Mystery ShopperJan 16 2019

Mystery Shopper: Leeds

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Mystery Shopper: Leeds

This week, the mystery shopper visits Leeds.

The shopper would like to send her son to Singapore for his studies in 10 years’ time. She is looking to save at least £45,000 and is exploring whether she should invest in equities, diversified portfolios of equities and bonds, or have a portfolio of passive investments. She is willing to invest £3,000 up front and about £200 a month thereafter. 

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: 1825 (restricted whole of market)

Address: West Park Ring Road, Leeds, LS16 6QE

Speed of response: At 11:04am the shopper was transferred after three rings to the switchboard, then answered a question, waited a bit more and was connected back to the switchboard. Then after a few more rings she was finally connected to an adviser. 2/5

Telephone manner: The adviser was moderately friendly. 3/5

Relevant qualifications: Level 4 Dip PFS. 5/5

Payment method: The charge would be tailored to the percentage of assets. 3/5

Guidance: The adviser said he did not want to give any recommendations over the phone and said a face-to-face meeting was best. He asked the shopper for details of her pension, and whether she had any investable assets already. He said the shopper's risk profile would need to be assessed. 3/5

Knowledge: The adviser displayed a good level of knowledge. 3/5

Website: https://www.1825.com

Email: ian.towers@1825.com. 5/5

Verdict: The adviser was helpful but cautious to give any advice over the phone as expected. 

24/35

 

Adviser: Quantum Wealth Management (independent) 

Address: Harrogate Business Centre, Hammerain House, Hookstone Avenue, Harrogate, North Yorkshire, HG2 8ER 

Speed of response: After four rings, the shopper was transferred to an adviser at 11.29am. 4/5

Telephone manner: The adviser appeared a bit disinterested at first, but his tone became more friendly as the call progressed. 3/5

Relevant qualifications: Level 6 Chartered Financial Planner. 5/5

Payment method: The adviser said he would send the shopper the fees by email, but the shopper would have preferred to hear some basic figure over the phone. 2/5 

Guidance: The adviser asked the shopper whether she had used up her Isa allowance for the year. He said while the shopper would have to first complete a client questionnaire so he could understand her attitude to risk, passive portfolios were a good option.

He also said Isas were the most tax-efficient way of savings, which could be the way forward once he meets the shopper in person. 4/5

Knowledge: The adviser showed a very good understanding of investments. 4/5

Website: https://quantumwealthmanagement.com/

Email: harwin@quantumwealthmanagement.com. 5/5

Verdict: The adviser also took a cautious stance, but was a bit more helpful than the previous adviser. He gave the shopper some background on which investments are generally good in these situations, while also stressing he could only confirm whether these would be good for her after a questionnaire and meeting. 

27/35

 

Adviser: Lazenbys Financial Services (restricted whole of market)

Address: Wira House, Wira Business Park, West Park Ring Road, West Yorkshire, Leeds, LS16 6EB

Speed of response: The shopper was transferred directly to a financial adviser at 12:02pm, albeit after five rings. 4/5

Telephone manner: The adviser was extremely friendly and gave the shopper a lot of time over the phone. 5/5

Relevant qualifications: CeMAP, Level 4 Dip PFS. 5/5

Payment method: He said on a value between £50,000-£150,000 a three per cent fee is levied, meaning a minimum of £1500 and a maximum of £4,500. 5/5

Guidance: The adviser asked for several of the shopper’s circumstances, such as her pension, age, attitude to risk. The only advice the adviser gave the shopper over the phone was to invest in more longer-term opportunities as this would not jeopardise the returns of the fund the shopper was trying to grow. He said he would discuss where to invest during a face-to-face meeting, after assessing her full circumstances. 4/5

Knowledge: The adviser demonstrated sound knowledge in financial markets overall. 5/5

Website: https://lazenbysfs.co.uk/

Email:advice@lazenbysfs.co.uk 5/5

Verdict: While the shopper liked that the adviser at Quantum Wealth Management gave some indication of what things the shopper should be investing in, the shopper found the Lazenbys adviser most useful due to his transparency on fees, very patient and friendly attitude, and eagerness to direct the shopper to the right investment opportunities. 

33/35 (Shopper’s choice). 

 

Adviser: Thomas Heald Chartered Financial Planners (independent) 

Address: Feast Field, Horsforth, Leeds, LS18 4TJ

Speed of response: The shopper was connected at 16:43pm directly to a financial adviser after three rings. 5/5

Telephone manner: The adviser sounded like he was in a hurry to get off the call. 2/5

Relevant qualifications: Level 4 Dip PFS. 5/5

Payment method: The adviser said he did not know the fees off the top of his head. 1/5

Guidance: The adviser said he would need to assess the shopper’s risk profile in order to suggest what opportunities she should invest in, and said a face-to-face meeting was the only way to judge this. He did not provide any further guidance or information. 2/5

Knowledge: The shopper was not able to assess the knowledge as the adviser did not discuss anything over the phone. 2/5

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

Email: chris.prescott@thomasheald.co.uk 5/5

Verdict: The shopper did not gain much from this conversation. 

22/35