Mystery ShopperNov 21 2018

Mystery Shopper: Leicester

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Mystery Shopper: Leicester

The shopper has an annual salary of £49,000. She is wondering whether she is better off after the Budget 2018, in which it was announced the higher rate threshold for taxation has increased to £50,000, but she also has to pay higher national insurance contributions under the lower tax bracket.

She is exploring whether she can now afford to take out a protection policy. 

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: TM Asset Management (independent)

Address: West Walk Building, 110 Regent Road, Leicester, Leicestershire, LE1 7LT

Speed of response: 15.44pm. The shopper is transferred to an adviser immediately. 5/5

Telephone manner: The adviser was cheerful and friendly. 5/5

Relevant qualifications: Level 6 Chartered Financial Planner. 5/5

Payment method: The adviser said the shopper would be given a free 45-minute consultation. He said it is likely the provider would cover the commission fees , but was unable to say whether the shopper would be charged something additional. 2/5

Guidance: The adviser said a full cover policy may be too expensive for the shopper who is trying to reduce her costs. He said it may make more sense for the shopper to take out a two-year plan, which would usually be substantially cheaper and priced within the £10-20 a month range. He said critical illness cover is usually the best option as, according to him, should the shopper fall ill, the cover is likely to include one of those illnesses. 5/5

Knowledge: The adviser demonstrated good knowledge of the various national insurance tax brackets as well as of different types of cover and their consequences. 5/5

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

Email: tim@tmam.co.uk. 5/5

Verdict: The adviser was helpful and gave good protection advice, but the shopper would have liked a bit more clarity on fees. 

32/35

 

Adviser: Fairstone Financial Management (independent)

Address: 35 Leicester Road, Blaby, Leicester, LE8 4GR

Speed of response: 16.05pm. The shopper is immediately transferred to a trainee adviser. 5/5

Telephone manner: The trainee was friendly and polite. 5/5

Relevant qualifications: The trainee is not a qualified adviser yet and is currently completing the rest of the Level 4 DipPFS qualification. 2/5

Payment method: The shopper would not be charged anything, as the provider will pay the advice firm the commission. Additional transactions may be charged. 5/5

Guidance: The trainee was not able to provide any clarity on national insurance tax bands. He spoke about different protection products, but said he could not advise which one would be most appropriate. 2/5

Knowledge: The adviser demonstrated no knowledge of the national insurance tax climate, but showed some understanding of various protection products. 3/5

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

Email: ben.relph@fairstone.co.uk. 5/5

Verdict: The shopper was disappointed as many of her questions were not answered on this call. 

27/35

 

Adviser: M3 Financial Solutions (independent)

Address: Park House, 37 Clarence Street, Leicester, Leicestershire, LE1 3RW

Speed of response: 16.23pm. The shopper is first transferred to an receptionist, then after quite a few rings to the adviser. 3/5

Telephone manner: The adviser was patient and friendly. 5/5

Relevant qualifications: Level 4 DipPFS. 5/5

Payment method: The adviser said there are no fees involved for the shopper, as the provider will pay all the charges. 5/5

Guidance: The adviser said he could not give any advice over the phone and a face-to-face meeting would be required. 1/5

Knowledge: The shopper could not tell if the adviser had the knowledge or not, as no initial advice was given 2/5

Website: https://m3ltd.co.uk/

Email: hussein@gup3fs.com. 5/5

Verdict: The shopper felt like she received no information whatsoever and was not satisfied with the experience. 

26/35

 

Adviser: Intelligent Financial Advisory (independent)

Address: Harborough Innovation Centre, Airfield Business Park, Leicestershire, LE16 7QB

Speed of response: 16.54pm. The shopper is transferred instantly to an adviser without having to wait. 5/5

Telephone manner: Polite and pleasant. 5/5

Relevant qualifications: CeMAP, Advanced Diploma in Financial Planning. 5/5

Payment method: The adviser said the shopper would not have to pay anything at all. 5/5

Guidance: The adviser said the shopper would be slightly better off following the changes announced in the Budget. He asked whether the shopper had a family or any liabilities, and when she said no, he said life assurance would be too costly and pointless for her. He said critical illness would be a good option as he said it can be cheaper than income protection. He added that someone has to be extremely ill in order to not have to work and be eligible for income protection. 5/5

Knowledge: The adviser had a good knowledge of different protection payout scenarios, but a little bit more knowledge on the level of national insurance contributions for each threshold would have been ideal. 4/5

Website: https://i-fa.org.uk/

Email: ramsy@i-fa.org. 5/5

Verdict: This adviser was most helpful compared with the rest as he was able to tell the shopper whether she would be better off and give sound reasons for the most suitable protection products (Shopper’s choice). 

34/35