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: Arrow Financial Services UK (independent)
Address: 1 Grey Friars, Chester CH1 2NW
Speed of response: 11.10am. The shopper was transferred to an adviser. 5/5
Telephone manner: The adviser was curt and appeared to be in a hurry. 3/5
Relevant qualifications: CeMap. 5/5
Payment method: Fee of £195 when mortgage application complete and commission from lender. 5/5
Guidance: The adviser told the shopper she would need to meet her face-to-face as there was much information the shopper needed to understand before she could give her appropriate guidance. The shopper asked the adviser for a broad overview of the market, but the adviser was fairly keen to arrange a meeting first. 3/5
Knowledgeable: The adviser sounded confident but was not keen on giving the shopper any information over the phone. 3/5
Website: www.arrowfs.co.uk
Email: rhian@arrowfs.co.uk 5/5
Verdict: The adviser sounded a bit distracted and in a rush to get off the call.
29/35
Adviser: D&G Independent (independent)
Address: Park House, Ffordd Byrnwr Gwair, Broncoed Business Park, Mold, Flintshire CH7 1FQ
Speed of response: 11.19am. The shopper was transferred to an adviser. 5/5
Telephone manner: The adviser was friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: £100 to submit an application and on mortgage completion a further £395 to pay. 5/5
Guidance: The adviser's preference was to email information to the shopper, but when pressed he said some lenders were willing to lend 95 per cent of the value of the property. 4/5
Knowledgeable: The adviser sounded confident, but the shopper would have liked more information. 4/5
Website: www.dandgifa.co.uk
Email: dave.mcgeough@dandgifa.co.uk 5/5
Verdict: The adviser was friendly and behaved in a professional manner, but the shopper felt he could have provided more information over the phone.
33/35
Adviser: Financial Fortress (independent)
Address: 3 AV Wilding Estate, Guilden Sutton, Chester CH3 7EX
Speed of response: 11.43am. Transferred to an adviser. 5/5
Telephone manner: The adviser was polite. 5/5
Relevant qualifications: Mortgage Advice Qualification (MAQ). 5/5
Payment method: A £595 fee when mortgage is completed. 5/5
Guidance: The adviser explained that although most lenders will accept a maximum of two mortgage applicants, other lenders will accept more. He also told the shopper that if they were looking for a Help to Byuy or shared equity scheme, lenders tended to be more restrictive. He told the shopper to aim for a 10 per cent deposit as this would open up more buying options. 5/5
Knowledgeable: The adviser sounded knowledgeable and was very helpful in terms of the information they gave. 5/5
Website: www.financialfortress.co.uk
Email: malcolmgorton@financialfortress.co.uk 5/5
Verdict: Shopper’s choice. The adviser behaved in a very professional manner and provided the shopper with a lot of information.
35/35
Adviser: DS Mortgages (independent)
Address: 79 Vale Street, Denbigh LL16 3AU
Speed of response: 12pm. The shopper was transferred to a mortgage broker. 5/5
Telephone manner: The adviser was friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: Fee of £249 only payable on completion. 5/5
Guidance: The adviser said he would email the shopper a list of questions, and when he received the answers he would do some research on her behalf. When the shopper asked for a bit more information over the phone, he explained that most lenders would be willing to accept four mortgage applicants and that they would typically look at income, and any outstanding loans the applicants might have. 4/5
Knowledgeable: Only after pushing for more information was the adviser prepared to go into detail to explain the risks involved when buying with friends. 5/5
Website: www.dsmortgages.net
Email: david@dsmortgages.net 5/5
Verdict: Although the adviser did not appear initially keen to give the shopper information over the phone, after she pressed him for some more background he went into quite a lot of detail.
34/35
