Each week the mystery shopper seeks advice from independent and tied 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.
This week the shopper visits Chelmsford. He works in construction and is seeking to take out an income protection policy after his colleague and close friend was recently signed off work with a back injury. The shopper, aged 28, is married and has an infant child.
Adviser (Independent):
Advance Wealth
The Mise Centre, Broomfield Place, 189 Main Road, Broomfield, Chelmsford, Essex CM1 7EQ
Speed of response:
Time of call: 10.43am. The call was answered after four rings. 4/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
The representative said she was not qualified to offer financial advice. 0/5
Payment method:
Something that is discussed with an adviser, according to the representative. 2/5
Guidance given:
None as such. The representative explained that although there were advisers in the office, it was company policy to take down the contact details of callers and arrange a call back. 2/5
Knowledge:
Difficult to gauge based on the above.2/5
Email/web presence:
Email not disclosed
www.advancewealth.co.uk 3/5
Verdict:
The shopper was left frustrated by the experience. The representative was perfectly professional, but the shopper felt she should have allowed him to speak with an adviser for a brief conversation.
18/35
Adviser (Independent):
Sacre Associates
Milstrete House, 29 New Street, Chelmsford, Essex CM1 1NT
Speed of response:
Time of call: 10.54am. Answered by an automated machine. The shopper was transferred to a representative within 10 seconds. 5/5
Telephone manner:
Polite. 5/5
Relevant qualifications:
The representative said he was not qualified to offer financial advice. 0/5
Payment method:
Something that would be disclosed in a conversation with an adviser, the representative said. 2/5
Guidance given:
The representative said the firm’s protection arm was skewed to mortgage related queries and said the best route for the shopper could be to go direct to a provider. After putting the shopper on hold for around a minute to consult with a colleague, the representative said they might be able to assist and offered to arrange a call back. 2/5
Knowledge:
Again, difficult to gauge based on the guidance. 2/5
Email/web presence:
Email not disclosed
www.sacreassociates.com 3/5
Verdict:
The shopper was left none the wiser following the conversation.
20/35
Adviser (Independent):
The Broughton Wilkins Partnership
158 Moulsham Street, Chelmsford, Essex CM2 0LD
Speed of response:
Time of call: 10.54am. The call was answered after two rings. 5/5
Telephone manner:
Very friendly and engaging. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£150 an hour which could be covered by provider commission according to the adviser. 5/5
Guidance given:
The adviser said the best course of action was to arrange an initial meeting, which would allow him to gain a deeper insight into the shopper’s circumstances. He explained many factors would affect the value of protection premiums such as age, occupation and lifestyle habits such as smoking. 3/5
Knowledge:
The adviser displayed a good knowledge of the key protection underwriting considerations. 4/5
Email/web presence:
enquiries@bwifa.co.uk
www.bwifa.co.uk 5/5
Verdict:
Good. The adviser delivered some useful information – particularly on the typical protection underwriting process.
33/35
Provider:
Legal & General
Speed of response:
Time of call: 11.10am. Answered by an automated machine. The shopper was transferred to adviser within a minute. 4/5
Telephone manner:
Friendly and helpful 5/5
Relevant qualifications:
The adviser said he was an “FCA qualified” adviser. 5/5
Payment method:
Varies – on a case-by-case basis. 4/5
Guidance given:
The adviser said income protection and critical illness are possible solutions for the shopper. He explained that there are a variety of factors that affect the value of protection premiums including age and lifestyle habits including smoking. He offered to conduct a “financial review” to get a better gauge of the shopper’s circumstances. The adviser also mused at the suitability of life cover. 4/5
Knowledge:
The adviser displayed a solid knowledge of the topic area. 4/5
Email/web presence:
www.legalandgeneral.com/life-cover/critical-illness-cover 3/5
Verdict:
Very good. The adviser was clear in his explanations and offered some useful guidance.
28/35
