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 Hayes in West London where she is seeking advice on inheritance tax and estate planning. The shopper is in her late 30s and will marry by the end of the year. Both she and her partner have their own properties. Hers is a four-bedroom house worth just over £500,000 and left to her by her mother, while her partner’s flat is valued at about £350,000. The shopper has a 10-year-old son from a previous relationship and would like to find out what protection she can leave in place for the child.
Adviser: Anand Associates Wealth (independent)
Address: Eagle Court, 9 Vine Street, Uxbridge, Middlesex UB8 1QE
Speed of response: 10.35am. One ring and transferred to adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: DipPFS 5/5
Payment method: The fee for advice and implementation depends on the service the shopper requires. 3/5
Guidance: The adviser told the shopper the first thing she needed to do is write a will if she wants to leave her property to her son. The adviser also said that inheritance tax would not be a major issue because as a couple they have a potential combined tax threshold of £1m above the value of their properties. 5/5
Knowledge: The adviser sounded very knowledgeable about the wide variety of options available. 5/5
Website: www.anandassociates.com
Email: bhupinder@anandassociates.com 5/5
Verdict: The adviser was very helpful and took the time to explain complicated terms to the shopper.
33/35
Adviser: Ward Williams Financial Services (independent)
Address: Bay lodge, 36 Harefield Road, Greater London, Uxbridge UB8 1PH
Speed of response: 10.55am. One ring and transferred to adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: DipPFS 5/5
Payment method: The fee will depend on how complex the shopper's needs are. Wills start from about £600. A financial planning report ranges from £500 to £3,000. 5/5
Guidance: The adviser told the shopper she and her partner should draw up wills, which would then need to be updated after they got married. In her will she should consider leaving her assets to her son in a trust and also stipulate who will be his guardian if his father is not in the picture. Inheritance tax is not an issue at the moment because the couple’s combined tax threshold exceeds the value of their properties. 5/5
Knowledge: The adviser came across as very knowledgeable. 4/5
Website: www.wardwilliamsfs.co.uk
Email: cliff@wardwilliams.co.uk 5/5
Verdict: The adviser was professional, helpful and knew his stuff.
34/35
Adviser: Flying Colours (independent)
Address: 32 Mount Pleasant, Greater London, Ruislip HA4 9HG
Speed of response: 11.05am. One ring and transferred to adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: The shopper spoke to a lead co-ordinator, not a qualified adviser. 2/5
Payment method: Fees depends on the needs of the shopper. 3/5
Guidance: The individual the shopper spoke to said a qualified adviser would call her back to offer a way forward on her queries. 3/5
Knowledge: The lead co-ordinator was friendly and helpful, but was ultimately unable to give the shopper the advice she needed. 2/5
Website: www.flyingcolourswealth.com
Email: aperry@flyingcolourswealth.com 5/5
Verdict: The individual the shopper spoke to was polite and tried to be as helpful as he could within the limits of his knowledge.
25/35
Adviser: PK financial planning (independent)
Address: 1 Parkshot, Richmond, Surrey TW9 2RD
Speed of response: 11.30am. One ring and transferred to an adviser. 5/5
Telephone manner: Friendly and professional. 5/5
Relevant qualifications: Chartered financial planner. 5/5
Payment method: £1,500 for inheritance tax planning and advice. 5/5
Guidance: The adviser told the shopper the first thing she needed to do was to make a will and set up a guardianship, after which the adviser could then help her to put her home under a trust. Only after doing a full analysis of assets - both joint and single - would he then be able to do the estate planning. 5/5
Knowledge: The adviser spoke in a lot of detail and explained matters clearly in a way the shopper could understand. 5/5
Website: www.pkgroup.co.uk
Email: bernard.rust@pkgroup.co.uk 5/5
Verdict: Shopper's choice. The adviser was professional, offered plenty of food for thought, kept to plain English explanations and provided a plan.
35/35
