InvestmentsJun 7 2017

Mystery Shopper: Oxford

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Herbert & Webster

(Independent Adviser)

John Eccles House, Oxford Science Park, Robert Robinson Avenue, Oxfordshire, OX4 4GP

Speed of response (time of call) 3.50pm. Answered after two rings. 5/5

Telephone manner Very friendly, knowledgeable and professional. 5/5

Relevant qualifications Level four diploma 5/5

Payment method Four per cent for full advice plus 1.4 per cent for ongoing advice. Also 'robo-advice' was offered through the Vanguard platform at 0.9 per cent. 5/5

Guidance given  The adviser explained that tracker funds were “lower costing” and would “replicate what their index is” but that actively managed funds would attract a higher fee as they involved supervision. The shopper might be more comfortable with the Vanguard LifeStrategy offering the adviser suggested and he then explained in detail and made sure the shopper knew that this was an online platform offering that would not involve an active adviser. 5/5

Knowledge Very good, as the adviser was quick to offer a workable alternative. 5/5

Email/web kurt.mcsweeney@herbertandwebster.co.uk 

www.herbertandwebster.co.uk 5/5

Verdict

The shopper was impressed with the solution the adviser recommended, however, he was urged to look on the company website and told product information was “coming soon”. 

Total Score 35/35  

 

Focus Oxford LLP

(Independent Adviser) 

Seacourt Tower, West Way, Oxford, OX2 0JL

Speed of response 2.45pm. Answered after five rings. Then put on hold by receptionist who “went to talk” to an unnamed partner/adviser that was in a group meeting. 5/5

Telephone manner Polite but very unhelpful. 2/5

Relevant qualifications Impossible to tell as shopper was not put through to an adviser to check. Although, on researching the website, all partners are qualified at level four diploma and above. 3/5

Payment method Not specified 0/5 

Guidance given The shopper was told that “all the partners were in a meeting” by a woman who at first, described herself as a “receptionist” and a few seconds later as “dealing with insurance” for the firm. No callback was offered by either the receptionist or the partner for further details. The shopper was then told by the receptionist/insurance handler that the answer had come back from the partners – who had been interrupted in their meeting – and the advice was to “go to the Citizen’s Advice Bureau” or consult the shopper’s own bank. 2/5

Knowledge Unless you count being told to go to the Citizen’s Advice Bureau or consult you bank manager – very little given. 1/5

Email/web presence www.focusllp.co.uk

No email given. 3/5 

Verdict

As the shopper made it clear at the outset that he was a “personal investor” the response by the company – even if busy – was not appreciated. 

Total Score 16/35

 

Nigel Grice & Associates 

(Independent Adviser)

Charterford House, 75 London Road, Headington, Oxford, OX3 9AA

Speed of response (time of call) 5.18pm. Answered after two rings. Five second wait and transferred to principal/owner 5/5

Telephone manner Extremely friendly and helpful. 5/5

Relevant qualifications Level four diploma. 5/5

Payment method Four per cent for full advice, 0.62 per cent for portfolio management through the Openwork online platform and additional 0.3 per cent for using the Zurich platform (0.92 per cent). 5/5

Guidance given The adviser said “some firms won’t even talk to you unless you have more than £100,000 to spend, we don’t take that approach here”. The shopper said Vanguard's online platform had been recommended to which the adviser said the firm was tied into the Openwork platform and explained the system was “easy to use”. He also offered the shopper a “full advice” managed fund offering at four per cent and then at a variable ongoing charge, but said that an online platform would work best for the shopper's needs. 4/5

Knowledge Extremely good and the shopper didn’t feel like he was being given the hard sell, as the adviser said that the automated online platform would be a smaller fee. 5/5

Email/web presence nigel@GriceAdvice.co.uk

www.griceadvice.co.uk 5/5

Verdict If the adviser knew the shopper didn’t have the biggest investment stake in the world, he didn’t make him feel like it, also the various advice options were clearly spelled out. 

Total Score 34/35 

 

Hargreaves Lansdown 

(Provider) 

Speed of response (time of call) 11.30am.  Answered after eight rings. 4/5

Telephone manner Friendly and willing to help. 5/5

Relevant qualifications A level four diploma; IFA only available on managed funds of more than £100,000 5/5

Payment method Online tracker funds between 0.1 per cent and 0.4 per cent and actively managed at 0.6 per cent to 1.7 per cent  5/5

Guidance given The shopper was told that through Hargreaves Lansdown investors have “access to 2,500 funds” with the option to manage the funds online through the Wealth 150 (a list of favourable funds compiled by researchers), multi-manager Portfolio Plus (Hargreaves Landsdown funds that invests in other managed funds) and Master Portfolio (made up of independent funds) platforms – all online brands through the company. 4/5

Knowledge Very knowledgeable about internal online fund platforms. 4/5

Email/web www.hl.co.uk 3/5

Verdict

The shopper was taken through all the available options by an upbeat representative. A bit shocked to find out about the £100,000 barrier before an adviser/person would be engaged. 

Total Score 30/35