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 Colchester. He and his pregnant wife are seeking to purchase a property to the value of £230,000 with a 15 per cent deposit. His wife, who earns £30,000 in her current role as a graphic designer, is planning on going freelance once the baby is born. The shopper earns £35,000.
Adviser (Independent):
Blackstone Moregate
26 Crestlands, Alresford, Colchester, Essex, CO7 8AF
Speed of response:
Time of call: 3.22pm. Answered after three rings. 5/5
Telephone manner:
Polite and friendly. 5/5
Relevant qualifications:
Mortgage adviser. 5/5
Payment method:
£250 at point of application. 5/5
Guidance given:
The adviser said pregnant women seeking to return to work following maternity leave do not experience issues when it comes to income calculations – generally speaking. However, her intention to go freelance throws a spanner in the works, he added. If his wife reconsidered, the couple would be able to secure a two-year fix at between 1.7 per cent and 2 per cent to 85 per cent LTV, the adviser said. 4/5
Knowledge:
The adviser seemed well versed on the topic. He gave a good educated guess on the rate of interest the couple could secure on a two-year fix with a 15 per cent deposit. 5/5
Email/web presence:
Email not disclosed
www.blackstonemoregate.com
3/5
Verdict:
The adviser was attentive and gave useful information.
32/35
Adviser (Independent):
Optimum Independent Financial Advisers
3 St Peters Court, Colchester, Essex, CO1 1WD
Speed of response:
Time of call: 3.07pm. Answered after two rings. 5/5
Telephone manner:
Very helpful and friendly. 5/5
Relevant qualifications:
Mortgage adviser. 5/5
Payment method:
£495 payable once mortgage offer is sourced. 5/5
Guidance given:
Lenders are likely to approach the shopper’s wife’s employer for details on what her pay will be while she is on maternity and when she returns to work, the adviser said. By going freelance, the shopper’s wife will not have a specific level of income and will therefore not be able to secure a mortgage based on the couple’s combined salary, he added. 4/5
Knowledge:
Very good. The adviser notably explained the benefits fixed-rate loans for planning purposes – particularly for expecting couples. 5/5
Email/web presence:
mark@optimum-ifa.co.uk
www.optimum-ifa.co.uk
5/5
Verdict:
Superb. The adviser patiently listened to the shopper’s situation and offered some helpful guidance.
34/35
Adviser (Independent):
Fairstone Financial Management
69 Endsleigh Court, Colchester, CO3 3QW
Speed of response:
Time of call: 3.33pm. Answered after four rings. 5/5
Telephone manner:
Polite and professional. 5/5
Relevant qualifications:
The representative said he was not qualified to offer independent advice. 0/5
Payment method:
Something to be discussed with an adviser. 3/5
Guidance given:
None given. The representative explained it was the firm’s policy to take down some basic details from new inquirers and arrange a call back. After being pushed by the shopper to speak to an adviser in the first instance, the representative said he would attempt to accelerate the call-back process. 2/5
Knowledge:
Difficult to gauge on the above. 0/5
Email/web presence:
Email not disclosed
www.fairstone.co.uk
3/5
Verdict:
The representative was polite enough, but did not offer any useful information. The shopper was left wanting.
19/35
Provider:
Skipton Building Society
Speed of response:
Time of call: 3.43pm. Answered by an automated system. The shopper was transferred to a representative within 50 seconds. 5/5
Telephone manner:
Very friendly. 5/5
Relevant qualifications:
The representative said he was not qualified to offer financial advice. 0/5
Payment method:
NA. 0/5
Guidance given:
Had the shopper’s wife intended to go back to work, the lender would have contacted her employer to determine what her salary would be during her maternity leave and beyond. However, her intention to go freelance means her current salary would be omitted from the equation – meaning that the duo would be unable to secure a mortgage solely on the shopper’s salary. 5/5
Knowledge:
The representative displayed solid knowledge of the lender’s criteria. 5/5
Email/web presence:
www.skipton.co.uk/mortgages 3/5
Verdict:
The representative presented himself well and should be commended for his friendly approach to the conversation.
23/35
