Each week the mystery shopper seeks advice from independent and tied 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 shopper visits Hertfordshire. He is seeking pension advice on behalf of his mother who has recently received a ‘wake-up’ letter from her pension provider. The mother, aged 59, is contemplating taking out an annuity but wants to explore other income options in the post-pension freedoms landscape.
Adviser (Independent):
Heath Crawford Financial Services
Prestige House, 16 Melbourne Road, Bushey, Hertfordshire, WD23 3LN
Speed of response:
Time of call: 12.19pm. Answered by an automated system within 15 seconds. 5/5
Telephone manner:
Polite and considered. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Varies – on a case by base basis. 5/5
Guidance given:
The adviser explained annuities are no longer the default retirement product following the advent of the pension freedoms, and asked the value of his mother’s pension savings. He explained there were a number of factors to consider before determining which option is best suited to the shopper’s mother’s needs. 3/5
Knowledge:
The adviser displayed a strong knowledge in the topic area. 4/5
Email/web presence:
keith@heathcrawford.co.uk
www.heathcrawford.co.uk
5/5
Verdict:
The adviser provided a helpful albeit brief overview of the changes that have been made by to the pension landscape in recent history.
32/35
Adviser (Independent):
Ascot Lloyd Financial Services
Enterprise House, Beeson's Yard, Bury Lane, Rickmansworth, Herts, WD3 1DS
Speed of response:
Time of call: 12.23pm. The call was answered after nine rings. 4/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
The representative said she was unable to offer financial advice. 0/5
Payment method:
Not disclosed. 0/5
Guidance given:
The shopper was unable have an initial conversation with an adviser because the firm operates a call-back policy whereby prospective clients are contacted by an adviser best suited to handle their query, the representative explained. 2/5
Knowledge:
Difficult to gauge from the guidance offered. 1/5
Email/web presence:
info@ascotlloyd.co.uk
www.ascotlloyd.co.uk
5/5
Verdict:
The shopper had no qualms with the representative, who handled herself well, but was irritated by being unable to have an initial conversation with an adviser.
17/35
Adviser (Independent):
Homer & Co LLP
3 Kinsbourne Court, 96-100 Luton Road, Harpenden, Hertfordshire, AL5 3BL
Speed of response:
Time of call: 12.27. The call was answered after two rings.
5/5
Telephone manner:
Very friendly and professional.
5/5
Relevant qualifications:
Level four diploma.
5/5
Payment method:
Varies – on a case by base basis.
4/5
Guidance given:
The adviser explained the pension freedoms that came into effect in spring 2015 meant annuities are no longer the ‘go to’ option for pensioners – although they remain the ideal solution for individuals whose situation necessitates guaranteed income for life. He also flagged the investment risk that comes with drawdown.
5/5
Knowledge:
Very good. The adviser gave a detailed overview of the pensions freedoms process.
5/5
Email/web presence:
jhomer@homer-co.co.uk
www.homer-co.co.uk
5/5
Verdict:
Very good. The adviser was clearly clued up on the topic and offered to send the shopper some further information.
34/35
Provider:
Canada Life
Speed of response:
Time of call: 1.03pm. Answered by an automated machine. The call was answered after 20 seconds.
3/5
Telephone manner:
Professional.
5/5
Relevant qualifications:
The representative explained that she was not qualified to give advice.
0/5
Payment method:
Varies from one retirement solution to the next.
4/5
Guidance given:
The representative stressed that she was not in a position to offer financial advice but explained the firm’s sales staff offer information about in-house annuity and drawdown options. She also directed the shopper to Pension Wise for guidance.
3/5
Knowledge:
The representative displayed limited knowledge in the area.
2/5
Email/web presence:
www.canadalife.co.uk/retirement/lifetime-annuities-scheme-pension
3/5
Verdict:
The representative did not explore the topic in much detail but correctly directed the shopper to the government’s financial guidance service.
20/35
