This week, the mystery shopper visits Greater Manchester.
The shopper has just broken up with her long-term girlfriend. The shopper owns a four-bedroom house valued at £1m, outright, free of any mortgage and earns an annual salary of £40,000. The shopper wants to take roughly £200,000 out of the house and give it to the ex-girlfriend without having to sell it, as a gesture of goodwill.
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: JonSimon Financial Advice (independent)
Address: 10-12 Church Street West, Radcliffe, Manchester, M26 2SQ
Speed of response: At 4:07pm, the adviser picked up directly after just three rings. 5/5
Telephone manner: The adviser was very friendly. 5/5
Relevant qualifications: CeMap. 5/5
Payment method: The adviser said the shopper would not be charged any fee because the shopper found the adviser’s details through Unbiased. The adviser said the financial advice company has an agreement with Unbiased that means shoppers who contact them through the website, do not have to pay fees, and the company is paid directly. 5/5
Guidance: The adviser said she can remortgage her property and release some equity to meet her financial needs. He said the shopper could easily get the required sum on a salary of £40,000, but warned her that it would depend on other factors, such as her credit history. The adviser suggested setting up a face-to-face meeting. 4/5
Knowledge: The adviser demonstrated very good knowledge of mortgages and remortgages. 4/5
Website: https://www.jonsimonfa.co.uk
Email: joshua@jonsimonfa.co.uk 5/5
Verdict: The shopper found the adviser very helpful, who gave straightforward answers to her problem and dealt it with quickly.
33/35
Adviser: Sedulo Wealth Management (independent)
Address: Regency Court, 62-66 Deansgate, Manchester, M3 2EN
Speed of response: At 4:56pm the shopper was transferred to the switchboard after two rings, and, after answering a few questions, has to wait a bit more before speaking to an adviser. 2/5
Telephone manner: The adviser was reasonably friendly. 4/5
Relevant qualifications: CeMap. 5/5
Payment method: The adviser said the fees could vary from a minimum of £500 and up to 1 per cent of the mortgage value. He had to be prompted to give this information, and was a bit vague, stating the final prices depend on “personal circumstances”. 3/5
Guidance: The adviser said one way of raising the capital is to get a mortgage – using the house as a collateral. He said there are other ways of raising capital, but it was too lengthy to discuss over the phone unless he knows the personal circumstances of the shopper. 3/5
Knowledge: The adviser appeared to have a decent amount of knowledge regarding mortgages. 3/5
Website: https://www.sedulo.co.uk/wealth-management
Email: peter.clarkson@sedulo.co.uk. 5/5
Verdict: This call was helpful to the shopper, but the shopper would have liked a more informative chat with the adviser.
25/35
Adviser: Active Insurance Services (independent)
Address: 154 Bolton Road, Walkden, Manchester, M28 3BW
Speed of response: At 3:07pm the shopper was connected to a receptionist after two rings, had to answer a few questions and wait another four rings to speak to an adviser. 2/5
Telephone manner: The adviser was friendly. 4/5
Relevant qualifications: Level 4 Dip PFS. 5/5
Payment method: The adviser said the fees were “open to discussion”, but generally a £99 fee is charged for submission of a mortgage application and then a £299 fee charge once the mortgage offer is received. 5/5
Guidance: The adviser said the shopper can get a £200,000 secured loan against the property and said he was open to a face-to-face meeting. 3/5
Knowledge: The adviser demonstrated an average level of knowledge. 3/5
Website: https://www.activeinsurance.co.uk/
Email: v.riley@activeinsurance.co.uk. 5/5
Verdict: The adviser answered the shopper’s questions, but this phone call lacked some of the detailed conversation that the shopper had with the other advisers.
27/35
Adviser: Ray Tammam – Fairstone Financial Management (independent)
Address: 8 Ferndale Avenue, Whitefield, Manchester, M45 7QP
Speed of response: The shopper was connected immediately to the adviser at 15:20pm. 5/5
Telephone manner: The adviser was extremely patient and friendly. 5/5
Relevant qualifications: Level 6 chartered financial planner. 5/5
Payment method: The adviser said the shopper would have to pay a fee of £1,250, which will cover everything from research to submission of the mortgage application. 5/5
Guidance: The adviser said the remortgage could very likely be done given the shopper’s salary. He said while unsecured loans are also an option, he recommended against using it. He said unsecured loans are typically suited to borrowers who are borrowing smaller amounts and looking to pay back over a shorter time-period. 5/5
Knowledge: The adviser offered a breadth of knowledge on mortgages and other types of loans. 5/5
Website: https://www.fairstone.co.uk/about-us/our-people/adviser/ray-tammam
Email: ray.tammam@fairstone.co.uk. 5/5
Verdict: (Shopper's choice). The shopper found this call to be most useful due to the adviser’s patience, enthusiasm and reasoning for why the shopper should opt for a secured loan against the property to raise the necessary funds.
35/35
