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 Wokingham. He has decided to find out about protection insurance after a colleague took extended leave from work to begin chemotherapy. The shopper, 28, is particularly keen on protecting the outstanding £140,000 debt on his mortgage. His immediate dependant is his wife, who is heavily reliant on his wages.
Adviser (Independent):
Faron Partnership
Albany House, 14 Shute End, Wokingham, Berkshire RG40 1BJ
Speed of response:
Time of call: 11.36am. Answered after four rings. 4/5
Telephone manner:
Professional and polite. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
None given. The adviser said the first port of call was to arrange an initial meeting, at the shopper's expense, to better explore his circumstances. 2/5
Knowledge:
Difficult to gauge based on the above. 2/5
Email/web presence:
Not disclosed.
http://www.faronpartnership.co.uk 3/5
Verdict:
The shopper was left disappointed by the lack of guidance given, and felt pressured to arrange an initial meeting from the offset.
26/35
Adviser (Independent):
Employee Benefits Partnership
Trinity Court, Molly Millars Lane, Wokingham, Berkshire RG41 2PY
Speed of response:
Time of call: 11.44am. Answered after three rings. 5/5
Telephone manner:
Very friendly and eager to please. 5/5
Relevant qualifications:
Fellow, Personal Finance Society. 5/5
Payment method:
A £600 recommendation fee, which is nullified if the shopper enables the adviser to execute the recommendation. 5/5
Guidance given:
The adviser asked a series of questions to ascertain his age, health status and whether he is a smoker. He said the shopper should consider a policy that covers the outstanding debt on his mortgage at the event of death, and a cover for of loss of income, be it critical illness or income protection. In addition, the adviser offered to generate some quotes for the shopper without being prompted. 4/5
Knowledge:
The adviser seemed well versed in the area. He was able to clearly highlight the distinctions between critical illness and income protection cover. 4/5
Email/web presence:
jonathan@ebplimited.com
http://www.ebplimited.com 5/5
Verdict:
Superb. The adviser’s friendly approach to the conversation helped to put the shopper at ease. He should be commended for offering to generate insurance quotes for the shopper.
33/35
Adviser (Independent):
Time Financial Planning Limited
Indigo House, Fishponds Road, Wokingham, Berkshire RG41 2GY
Speed of response:
Time of call: 11.55am. Answered after one ring. 5/5
Telephone manner:
Polite and friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
Commission. 5/5
Guidance given:
The shopper should approach his employer to establish the level of sick pay he is entitled to the adviser said. The adviser added that he would be happy to arrange an initial meeting to explore the shopper’s circumstances in greater depth. 3/5
Knowledge:
The adviser showed an awareness of the potential of a workplace protection scheme, but, overall, his responses were relatively basic. 3/5
Email/web presence:
matt@tfp.limited
http://www.timefinancialplanning.co.uk 5/5
Verdict:
The adviser was friendly and didn’t put the shopper under any pressure to arrange a meeting. However, the shopper was disappointed by the lack of guidance given.
31/35
Provider:
Beagle Street
Speed of response:
Time of call: 12.05pm. Answered by an automated system and transferred to a representative after two minutes. 3/5
Telephone manner:
Professional and 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. 3/5
Guidance given:
The shopper explained that he could give factual information about the provider’s products, but not give financial advice. He also explained that the company does not offer mortgage protection cover, but said one of its life insurance products could be used in a similar fashion. 3/5
Knowledge:
The representative displayed a good knowledge of the provider’s product range. 3/5
Email/web presence:
https://www.beaglestreet.com 3/5
Verdict:
The representative was upfront about his inability to offer financial advice and provided some helpful information.
20/35
