Mystery ShopperMar 20 2019

Mystery Shopper: City of Westminster

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Mystery Shopper: City of Westminster

The shopper wants to set up a Junior Isa for her six-month-old daughter, after receiving a £10,000 gift from her grandmother. She is planning to add £5,000 later in the year and top it up annually. Is this a good idea? What other long-term investments or savings plans are available for children? The shopper also wants to know what insurance and/or protections she and her husband should put in place.

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: Strabens Hall (Independent)

Address: D’Arblay House, 16 D’Arblay Street, London W1F 8EA

Speed of response: At 12:15 the shopper was transferred to an adviser straight away. 5/5

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

Relevant qualifications: Other than saying he had the basic qualification of an adviser – and despite various prompts – he was not specific. 3/5

Payment method: The adviser said it was likely to involve a fixed fee, ranging from about £1,500 to £2,000. 5/5

Guidance: The adviser explained various options, such as a Junior Isa or a private pension pot, but did not give much detail. However, he said it was important to check the benefits such as insurance offered by her employer first, and revert back to him. Due to the cost of the adviser fee, he said it might be more cost-effective to look at some options online first. 4/5

Knowledge: The adviser was fairly knowledgeable. He suggested a Jisa had more options available, with good rates, often better than a cash Isa, but did not give any more details. 3/5

Website: https://strabenshall.co.uk/

Email: nicholas.toubkin@strabenshall.co.uk 5/5

Verdict: The adviser was fairly knowledgeable and offered some good guidance, but needed some prompting. The shopper appreciated his honesty about the fees and about being cost-effective.

30/35

 

Adviser: Tankard Wealth (Independent)

Address: 27 Knightsbridge, London, SW1X 7LY

Speed of response: At 12:45 the adviser answered the phone straight away. 5/5

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

Relevant qualifications: Chartered planner, CISI qualified. 5/5

Payment method: The adviser said the fee would either be worked out on a percentage basis or an hourly basis, depending on the situation. 3/5

Guidance: The adviser said there was a range of options: a Jisa, setting up a pension pot, or a trust. But he made it clear he would need to know more about the shopper’s individual circumstances, savings, mortgage etc. The adviser was keen to set up a meeting and provide more detailed information upon receiving a fact find form from the shopper, which he offered to email immediately. 4/5

Knowledge: The adviser spoke clearly and confidently, showing some knowledge about the different benefits of starting to plan now, such as saving on the tax rebate, impact on tax relief and inheritance tax. 5/5

Website: http://www.tankardwealth.com/

Email: adam.tankard@tankardwealth.co.uk 5/5

Verdict: The adviser was friendly and professional, and spoke confidently about the options available, but did not give a range of the payment or any more details regarding the advice process.

32/35

 

Adviser: Attivo Financial Planning (Independent, chartered)

Address: 2nd Floor, 2 Babmaes Street, London SW1Y 6HD

Speed of response: At 1pm the shopper was connected to a client engagement liaison, who explained the company’s process for giving advice to clients in detail. 4/5

Telephone manner: The client engagement liaison was friendly and professional, and answered all questions confidently. 5/5

Relevant qualifications: The engagement officer was not qualified, but explained the shopper would be receiving advice from a qualified professional. Also, as a chartered firm, all of its chartered financial planners had a diploma in financial planning. 4/5

Payment method: She explained payment would involve a one-off fee of about £1,000 to £1,500, for the in-depth conversation between the shopper and the financial adviser. She also noted any advice/finances could be reviewed with the company annually, and this would involve an ongoing charge: a percentage of whatever was invested. 5/5

Guidance: She explained it would be more cost-effective for the shopper to seek advice elsewhere, as the shopper’s £10,000 investment was small relative to the fixed fee. She also explained why, as a chartered firm, the investment fee was higher than many other financial advisers in the area. 4/5

Knowledge: She showed knowledge of the overall advice process, the shopper’s needs and circumstances, and the payment method, but without the qualifications of an adviser she was not in any position to give further details. 3/5

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

Email: client.enagement@attiviogroup.co.uk 5/5

Verdict: The engagement liaison was polite and friendly, offering as much information as she could without having the relevant qualification. She was keen to arrange a meeting, and the shopper would not hesitate to follow through to meet with an adviser.

30/35

 

Adviser: Succession Wealth Management (Independent)

Address: 4 Devonshire Street, London, W1W 5DT

Speed of response: At 1:45pm the adviser picked up on the first ring. 5/5

Telephone manner: The adviser was very polite and professional. 5/5

Relevant qualifications: Level four, Dip PFS. 5/5

Payment Method: The shopper would be charged an hourly rate or commission, following an initial free consultation, depending on whatever was cost-effective and within the shopper’s budget. 4/5

Guidance: He explained there were several tax-efficient ways to save or invest, such as premium bonds or stakeholder pensions, as well as a Jisa. But given the amount being invested, premium bonds could be the most suitable option, to avoid paying too much in fees. But he said he would need to sit down with the shopper to understand exactly what her needs were, to find out whether life insurance, life protection, critical illness or mortgage cover was most appropriate. 5/5 

Knowledge: The adviser explained the different types of investments available, that there is no income tax or capital gains tax to pay on the interest or investment gains of a Jisa. Additionally, he explained that unlike other investments, where you earn interest or a regular dividend income, in premium bonds you are entered into a monthly prize draw where you can win between £25 and £1m tax-free. 5/5

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

Email: banksifa@me.com 5/5

Verdict: Shopper’s choice: The adviser was friendly and polite, and offered suggestions the other advisers did not. He went more in-depth about the different tax-efficient investments and protection available.

34/35