PensionsMar 1 2017

Mystery Shopper: Wiltshire

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Mystery Shopper: Wiltshire

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 Wiltshire. He is seeking pension advice on behalf of his girlfriend, who is a Muslim and wants to be invested in a Sharia compliant pension scheme. The scheme currently offered by her workplace is not compliant.

Adviser (Independent):

Hartsfield Financial Services Limited

Hartham Park, Wiltshire, Corsham, SN13 0RP

Speed of response:

Time of call: 2.33pm. Answered after one ring. 5/5

Telephone manner:

Professional. 5/5

Relevant qualifications:

Level-four diploma. 5/5

Payment method:

Not disclosed. 0/5

Guidance given:

The adviser said although she is qualified to advise on pensions, Sharia compliant solutions were not an area that she specialised in and was therefore not in the best position to offer advice.2/5

Knowledge:

The adviser openly acknowledged her shortcomings in this area. 1/5

Email/web presence:

Email not disclosed.

www.hartsfield.co.uk 3/5

Verdict:

The shopper appreciated the adviser’s honesty but was disappointed with the lack of guidance offered.

21/35

 

Adviser (Independent):

Cepen Independent Financial Advice (Positive Solutions)

10 Knight Close, Chippenham, Wiltshire, SN15 3FL

Speed of response:

Time of call: 2.43pm. Answered after three rings. 5/5

Telephone manner:

Polite. 5/5

Relevant qualifications:

Level-four diploma. 5/5

Payment method:

Dependent on the required solution.  3/5

Guidance given:

The adviser said that double checking the options available through the shopper’s girlfriend’s workplace pension provider should be the first step. Other considerations include investing into a personal pension, but the employer could refuse to pay into the product, he added. The adviser offered to arrange an initial meeting at no charge. 4/5

Knowledge:

The adviser seemed well versed in Sharia finance. 4/5

Email/web presence:

kelvinwells@thinkpositive.co.uk

www.kelvinwells-ifa.co.uk 5/5

Verdict:

Very good. The shopper was satisfied with the guidance offered.

31/35

 

Adviser (Independent):

Stephen Hall (Positive Solutions)

14 Hilly Fields, Corsham, Wiltshire, Corsham, SN13 9WG

Speed of response:

Time of call: 2.39pm. Answered after three rings. 5/5

Telephone manner:

Friendly and helpful. 3/5

Relevant qualifications:

Advanced Financial Planning Certificate. 5/5

Payment method:

Dependent on the required solution. 3/5

Guidance given:

The adviser admitted that the scenario was not something he had encountered in the past but expressed a willingness to assist. The first port of call, he said, was to confirm that the shopper’s girlfriend’s workplace pension provider did not offer a Sharia compliant alternative. He added her employer might be willing to contribute into another scheme.

3/5

Knowledge:

The adviser displayed a considerable amount of knowledge despite his inexperience in the area. 4/5

Email/web presence:

stephenhall@thinkpositive.co.uk

www.stephenhallfinancialconsultant.co.uk

5/5

Verdict:

Very good. The adviser seemed genuinely intrigued by the shopper’s girlfriend’s scenario and offered some helpful information.

28/35

 

Alliance Trust Savings (Provider):

Speed of response:

Time of call: 2.50pm. Answered by an automated system. The shopper was transferred to a representative within 40 seconds. 5/5

Telephone manner:

Uncertain. 2/5

Relevant qualifications:

The representative said he was not qualified to offer financial advice. 0/5

Payment method:

NA. 0/5

Guidance given:

None given as such. The representative admitted that he did not know whether the provider offered Sharia-compliant pension funds. He offered to source this information from a colleague. After putting the shopper on hold for three minutes, the representative said he was none the wiser and suggested that the shopper email his query.

2/5

Knowledge:

Limited based on the above. 2/5

Email/web presence:

contact@alliancetrust.co.uk 3/5

Verdict:

The representative tried his best to help the shopper but his attempts were disappointingly unfruitful.

14/35