Mystery ShopperMay 2 2018

Mystery shopper: Durham

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Mystery shopper: Durham

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 Durham. The shopper and her husband want to set up a long-term savings and/or investment plan for their six-month-old daughter, from which she can access funds when she turns 18. They would like to start at an initial £10,000 deposit, with annual top-ups.

 

Adviser: 1825 Financial Planning (restricted)

Address: Bank Chambers, 9 Kensington,, Cockton Hill Road,, Bishop Auckland, County Durham DL14 6HX

Speed of response: 10.35am. Put through to adviser. 5/5

Telephone manner: Fairly helpful. 4/5

Relevant qualifications: DipPFS. 5/5

Payment method: As unable to help unable to specify fees but gave standard fee info. Minimum fee £2,000 for new money of £260,000. 5/5

Guidance: The adviser told the shopper that the amount of funds she wanted to invest is below the amount they typically advise on, but he pointed her in the direction of one or two websites that could offer some options, such as a junior Isa. Adviser also told the shopper there are some advisers that can help and would charge a transactional fee for the advice. 5/5

Knowledge: Adviser sounded knowledgeable and gave the shopper some ideas of questions to also other advisers that might help when she speaks to them. The shopper would have liked a bit more detail on the options available to her and her husband. 4/5

Website: www.1825.com

Email: david.knight@1825.com 5/5

Verdict: Although adviser could not help he was able to give the shopper a broad idea of where to get more help.

33/35

 

Adviser: Ellis Bates Financial Solutions (independent)

Address: Grainger Chambers, Hood Street, Newcastle upon Tyne, Tyne and Wear NE1 6JQ

Speed of response: 10.45am. One ring and transferred to adviser. 5/5

Telephone manner: Helpful and friendly. 5/5

Relevant qualifications: DipPFS. 5/5

Payment method: Initial fee of 3 per cent and ongoing management fee of 1 per cent. 5/5

Guidance: The adviser said the shopper had a few options, including pension or general investment accounts. However, with a pension, Baby Shopper could only access the funds at age 55. A general investment account can be put in a parent’s name for her to access at 18. Another trustee could be added as guardian should anything happen to the parents. Investments can be in the form of a junior Isa or bonds. 5/5

Knowledge: The adviser sounded very knowledgeable and gave the shopper a lot of information, explaining things in a way she could understand. 5/5

Website: www.ellisbatesgroup.com

Email: nigel.swan@ellisbatesgroup.com 5/5

Verdict: Adviser behaved in a very professional manner and gave the shopper a lot of information.

35/35

 

Adviser: Tilney (restricted whole-of-market)

Address: 22 St Cuthbert's Way, Darlington DL1 1GB

Speed of response: 11.03am. One ring and call answered. 5/5

Telephone manner: Friendly. 5/5

Relevant qualifications:  Not a qualified adviser but individual a member of the new business team. 2/5

Payment method: No set-up charge for child Sipp but there is an annual admin charge of 0.3 per cent. On a junior Isa annual service cost is 0.4 per cent and fund manager fee of 0.7 per cent. 5/5

Guidance: The new business team member told the shopper that options include a junior Isa, child Sipp, or pension. The main issue with a child pension is that Baby Shopper would be unable to access it until she reaches pensionable age. The team member said that with child Sipps and Isas, Tilney has a range of ready-made portfolios with different risk levels. 4/5

Knowledge: The adviser provided the shopper with some information, but when  asked to explain ‘restricted whole- of-market’, he did not explain it clearly. 4/5

Website: www.tilney.co.uk

Email: andrew.dowd@tilney.co.uk 5/5

Verdict: The new business team member gave the shopper some information but she was not sure about the wealth of products she could get if the advice firm is restricted.

31/35

 

Adviser: Active Chartered Financial Planning (independent)

Address: Active House, 1 Dukes Court, Thornaby, Stockton-On-Tees TS17 9LR

Speed of response: 11.28am. One ring and transferred to adviser. 5/5

Telephone manner: Friendly. 5/5

Relevant qualifications: Diploma in financial planning. 5/5

Payment method: Adviser said he would go through fees during a meeting with shopper. 2/5

Guidance: The adviser was quite keen on arranging a meeting with the shopper to discuss her options. He said he would be unable to give her a full idea of what is available until they met to discuss the matter in more detail. 3/5

Knowledge: The adviser sounded quite confident, but as he did not give the shopper more information, she was unable to ascertain how much he knew. 2/5

Website: www.activefp.co.uk

Email: jcarey@activefp.co.uk 5/5

Verdict: The shopper would have liked more information over the phone about the available options.

27/35