’s Choice: The shopper felt at ease talking to the adviser/director, who volunteered details on where the market is at present, the possible impact of Brexit, and how this might affect the different types of investments suitable in this scenario. The shopper felt in good hands.

Total: 35/35