Each week the mystery shopper seeks advice from independent 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 mystery shopper visits Brighton. The shopper wants to know if family income benefit or income protection are the best solutions to protect her family from life's unforeseeable events. She lives with her husband and their three children. Both she and her husband work in IT with an annual income of £70,000.
Adviser (independent): Hilton Sharp & Clarke Financial Services
Address: 30 New Road, Brighton, East Sussex, BN1 1BN
Speed of response (time of call): 12.01pm. Answered after two rings. A receptionist took the call and put the shopper through to IFA Keith Bonner. 5/5
Telephone manner: Chatty, friendly and professional. 5/5
Relevant qualifications: CF6 – Certificate in Mortgage Advice (CII), Personal Finance Society Diploma (PFS). 5/5
Payment method: Payment is through commission for income protection products. 5/5
Guidance given: The IFA clearly explained the difference between family income benefit and income protection. He then explained he would need to meet the caller to fully evaluate her financial needs before recommending a suitable product. He added that any commission would be explained along the way. 5/5
Knowledge: The IFA was very knowledgeable when speaking on various protection products. His understanding and experience in the field clearly came across. 5/5
Email: advice@hscfs.co.uk
Website: hscfswealthmanagement.co.uk
5/5
Verdict: The IFA was confident, knowledgeable and spoke with ease when discussing the process involved and the complexities of various protection products.
35/35
Adviser (independent): Rowland Independent Financial Advisers
Address: 2 The Copse, 50-52 Princes Road, Brighton, BN2 3RH
Speed of response (time of call): 11.47am. Three rings before IFA Geoff Rowland picked up the call. 5/5
Telephone manner: Very friendly and professional. 5/5
Relevant qualifications: Personal Finance Society Diploma (PFS), CeMAP (IFS). 5/5
Payment method: For income protection product, payment would be through commission. 5/5
Guidance given: The IFA explained the advice process. He said the caller would have to meet the adviser to discuss her financial requirements and needs before a suitable product could be recommended. 4/5
Knowledge: The adviser seemed very knowledgeable in the field and guided the caller through the process, step by step. 5/5
Email: enquiries@rowlandindependent.co.uk
Website: rowlandindependent.tppowered.com
5/5
Verdict: The adviser came across as well qualified and knowledgeable when dealing with income protection products.
34/35
Adviser (independent): Flying Colours
Address: 125-135 Preston Road, East Sussex, Brighton, BN1 6AF
Speed of response (time of call): 12.19pm. A member of staff answered the call after four rings. He explained the process of taking out an income protection product. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: The Brighton-based IFA at the firm has CF6 – Certificate in Mortgage Advice (CII) and a Personal Finance Society Diploma (PFS). 5/5
Payment method: Commission. 5/5
Guidance given: The member of staff said the caller would need to meet with an adviser who would be in the best position to carry out a full fact find and make a recommendation. 3/5
Knowledge: The member of staff was knowledgeable and spoke with confidence about the process. 3/5
Website: flyingcolourswealth.com
3/5
Verdict: Difficult to say, as the caller did not speak with an adviser, but the member of staff appeared to be well experience in the field.
29/35
Provider: LV
Speed of response (time of call): 12.35pm. An automated system put the shopper through to the relevant department. 3/5
Telephone manner: Very friendly and professional. 5/5
Relevant qualification: Difficult to gauge as caller did not speak with an adviser. 0/5
Payment method: Payment amount depends on which product is taken out. 3/5
Guidance given: The member of staff said the caller would be booked for a telephone consultation with one of LV’s advisers, who would complete a full fact finding process and then recommend a suitable LV product within a few hours. A meeting with an adviser could be arranged. 3/5
Knowledge: The member of staff who took the call was not an adviser, but seemed very experienced about the process. 3/5
Website: www.lv.com/income-protection
3/5
Verdict: LV staff can clearly offer guidance to callers. The only let down was that due to a shortage of staff, the caller would have to wait two weeks before speaking with an adviser.
20/35
