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 Sale. He and his wife are seeking to purchase a property and are contemplating ceasing contributions to their respective pension schemes to accumulate a sizeable deposit. The couple, both aged 28, are first-time buyers.
Adviser (Independent):
Cheetham Jackson Ltd
5A Washway Road, Sale, Cheshire, M33 7AD
Speed of response:
Time of call: 3.46pm. The call was answered after two rings. 5/5
Telephone manner:
Polite and friendly. 5/5
Relevant qualifications:
Mortgage adviser. 5/5
Payment method:
£395 for mortgages. 5/5
Guidance given:
The adviser admitted that the shopper’s scenario is not one that she has encountered in the past. She explained that she could only provide mortgage advice but not pension advice. The adviser did, however, say that most pension advisers would not encourage individuals to stop their pension contributions altogether. She added that her colleague, who is qualified to offer pension advice, might be required during the advice process. 4/5
Knowledge:
The adviser provided a rounded overview of how the mortgage application processed works. 4/5
Email/web presence:
michelle.quinlan@cheetamjackson.com
5/5
Verdict:
The adviser was honest about her qualifications, which was endearing, and offered some useful information.
33/35
Adviser (Independent):
IJS Financial Solutions Limited
32 Park Avenue, Sale, Cheshire, M33 6HE
Speed of response:
Time of call: 3.33pm. The call was answered after three rings. 5/5
Telephone manner:
Engaging and helpful. 5/5
Relevant qualifications:
Advanced Financial Planning Certificate. 5/5
Payment method:
Commission. 5/5
Guidance given:
It would be difficult to comment without more insight into the couple’s circumstances, the adviser said. He offered to provide generic financial advice free of charge if the shopper disclosed information that alludes to mortgage affordability and their monthly pension contributions in an initial email. 3/5
Knowledge:
The adviser spoke of his perception of the first-time buyer market and its developments, and displayed a strong understanding in the area. 4/5
Email/web presence:
iain@ijsfinancialsolutions.co.uk
www.ijsfinancialsolutions.co.uk
5/5
Verdict:
The adviser appeared reticent to offer guidance on whether or not the couple should halt their pension contributions altogether but delivered a fairly comprehensive overview of the first-time buyer market.
32/35
Adviser (Independent):
Tristan Brodbeck Financial Planning
14 Winstanley Road, Sale, Cheshire, M33 2AR
Speed of response:
Time of call: 3.52pm. The call was answered after two rings. 5/5
Telephone manner:
Very friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£200 for mortgages plus 0.35 per cent of the amount lent (which is usually covered by lender commission. 5/5
Guidance given:
After listening to the shopper’s scenario, the adviser said he would be happy to help and suggested arranging an meeting in the first instance to get a deeper insight into the couple’s scenario. He also offered to email information providing an overview of the firm’s ethos and advice process. 3/5
Knowledge:
None as such. The adviser appeared reluctant to offer guidance without knowing more about the couple’s circumstances. 2/5
Email/web presence:
tristan@tbfp.co.uk
5/5
Verdict:
The adviser’s friendly approach to the conversation should be commended but he did not offer any useful guidance.
30/35
Provider
Nationwide
Speed of response:
Time of call: 3.58. Answered by an automated system. Transferred to a representative within a minute. 4/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
The representative said he was not qualified to offer financial advice. 0/5
Payment method:
Varies – on a case by case basis. 4/5
Guidance given:
The representative said that the lender offered mortgage advice but not pension advice. He directed the shopper to the Unbiased website to seek holistic advice. 4/5
Knowledge:
Difficult to gauge based on the guidance delivered.2/5
Email/web presence:
www.nationwide.co.uk/products/mortgages/our-mortgages/who-we-can-help 3/5
Verdict:
The representative appreciated that the shopper’s scenario did not fall solely in the remit of mortgage advice and did the right thing in directing the shopper to seek professional advice.
22/35
