Mystery ShopperDec 5 2018

Mystery Shopper: Sheffield

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Mystery Shopper: Sheffield

This week, the mystery shopper visits Sheffield. 

The shopper is a freelance make-up artist. She usually earns around £9 per hour and works at retail stores for differing days each week. Because she is self-employed, she does not get a pension. She is exploring whether to invest in a self-invested personal pension or what her other options are, and is willing to contribute around £100 a month towards her pension. 

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: The Money Map (independent) 

Address: The Money Map, Unit 3, Twelve O'Clock Court, 21 Attercliffe Road, Sheffield, S4 7WW

Speed of response: 15:49. The shopper was transferred to an adviser immediately. 5/5

Telephone manner: The adviser was in no hurry to get off the phone and was friendly. 5/5

Relevant qualifications: Level 4 Dip PFS. 5/5

Payment method: The first meeting is free of charge. A 3 per cent fee will be levied for the initial pensions investment and a 0.75 per cent ongoing fee charge to manage the pension. The adviser said the 0.75 per cent fee charge is negotiable. 5/5

Guidance: The adviser said it would be better to remain self-employed as a sole trader rather than the shopper starting a company up for the purposes of getting a better pension. He said Sipps and personal pension plans have both disadvantages and benefits. He advised it may be better to stick with a personal pension due to its lower costs.  4/5

Knowledge: The adviser demonstrated an above adequate knowledge of both Sipps and self-employment rules. 4/5

Website: https://www.themoneymap.co.uk/

Email: banyamin.yasin@moneymap.co.uk 5/5

Verdict: The shopper thought this adviser was most helpful as he gave full transparency on fees, advised which product would suit the shopper’s self-employed status best and gave the shopper good reasons as to why she should invest in certain plans (Shopper's choice).

33/35

 

Adviser: The Pension Planner (independent) 

Address: The Pension Planner, Courtwood House, Silver Street Head, Sheffield, S1 2DD

Speed of response: 16:26. The shopper is transferred to a receptionist after two rings, has to answer questions and then is transferred to a member of staff after two rings. 3/5

Telephone manner: The member of staff is polite and only discusses other options once all questions have been answered. 5/5

Relevant qualifications: The member said he was the manager of the team and not a financial adviser. He said he has previously given advice and worked in the industry but holds no qualifications. 1/5

Payment method: A minimum fee of £750 to research and choose a pension scheme. There would be a 0.5-0.75 per cent fee to manage the investment, which normally does not cover all the advice he said. He said it is likely something would be charged above that on a transaction basis, but could not specify how much exactly. 4/5

Guidance: The member of staff said the shopper would be better off exploring online options, as with a budget as low as £100 a month, obtaining financial advice from the firm did not make much practical sense. He suggested exploring the likes of Scottish Widows or True Potential and purchase from them directly if the shopper liked any of their plans. He advised personal pensions may be a more suitable as they are “Sipps under the skin” at a lower cost. 5/5

Knowledge: The member of staff showed a solid understanding of different industry providers, fees and product offerings. 5/5

Website: http://www.thepensionplanner.co.uk/

Email: s.hodder@pensionplanner.co.uk 5/5

Verdict: The shopper was very pleased the adviser was up front that it makes no sense for the shopper to spend their money and took steps to ensure the shopper can seek advice externally as well as have the option to pursue advice from the firm should the shopper still want it. 

28/35

 

Adviser: Mark Lightfoot – True Potential LLP (restricted whole of market)

Address: 1 Willow Tree Way, Rotherham, Wickersley, S66 1AZ

Speed of response: 16:59. The shopper was transferred immediately to an adviser.  5/5

Telephone manner: The adviser was pleasant and tried to answer all questions. 5/5

Relevant qualifications: Level 4 Dip PFS. 5/5

Payment method: There is a non-advice proposition that charges 1 per cent of the personal contribution but does not give any advice. For the advice proposition, a £250 to £500 fee will be charged for setting up the pension and 1-2 per cent will be charged of the value of the pension a year. 5/5

Guidance: The adviser said Sipps are more flexible as they allow the shopper to invest in a greater number of things such as stocks. He said he did not want to recommend whether the shopper should pursue the non-advised or the advised proposition and whether she should invest in a Sipp or not. 3/5

Knowledge: The adviser was well informed about both personal pension plans and Sipps. 3/5

Website: https://marklightfoot.tpllp.com/

Email: marklight@tpllp.com 5/5

Verdict: The adviser was very helpful but also a bit cautious in saying too much over the phone, and the adviser would have liked a bit more information if not an opinion on what might suit her needs best. 

31/35

 

Adviser: Shorts Chartered Financial Planners (independent)                                            

Address: Shorts, Cedar House, 63 Napier Street, Sheffield, S11 8HA

Speed of response: The shopper called at 12.17. It took five rings to be connected to a receptionist, then the shopper was connected to a colleague and then another four rings to finally speak to the adviser. 1/5

Telephone manner: The adviser was polite but less friendly compared to the other advisers. 3/5

Relevant qualifications: Dip PFS, Level 6 CFP. 5/5

Payment method: The adviser was vague about the pricing. He said the first meeting would be free for the shopper and then a £500 fee would be charged. He said this could be deducted from the pension plan or have to be paid up front. He also did not provide any figures or percentage indicators for what the ongoing fee might be if the adviser manages the pension. 3/5

Guidance: The adviser said the shopper might be better off opting for a personal pension plan as a first step as they are typically cheaper in nature, and unless the shopper has some vague idea of what they want to invest in, it is better to start off with personal plans if one is starting from “ground zero”.  3/5

Knowledge: The adviser appeared to have an adequate understanding about pensions, but as he did not provide too much detail on the phone, the shopper could not get a full picture of his knowledge. 3/5

Website: https://www.shortsfs.com/

Email: rob@short.uk.com. 5/5

Verdict: The shopper had a satisfactory experience with this phone call, but the call lacked some of the detailed conversation that was had with other advisers. 

23/35