ProtectionMay 10 2017

Mystery shopper: Berkshire

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Mystery shopper: Berkshire

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 Berkshire. With a baby on the way, he and his wife are seeking to protect themselves from loss of income and death. The shopper, who is a graphic designer, seeks both covers, while his wife only requires life insurance. The duo are both 29 and in good health.

Adviser (Independent):

Employee Benefits Partnership Limited

Trinity Court, Molly Millars Lane, Wokingham, Berkshire, RG41 2PY

Speed of response:

Time of call: 2.15pm. Answered after two rings. 5/5

Telephone manner:

Polite and friendly. 5/5

Relevant qualifications:

Fellow, Personal Finance Society. 5/5

Payment method:

Commission.

5/5

Guidance given:

The adviser kicked off the conversation by asking the shopper if he had an idea of the amount life insurance cover he requires. He added the first port of call for the couple is to determine the cover they are entitled to through their respective employment. When it comes to income protection, insurers payout a percentage of salary so that the claimant is incentivised to get back to work.

3/5

Knowledge:

Good, the adviser displayed awareness to the main considerations. 

4/5

Email/web presence:

johnathan@ebplimited.com

www.ebplimited.com

5/5

Verdict:

The adviser delivered helpful guidance in a clear and concise fashion.

32/35

Adviser (Independent):

Time Financial Planning Limited

Indigo House, Fishponds Road, Berkshire, Wokingham, RG41 2GY

Speed of response:

Time of call: 2.28pm. Answered after two rings.

5/5

Telephone manner:

Informative.

5/5

Relevant qualifications:

Level four diploma.

5/5

Payment method:

Commission.

5/5

Guidance given:

Income protection is a good idea, especially with a baby on a way, the adviser said. He highlighted family income benefit which, the adviser explained, is a type of life cover where regular tax-free income is paid out to a nominated individual until the end of the term. Critical illness income, which pays out a lump sum, should also be considered, he added.

5/5

Knowledge:

The adviser showed solid knowledge of the main areas of protection, particularly life insurance.

4/5

Email/web presence:

matt@tfp.limited

www.timefinancialplanning.co.uk

5/5

Verdict:

The adviser came across well and covered all the main considerations when it comes to protection.

34/35

Adviser (Independent):

Regency Financial Consultancy

14 Broome Court, Bracknell, Berkshire, RG12 7AB

Speed of response:

Time of call: 2.33pm . Answered after two rings.

5/5

Telephone manner:

Patient.

5/5

Relevant qualifications:

Level four diploma.

5/5

Payment method:

Commission.

5/5

Guidance given:

The couple should think about drafting a will respectively, the adviser said. He added a life cover that pays a lump sum would be useful for paying off a mortgage for example, but policies that provide monthly income for a term are quite popular. The adviser said the next step is to arrange an initial meeting at his own cost which would allow him to further delve into the couple’s circumstances.

4/5

Knowledge:

The adviser was clearly knowledgeable on life cover.

4/5

Email/web presence:

tony.gleed@regencyfc.com

www.regencyfc.com

5/5

Verdict:

Okay. The adviser offered a great deal of guidance on life cover but failed to comment on income protection.

33/35

Provider:

SunLife

Speed of response:

Time of call: 2.41pm. Answered by an automated machine. The shopper was transferred to a representative within 40 seconds.

4/5

Telephone manner:

Professional.

5/5

Relevant qualifications:

The representative said she was not qualified to offer financial advice

0/5

Payment method:

N/A.

0/5

Guidance given:

The representative stressed the provider did not offer financial advice, adding she could only provide information on the products the life assurer offered. She went on to explore the firm’s term life product and offered to transfer the shopper to someone who would be able to discuss the product in greater depth.

3/5

Knowledge:

The representative demonstrated a decent level of knowledge on the insurer’s term life product.

3/5

Email/web presence:

www.sunlife.co.uk/life-cover.

3/5

Verdict:

The representative was upfront about her inability to offer financial advice from the offset and offered some useful information on the firm’s term life insurance product.

18/35