This week, the mystery shopper visits Oxfordshire.
This week the shopper visits Oxfordshire. The shopper has just moved to the UK and is wondering how to move her pension contributions from Singapore where she worked for nine years. The shopper’s employer is offering her a 5 per cent pension contribution. The shopper is wondering whether to invest in a separate pension or remain in her occupational 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: Shaw Gibbs Financial Services (independent)
Address: 264 Banbury Road, Oxford, Oxfordshire, OX2 7DY
Speed: 2.40pm. The chartered financial planner picked up after four rings. 5/5
Telephone manner: Friendly and easy to speak to. 5/5
Qualifications: Level 6 chartered financial planner. 5/5
Payment method: The adviser quoted an approximate figure of £1,500-2,500 which will cover the annual charge. He said administration fees are about £55, and hourly rates are £260, all of which are included in the first figure. 5/5
Guidance: The chartered financial planner said it would be best for the shopper not to transfer her pension back until she knows where she is planning to retire, so she does not incur additional costs. He also recommended the shopper stay with the current workplace pension, as the cost of advice may defeat any extra savings the shopper may make from investing into a personal pension. 5/5
Knowledge: He demonstrated a very high standard of knowledge. 5/5
Website: https://www.shawgibbs.com
Email: tim.davidson@shawgibbs.com 5/5
Verdict: Shopper's choice. This phone call really helped the shopper get an idea of how she can save on costs.
35/35
Adviser: Thomas and Co Financial Services – part of the Kingswood Group (independent)
Address: 98 Ock Street, Abingdon, OX14 5DH
Speed: 4.40pm. The adviser picked up after one ring. 5/5
Telephone manner: The adviser had a jolly tone and a pleasant phone manner. 5/5
Qualifications: Level 4 Dip PFS. 5/5
Payment method: The adviser said setting up a pension with a regular premium would cost around £1,500. 5/5
Guidance: The adviser said he cannot advise on transferring pensions from overseas. He suggested increasing monthly contributions to the current pension scheme, rather than setting up a personal pension. 4/5
Knowledge: The adviser demonstrated very good knowledge. 4/5
Website: https://tacfs.co.uk
Email: gf@tacf.co.uk. 5/5
Verdict: This adviser was very helpful but the shopper would have liked a bit more general knowledge on what transferring a pension from overseas would entail.
33/35
Adviser: Efficient Portfolio Wealth Management (independent)
Address: 17 Earl Street, Oxford, Oxfordshire, OX2 0JA
Speed: 10.43am. A chartered financial planner picked up after three rings. 5/5
Telephone manner: Friendly and polite. 5/5
Qualifications: Level 6 chartered financial planner. 5/5
Payment method: The chartered financial planner said the first was meeting will be free of charge. He said after the first meeting a fee of around £100-200 may be charged to conduct the research. Thereafter, the advice company will levy a fee of 3 per cent on the amount of pensions invested. 5/5
Guidance: The adviser offered to do research and call the shopper in for a face-to-face meeting. 3/5
Knowledge: The adviser demonstrated adequate knowledge of pensions. 3/5
Website: https://www.efficientportfolio.co.uk
Email: henry@efficientportfolio.co.uk. 5/5
Verdict: The shopper liked the fact the chartered financial planner proposed a face-to-face meeting, but would have appreciated more information on the phone about either transferring pensions from abroad or a view on whether staying in an occupational pension makes sense.
31/35
Adviser: Oxford Advisory Partnership (independent)
Address: 6 Landscape Close, Weston-On-The-Green, Bicester, Oxfordshire, OX25 3SX
Speed: The shopper was first connected to the switchboard at 11.07am and then waited for a minute. The shopper was then connected back to the switchboard and after four rings the shopper was then connected to the adviser. 3/5
Telephone manner: The adviser had a pleasant telephone manner. 5/5
Qualifications: Level 4 Dip PFS. 5/5
Payment method: The adviser quoted a fee of about £2,500-£3,000. 5/5
Guidance: The adviser suggested speaking to the employer as they often have advisers who can explain the pension options available to employees. He said this may be the most cost-efficient option in the near term. 4/5
Knowledge: The adviser demonstrated very good knowledge but was not entirely sure about auto-enrolment rates, ie the minimum amount employer needs to contribute and how much the employee needs to pay into the pension. 4/5
Website: http://www.oxfordadvisory.com
Email: steve.penniston@oxfordadvisory.com 5/5
Verdict: The adviser was helpful to the shopper.
31/35
