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 Coventry. She is a 29-year-old self-employed project manager with two young children. She is looking to get some sort of protection or life insurance cover should the worst happen. There is a history of cancer in her family.
Adviser: Rothesay Bennett (independent)
Address: 287/289 (top floor) Kenilworth Road, Balsall Common, Solihull, West Midlands CV7 7EL
Speed of response: 3.19pm. One ring and call answered by adviser. 5/5
Telephone manner: Professional, although he did not announce himself properly at the start of the call. 4/5
Relevant qualifications: DipFA. 5/5
Payment method: The adviser said with protection policies advisers typically get remunerated by the provider. 3/5
Guidance: The adviser asked the shopper how many years were left on her mortgage and how old the children were. He said that a good starting point would be to protect any outstanding debt she may have; in her case the mortgage. Following that the shopper should consider a layer of income protection, which would be the place to declare the family history of cancer. The adviser also stressed the need to get a will in place. 5/5
Knowledge: The adviser sounded quite knowledgeable about the protection market and how the offerings available have evolved. 5/5
Website: www.rothesaybennett.co.uk
Email address: xhorner@rothesaybennett.co.uk 5/5
Verdict: The adviser was very professional and the shopper felt he gave her a comprehensive overview of what she should be considering.
32/35
Adviser: Personal Touch Financial Solutions (restricted financial adviser)
Address: 19 Stoneleigh Avenue, Earlsdon, Coventry, West Midlands CV5 6DA
Speed of response: 2.49pm. One ring and put through to an adviser. 5/5
Telephone manner: Professional and friendly. 5/5
Relevant qualifications: DipFS. 5/5
Payment method: With life insurance policies the adviser is typically paid by the provider. 3/5
Guidance: The adviser asked the shopper about the length of her mortgage and that she would be expected to declare the history of cancer in her family when taking out an insurance policy. He said she could get a decreasing term life insurance policy over the term of her mortgage, with payments reducing over time. The adviser explained how life insurance and critical illness worked. He suggested she would be eligible to claim on her income protection policy in the event she stop working. 5/5
Knowledge: The adviser sounded very knowledgeable. 5/5
Website: www.personaltouchfs.com
Email address: tony.rossborough@personaltouchfs.com 5/5
Verdict: Shopper's choice. The adviser was very professional, offered an excellent overview of the market and explained many aspects of protection in detail and in plain English.
33/35
Adviser: Daljit Dahil, 2plan Wealth Management (independent)
Address: 2Plan Wealth Management, 8 Eaton Road, West Midlands, Coventry CV1 2FF
Speed of response: 2.56pm. One ring and put through to adviser. 5/5
Telephone manner: Professional and friendly. 5/5
Relevant qualifications: DipFS. 5/5
Payment method: Adviser said with protection policies, he typically gets paid by the provider, but in some cases the customer can pay a fee if they want to. 5/5
Guidance: The adviser explained that protection policies can cover a wide ranging area, including life insurance and critical illness cover. He suggested a meeting to go over her circumstances in more detail. 3/5
Knowledge: The adviser sounded fairly knowledgeable about protection policies and was eager to arrange a meeting to discuss her circumstances in more detail. 3/5
Website: www.daljitdahil.2plan.com
Email address: daljit.dahil@2plan.com 5/5
Verdict: The adviser was professional but the shopper felt she would have liked it if he had given her more information over the phone before pushing for a face-to-face meeting.
31/35
Adviser: Financial Design (IFA) (independent)
Address: The Business Resource Network, 53 Whateleys Drive, Warwickshire, Kenilworth CV8 2GY
Speed of response: 3.05pm. One ring and call answered by reception. 5/5
Telephone manner: The receptionist explained the call to the adviser, which was overheard. 4/5
Relevant qualifications: DipFS. 5/5
Payment method: The adviser said life insurance policies typically generate a commission payment from the provider. 4/5
Guidance: The adviser explained that there are a wide variety of insurance covers available: life insurance to pay out on death, critical cover against illness and income protection to cover against losing a job. He added that most people would take cover over and above the mortgage, adding that the history of cancer would need to be declared. 4/5
Knowledge: The adviser sounded quite knowledgeable and gave the shopper quite a bit of information. 5/5
Website: www.financial-design.co.uk
Email address: alan@financial-design.co.uk 5/5
Verdict: The adviser was friendly and knowledgeable about the protection market and was happy to share his insights and offered a decent overview of her options.
32/35
