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 is in York calling to see if she should stay in her company’s auto-enrolment pension scheme. She has just finished university and is about to enter a graduate job. She wants to know the best options for saving in her age group.
Adviser: Flying Colours (independent)
Address: 1 Acomb Road, York YO24 4EN
Speed of response (time of call): 11:11am. Transferred to adviser a receptionist. 5/5
Telephone manner: Enthusiastic and welcoming. 5/5
Relevant qualifications: Diploma in financial advice. 5/5
Payment method: Usually cost would be dependent on the work. But the adviser explained charging for the basic advice given would be unethical. 5/5
Guidance given: The adviser warned it would be impossible to say with certainty the best course of action due to the shopper’s young age. He recommended staying in the company pension and clearly explained different pension types. He explained that placing excess savings in a help to buy or Lifetime Isa would be beneficial given the shopper’s age. He also suggested the shopper look at income protection. 5/5
Knowledge: The adviser spoke with great knowledge and was able to give the shopper rough calculations. He was willing to explain concepts in a clear detailed manner. 5/5
Web: www.flyingcolourswealth.com
Email: revans@flyingcolouswealth.com 5/5
Verdict: Shopper's choice. The adviser was extremely friendly and very willing to help. He made the shopper feel at ease and welcomed to return for future services.
35/35
Adviser: Walker Crips Wealth Management (independent)
Address: Foss Islands House, Foss Islands Road, York YO31 7UJ
Speed of response (time of call): 11:41am. Transferred to an adviser from a receptionist. 5/5
Telephone manner: Cold and patronising. 2/5
Relevant qualifications: Chartered financial planner. 5/5
Payment method: Minimum £1000 fee. 5/5
Guidance: The adviser recommended staying in the auto-enrolment scheme and adding as much as possible. She also supported putting any surplus in a Lifetime Isa. Any further information required a meeting. 3/5
Knowledge: The adviser seemed knowledgeable but the shopper would have liked more information. 4/5
Web: www.wcgplc.co.uk
Email: kate.mackin@wcgplc.co.uk 5/5
Verdict: The adviser seemed dismissive and reluctant to speak to the shopper.
29/35
Adviser: G&E Wealth Management (independent)
Address: Arabesque House, Monks Cross Drive, Huntington, York YO32 9GW
Speed of response (time of call): 11:54am Transferred to an adviser from a receptionist. 5/5
Telephone manner: Polite and professional. 5/5
Relevant qualifications: Diploma. Solla qualified. 5/5
Payment method: Depends upon what will be discussed at the first meeting. 2/5
Guidance given: The adviser suggested staying in the company scheme to take as much advantage as possible of the company’s contributions. The adviser was keen to set up a meeting for any further discussions. 3/5
Knowledge: The adviser seemed confident but shopper found it difficult to gauge how much the adviser knew, as he was keen to set up a meeting. 4/5
Email: khilton@ge-wm.co.uk 4/5
Verdict: The adviser was friendly but the shopper would have liked more information over the phone.
28/35
Adviser: Stirling Trust Professional (independent)
Address: 1 Holly Tree House, Harwood Road, Upper Poppleton, York YO26 6QU
Speed of response (time of call): 12:28am. Transferred to an adviser from a receptionist. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Diploma in financial planning. 5/5
Payment method: £750 for a report. But advised against the report given the basic nature of the query. 5/5
Guidance given: The adviser clearly explained auto-enrolment and the company contributions that come with it.
He also explained the benefits of the tax relief associated with pensions. The adviser said the rest depended on the specifics of the company pension plan.
He was willing to set up the free initial meeting to discuss the pension and tax in more detail but recommended the shopper go to a bank regarding ISAs. 4/5
Knowledge: The adviser spoke with confidence and was willing to explain the specific pension scheme in depth. 5/5
Web : www.stirlingtrust.co.uk
Email: stefan.winnik@stirlingtrust.co.uk 5/5
Verdict: The adviser was welcoming and friendly. The shopper felt he was very helpful.
34/35
