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 Winchester. He has inherited £40,000 and is seeking to invest the sum ethically. He owns a property and would like to use the investment to purchase a property to let within the next decade.
Adviser (Independent):
Advance Financial Planning
Currawong, George Eyston Drive, Sleepers Hill, Winchester, Hants, SO22 4PE
Speed of response:
Time of call: 2.37pm. The call was answered after two rings. 5/5
Telephone manner:
Friendly and helpful. 5/5
Relevant qualifications:
Advanced Financial Planning Certificate. 5/5
Payment method:
Something that would be discussed during an initial meeting according to the adviser. 5/5
Guidance given:
The adviser said ethical funds tend to invest in smaller companies that have the potential for impressive growth but are quite volatile. Ethical funds are subjective by their nature, he explained, adding that some funds might choose to exclude investments in tobacco or companies that conduct animal testing. 4/5
Knowledge:
The adviser demonstrated solid knowledge in the area. 4/5
Email/web presence:
bruce@winchesterifa.co.uk
5/5
Verdict:
The adviser delivered a good overview of the topic area and expressed a willingness to meet with the support of face-to-face advice without an aura of a sales push.
33/35
Adviser (Independent):
Bourne Independent Financial Advisers Ltd
Fordington Avenue, Winchester, Hampshire, SO22 5AN
Speed of response:
Time of call: 4.31pm. The call was answered after three rings. 5/5
Telephone manner:
Professional – to the point. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Between £750 and £1000 for a holistic review. Ongoing charges are dependent on the investment action taken, the adviser said.
5/5
Guidance given:
The adviser explained that he would need to complete a full fact find on the shopper before giving advice. He offered to send the shopper a disclosure document outlining how the company operates and the charging structure.
3/5
Knowledge:
The adviser’s qualification suggests he is well versed in this field although this was not necessarily demonstrated in what he told the shopper. 3/5
Email/web presence:
andy@bourneifa.co.uk
5/5
Verdict:
The shopper would have liked the adviser to offer some initial guidance.
31/35
Adviser (Independent):
Asset Management Financial Adviser
Chesil Mews House, Milland Road, Winchester, Hampshire, SO23 0QA
Speed of response:
Time of call: 4.41pm. Answered by an automated machine. Transferred to a representative after 25 seconds.
4/5
Telephone manner:
Outgoing. 4/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
3 per cent of invested amount. 5/5
Guidance given:
Ethical investments are subjective by nature, the adviser said, adding such investments would need to be screened to ensure they are in line with the shopper’s ethical stance. He added he tended to use “funds of funds” as a solution because of the benefits that come from diversification. 3/5
Knowledge:
The adviser seemed well versed in the topic. 4/5
Email/web presence:
adam.keith@assetmanagement.co.uk
www.assetmanagement.co.uk
5/5
Verdict:
The adviser delivered some useful information and should be commended for his friendly approach to the conversation, which helped put the shopper at ease.
30/35
Provider:
Tridos Bank
Speed of response:
Time of call: 4.49pm. Answered by an automated machine. Transferred to a representative after 30 seconds. 5/5
Telephone manner:
Professional. 5/5
Relevant qualifications:
The representative said she was not qualified to offer advice.
0/5
Payment method:
Varies.
3/5
Guidance given:
The representative encouraged the shopper to visit the firm’s website to find and read up on the provider’s Equity and Pioneer funds, which are available through a stocks and shares Isa. She explained that both funds invest in different areas but are both deemed ethical.
2/5
Knowledge:
The representative demonstrated a good level of product knowledge.
3/5
Email/web presence:
www.triodos.co.uk/en/personal/ethical-investments/
3/5
Verdict:
The representative provided some useful information in a timely fashion.
21/35
