This week the mystery shopper visits Cornwall.
The shopper, aged 32, has left her full-time job after 10 years and begun a new role as an IT contractor. She is no longer eligible for an occupational pension under her contract, and wants to know how to go about setting up a personal 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: BlacklerSnelling Financial Planning (independent)
Address: 5 South Street, Cornwall, St. Austell, PL25 5BH
Speed of response: At 10:29am, the shopper was connected to the switchboard after three rings. The shopper answered a few basic questions and waited another 40 seconds to speak to an adviser. 3/5
Telephone manner: The adviser was friendly. 4/5
Relevant qualifications: Level four Dip PFS. 4/5
Payment method: The adviser quoted a fee of £595. 5/5
Guidance: The adviser said he would need more details and suggested meeting face-to-face to understand the shopper’s objectives. 3/5
Knowledge: The adviser demonstrated an adequate knowledge of pensions. 3/5
Website: https://blacklersnelling.co.uk/
Email: mark@bsfp.co.uk. 5/5
Verdict: This adviser was helpful and answered the shopper’s questions.
27/35
Adviser: Aspire Financial Management (independent)
Address: 3 Wood Drive, St Mellion, Cornwall, PL12 6UR
Speed of response: 10:52am. The shopper was connected to an adviser after eight rings. 3/5
Telephone manner: The adviser was friendly throughout most of the call, but appeared a bit impatient at times. 3/5
Relevant qualifications: Level six chartered financial planner. 5/5
Payment method: The adviser said £500 will be charged in total throughout the first year. 5/5
Guidance: The adviser said the shopper will be required to do an investment questionnaire to find out what the shopper is trying to achieve. While the adviser did not give any recommendations over the phone, he provided more general details on personal pensions and tax relief. The adviser warned the shopper that pension savings cannot be accessed before the age of 55, and the shopper should think carefully of how much to contribute each month. 5/5
Knowledge: The adviser offered a great level of knowledge on personal pensions. 5/5
Website: https://www.aspirefm.co.uk/
Email: stewart.hood@aspirefm.co.uk. 5/5
Verdict: Shopper’s choice. This adviser stood out the most to the shopper as he not only suggested a face-to-face meeting and asked for more details on her situation, but also highlighted some of the downsides of personal pensions.
31/35
Adviser: Davidsons IFA (independent)
Address: 2 Gluvian House, Gonvena Hill, Cornwall, PL27 6FB
Speed of response: 2:32pm. The shopper was put on hold by the switchboard for quite some time. 2/5
Telephone manner: The adviser appeared very keen to converse. 5/5
Relevant qualifications: Level four Dip PFS. 4/5
Payment method: The adviser said the first meeting will be free of charge. After that, a 2.5 per cent fee will be levied on the amount invested. Towards the end of the call, the adviser also mentioned that there will be an ongoing management fee of either 0.8 per cent or 1 per cent. 5/5
Guidance: In the same way as the others did, the adviser suggested meeting up face-to-face. He explained that their financial advice company uses platforms for personal pensions, as he said platforms provider greater choice for the shopper at lower prices. 3/5
Knowledge: The adviser indicated a good understanding of personal pensions. 4/5
Website: https://www.davidsonsifa.com/
Email: rob@davidsonifa.com. 5/5
Verdict: This adviser gave a clear picture of personal pensions.
28/35
Adviser: Amboseli Wealth Management – representative of Vision Financial Planning (independent)
Address: Vision House, Unit 6A Falmouth Business Park, Bickland Water Road, Falmouth, TR11 4SZ
Speed of response: 10:42am. The shopper was transferred to the adviser directly after two rings. 5/5
Telephone manner: The adviser was polite and cheerful. 5/5
Relevant qualifications: Level four Dip PFS. 4/5
Payment method: The adviser did not give any indication of fees, despite the shopper probing for some kind of estimate. The adviser said it depends on the situation and he will not quote a figure before meeting clients. 0/5
Guidance: The adviser said the shopper should come in for a face-to-face meeting and should fill in an 'attitude to risk and reward' questionnaire so that the adviser can get a full picture of the shopper's finances before recommending a personal pension plan. 3/5
Knowledge: The adviser appeared to have a sufficient understanding of pensions. 3/5
Website: https://www.visionifp.co.uk/
Email: steven@visionifp.co.uk. 5/5
Verdict: The adviser appeared interested in helping the shopper, but the shopper wanted at least an estimate of what prices to expect.
25/35
