Her two children live in London and she is thinking of relocating to the UK. The shopper is trying to understand where her mother should invest to get a regular stream of income.
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: Mantle Financial Planning (independent)
Address: 77-79 The Broadway, Stoneleigh, Epsom, Surrey, KT17 2HP
Speed of response: 10.32am. The shopper is transferred to an adviser after having to answer quite a few questions with the receptionist. 4/5
Telephone manner: The adviser was friendly and patient. 5/5
Qualifications: Dip PFS. 5/5
Guidance: He told the shopper that the mother would first need to open a UK-based bank account in order to make any type of investment. He said the client could invest in a combination of Isas and investment bonds. In order to get an investment growth of even 4-5 per cent per year, he said it would be worth investing 20-30 per cent of the money in equities. 5/5
Knowledgeable: The adviser was very well-informed and demonstrated a good knowledge of pension eligibilities as well. 5/5
Payment method: An advice fee of up to 3 per cent of the investment and an ongoing fee of 0.65 per cent per annum. 5/5
Website: http://www.mantlefp.com/
Email: vishal@mantlefp.com 5/5
Verdict: The adviser gave good initial advice to the shopper.
34/35
Adviser: Arch Financial Planning (independent)
Address: 8 Godalming Business Centre, Woolsack Way, Godalming, Surrey, GU7 1XW
Speed of response: 10.47am. The shopper is transferred to an adviser. 5/5
Telephone manner: The adviser is helpful and pleasant to speak to. 5/5
Qualifications: Dip PFS, Chartered. 5/5
Guidance: The adviser said investing in cash was not a good idea due to a low interest rate environment. He recommended the shopper’s mother invests in Isas to increase her tax-free sources of income. He also said investing in a pension product would be a good idea, and she would be able to invest £2,880 a year into a pension scheme, which, combined with the tax relief, would take it to £3,600. 5/5
Knowledgeable: The adviser offered good advice about various investment products and investment ideas. 5/5
Payment method: An initial fee of maximum 3 per cent of the money invested. For investments of more than £100,000, only 2 per cent is levied. There is also an ongoing management charge of 0.75 per cent. 5/5
Website: http://www.arch-fp.co.uk/
Email: artur.childs@arch-fp.com 5/5
Verdict: The adviser gave the shopper very useful information. Shopper's choice.
35/35
Adviser: Thurlowe-Clarke (independent)
Address: Hamilton House, 87-89 Bell Street, Reigate, Surrey, RH2 7AN
Speed of response: 11.02am. The shopper is transferred to an adviser. 5/5
Telephone manner: The adviser had a friendly tone. 5/5
Qualifications: Dip PFS, FPFS, Chartered. 5/5
Guidance: The adviser said he was unable to give any investment advice without sitting down face-to-face and evaluating the financial situation. The adviser also said the guidance would depend on how much risk appetite the shopper’s mother has. 4/5
Knowledgeable: The adviser appeared to be knowledgeable about investment products. 5/5
Payment method: The adviser said the firm charges £175 per hour, and an ongoing management fee that he said depended on the exact situation and investment. 4/5
Website: https://www.thurlowe-clarke.co.uk/
Email: dan@thurlowe-clarke.co.uk 5/5
Verdict: The adviser was willing to help and assess the situation, but a little more general financial information would have been better.
33/35
Adviser: Alliott Graham Brown Financial Planning (independent)
Address: Friary Court, 13-21 High Street, Guildford, Surrey, GU1 3DL
Speed of response: 12.05pm. The shopper is transferred to an adviser. 5/5
Telephone manner: The adviser was pleasant to speak to. 5/5
Relevant qualifications: APFS CFP, Dip PFS. 5/5
Payment method: The firm charges an hourly rate of £275 and a fixed fee for advice. The ongoing charges after that are roughly 0.50 per cent of the investment. 5/5
Guidance: The adviser said he would need more information about the shopper’s mother’s residency status and financial situation. He said investing in a pension plan would be a good way forward. He also said the firm does not advise overseas clients, and therefore wanted to know if the shopper’s mother would become a permanent resident of the UK or not. He also said the pension scheme would only apply if she is a permanent resident. 5/5
Knowledgeable: The adviser was well informed about various eligibility criteria for Isas and pensions. 5/5
Website: https:/www./agbfp.com
Email: nick@agbfp.com
Verdict: The adviser was upfront about the fact that the company may or may not be able to advise the client and was useful to the shopper. 5/5
35/35
