ProtectionApr 26 2017

Mystery shopper: Worcester

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Mystery shopper: Worcester

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 Worcester. He is seeking advice on income protection on behalf of his sister who was diagnosed with bipolar disorder and depression six months ago. She works as a graphic designer, is in good physical health and does not smoke.

Adviser (Independent):

McCarthy Taylor

6 Edgar Street, Worcester, Worcestershire, WR1 2LR

Speed of response:

Time of call: 11.39am. Answered after three rings. 5/5

Telephone manner:

Friendly and attentive. 5/5

Relevant qualifications:

Chartered Financial Planner. 5/5

Payment method:

Normally £1,000, but the adviser said he would be willing to consider commission from the provider to supplement the flat fee. 4/5

Guidance given:

Insurance applications considered high risk by underwriters are rejected outright or command monthly premiums that are considerably greater than conventional applications, the adviser said. Here, the adviser was unable to guess how underwriters would respond tothe shopper's sister’s scenario, but said they would aim to establish the likelihood of her claiming. 3/5

Knowledge:

The adviser displayed strong knowledge on income protection – notably correctly highlighting that such policies do not cover 100 per cent of income. 3/5

Email/web presence:

steven.mckelvie@mccarthytaylor.co.uk

www.mccarthytaylor.co.uk 5/5

Verdict:

The adviser was demonstrably knowledgeable in the area and delivered some helpful advice.

30/35

Adviser (Independent):

JPM Group

JPM House, 3 The Avenue, The Cross, Worcester, Worcestershire, WR1 3QA

Speed of response:

Time of call: 11.50am. Answered after five rings.

5/5

Telephone manner:

Patient. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Commission.

5/5

Guidance given:

Underwriters are likely to take a dim view of the shopper’s sister’s scenario and would therefore offer a contract that stipulates high monthly premiums, according to the adviser. He offered to speak with a few underwriters to determine the likelihood of her application being granted. 4/5

Knowledge:

The adviser showcased a solid knowledge of the underwriting process. 4/5

Email/web presence:

dwaldron@jpm-pensions.co.uk

jpm-group.co.uk

5/5

Verdict:

The adviser should be commended for his willingness to go the extra mile by contacting different underwriters on behalf of the shopper’s sister. The sentiment did not come across as a sales push.

33/35

Adviser (Independent):

Financial Advice Centre

7 Sansome Place, Worcester, WR1 1UG

Speed of response:

Time of call: 2.10pm. Answered by an automated system. The shopper was transferred to a representative within 20 seconds.

5/5

Telephone manner:

Easy to speak with.

5/5

Relevant qualifications:

Level four diploma.

5/5

Payment method:

Hourly charge of £150.

5/5

Guidance given:

Every provider adopts a unique underwriting process so it would be impossible to give a blanket comment on the shopper’s sister’s situation, the adviser said. He added that, based on past experience, providers would likely decline her application or refuse to protect against her current aliments, but could offer to do so against other conditions.

3/5

Knowledge:

The adviser’s comments were based on past experience, which implies healthy knowledge in the area. 3/5

Email/web presence:

julian@face-uk.com

http://www.face-uk.com

5/5

Verdict:

The conversation did not last long, but the adviser delivered helpful information nonetheless.

31/35

Provider:

Vitality Life

Speed of response:

Time of call: 2.20pm. Answered by an automated system. The shopper was transferred to a representative within 40 seconds. 5/5

Telephone manner:

Personable and considerate. 5/5

Relevant qualifications:

The representative said she was not qualified to offer advice. 0/5

Payment method:

N/A

0/5

Guidance given:

The representative kicked off the conversation by asking a series of questions including: when the shopper’s sister was diagnosed, if she is on medication or been an in-patient because of her conditions and whether she has attempted to commit suicide in the past. She then put the shopper on hold for a minute to discuss the scenario with an underwriter. The representative ultimately informed the shopper that his sister would not be eligible for the provider’s income protection product. 3/5

Knowledge:

The representative displayed strong knowledge of the provider’s criteria. 3/5

Email/web presence:

https://www.vitality.co.uk/life-insurance/income-protection-cover

3/5

Verdict:

The representative should be acknowledged for broaching the testing questions in a sensitive manner. She was helpful and polite.

19/35