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 Devon. The shopper is calling on behalf of her mother, who lives in a house worth £310,000, but wants to pull equity from the home to help her grandchildren get their feet onto the property ladder.
Adviser: Profecto Financial Services (independent)
Address: 24 Hylton Gardens, Exeter, Devon EX4 2QE
Speed: 10.20am. The shopper was put through to an adviser after one ring. 5/5
Telephone manner: Helpful and friendly. 5/5
Key Qualifications: ER1 – Equity Release, from Chartered Insurance Institute (CII), MAQ – Mortgage Advice Qualification (CII). 5/5
Fees: £500 payable on completion and commission from provider. 4/5
Guidance: The adviser said the equity release product is similar to a normal mortgage, except the main difference is that the interest rates, which are higher than normal rates, are rolled up. 4/5
Knowledge: The adviser was quite knowledgeable. He advised the shopper that the next steps would be to arrange a face-to-face fact-find meeting with her and her mother. 4/5
Website: The adviser does not have a website as he gets a lot of his business through referrals.
Email: martin@profectofs.com 3/5
Verdict: The shopper felt the adviser was knowledgable and helpful about what was potentially available to her mother.
30/35
Adviser: Thompson Jenner Financial Services (independent)
Address: 1 Colleton Crescent, Exeter, Devon EX2 4DG
Speed: 10.28am. After one ring the shopper was transferred to an adviser. 5/5
Telephone manner: Helpful and friendly. 5/5
Key qualifications: ERER1 – Equity Release from the CII, and MAQ – Mortgage Advice Qualification from CII. 5/5
Fees: There are a lot of factors taken into account depending on the type of product on offer. 3/5
Guidance: The adviser said a lot of lenders offer a drawdown facility, allowing the shopper’s mother to borrow some of the money now and more later on. With lifetime mortgages, the interest rolls up and the borrower can pay it later. The shopper was also told it was important to know how portable a scheme is in the event that her mother moves house. 5/5
Knowledge: The shopper felt the adviser was very knowledgeable about the types of products available, and she liked the fact he mentioned the portability capability of the schemes. 5/5
Website: www.thompson-jenner.co.uk
Email: pdalley@tjfs.co.uk 5/5
Verdict: Shopper’s Choice. The shopper felt that the adviser was very knowledgeable about the availability of products for her mother.
33/35
Adviser: Haldon Financial Limited (independent)
Address: Brixham Laboratory, Freshwater Quarry, Brixham TQ5 8BA
Speed: 10.45am. The phone was answered after one ring and the shopper was put through to adviser. 5/5
Telephone Manner: Helpful and polite. 5/5
Key Qualifications: CeMap / CF7 5/5
Fees: There is no fee for initial meeting, but will go through fee process at initial meeting. 3/5
Guidance: The adviser said there were a number of options available to the shopper’s mother, but he preferred to arrange a meeting first with the shopper and her mother before he could give the broader information required. 3/5
Knowledge: The adviser sounded very confident, but because he preferred a face-to-face meeting in the first instance, she was unable to get much out of him. 3/5
Website: www.haldonfinancial.co.uk
Email: mark@haldonfinancial.co.uk 5/5
Verdict: The shopper felt the adviser sounded confident, but she would have preferred to get more broader information on her mother’s options.
28/35
Adviser: Perrins Financial Services Ltd (independent)
Address: 1st Floor, Custom House, The Strand, Barnstaple, Devon EX31 1EU
Speed: 10.56am. The shopper was put through after one ring and spoke to an employee. 5/5
Telephone manner: Polite. 4/5
Key qualifications: The shopper was not able to speak to a qualified adviser. 2/5
Fees: The shopper was unable to get any information on the fees, and felt it was taking too long to speak to an adviser. 2/5
Guidance: When the shopper called the office she spoke to a member of staff who said their equity release specialist was not in that day. She was given the number of another specialist who works with the firm, but when the shopper called, she was advised that her expertise did not go as far as equity release. The shopper was then given another number to call for another equity release specialist, which she did, but the call went to voicemail. 1/5
Knowledge: The shopper did not get to discuss her situation with an adviser. 2/5
Website: www.perrinsltd.co.uk
Email: enquiries@perrinsltd.co.uk. 5/5
Verdict: The shopper felt she had to put in a lot of effort to try and speak to an adviser, and then she was not able to do so.
21/35
