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: Quays Wealth Management (independent)
Address: Unit 2 Digital Park, Pacific Way, Greater Manchester, Salford, M50 1DR
Speed of response: 3.57pm. The chartered financial planner picked up after two rings. 5/5
Telephone manner: The adviser demonstrated a friendly attitude. 5/5
Qualifications: Level 6 chartered financial planner. 5/5
Payment method: The chartered financial planner there is no direct fee to be paid by the shopper as the advice company will be paid commision by the provider. 5/5
Guidance: He said the shopper’s father could in theory get a life insurance policy, but the premiums are likely to be higher than £30 a month, due to the father’s diabetic condition. He offered to look at a few deals and call the shopper back. 4/5
Knowledgeable: The adviser gave the shopper good insight into life insurance. 5/5
Website: www.quayswm.com
Email: stephen.leadbetter@quays.com. 5/5
Verdict: Shopper's choice. The shopper found this adviser helpful and easy to converse with. He gave the most information relative to other advisers, and explained the impact of diabetes on the shopper’s premiums (shopper’s choice).
34/35
Adviser: Cottons Financial Planning (partner of St James Place) (independent)
Address: Unit 2, Digital Park, 3 Pacific Way, Salford, Greater Manchester, M50 1DR
Speed of response: 10.22am. The adviser picked up after four rings. 5/5
Telephone manner: The adviser was moderately friendly. 4/5
Qualifications: Level 4 Dip PFS. 5/5
Payment method: The adviser said he would be paid by commission. 5/5
Guidance: The adviser proposed to sit down with the shopper and go through a fact find to find out about the father’s personal circumstances. He offered to find some quotations, but he also said it may be more cost effective for the shopper to look online herself. 3/5
Knowledgeable: The shopper showed an adequate understanding of life insurance. 3/5
Website: www.cottonsfp.com
Email: mark.albinson@sjp.co.uk 5/5
Verdict: The shopper liked that the adviser was honest about telling the shopper it may be better to look online, but would have still liked a bit more information.
30/35
Adviser: Irlam Estates Financial Services (restricted)
Address: 200 Liverpool Road, Irlam, Greater Manchester, Manchester, M44 6FE
Speed of response: 2.20pm. The adviser picked up after four rings. 5/5
Telephone manner: The adviser was mostly friendly but curt at other times. 3/5
Qualifications: CeMap. 4/5
Payment method: The adviser said no fees will be charged directly to her but that he would be paid a commission. 5/5
Guidance: The adviser told the shopper the premiums will be a lot more expensive than her budget, but he offered to do some research. 4/5
Knowledgeable: He offered good knowledge. 4/5
Website: www.irlamestatesfs.co.uk
Email: andrewjones@irlamestates.com. 5/5
Verdict: The shopper found the conversation to be useful.
30/35
Adviser: Brookfield Financial Planning (independent)
Address: Moss House, Moss Lane, Altrincham, Cheshire, WA15 8GZ
Speed: 3.13pm. The chartered financial planner picked up after a few rings. 5/5
Telephone manner: The chartered financial planner had a polite phone manner. 5/5
Qualifications: Level 6 chartered financial planner. 5/5
Payment method: The adviser said the company charges on a commission basis, with no fees to be paid by the shopper. 5/5
Guidance: The chartered financial planner suggested the shopper comes in for a face-to-face meeting to discuss how long the shopper needs the cover to last. 3/5
Knowledgeable: The adviser demonstrated adequate knowledge but could have provided more information. 3/5
Website: www.brookfieldfinancialplanning.co.uk
Email: invest@brookfield-fp.co.uk. 4/5
Verdict: The shopper would have liked a bit more detail from this adviser on life insurance or whether to expect increased premiums because of the father’s health.
30/35
