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 Bristol. He is a first-time buyer seeking to purchase a £200,000 home. He has £60,000 in savings and earns £38,000 in a role he has held for just three months. He was previously self-employed earning about £30,000 per year.
Adviser (Independent):
Create Financial Consulting
The Quorum, 2nd Floor, Bond Street South, Bristol, BS1 3AE
Speed of response:
Time of call: 3.34pm. Answered after four rings. 5/5
Telephone manner:
A bit nervous at first. 3/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£500 plus VAT for research and recommendation then 0.5 per cent of amount borrowed plus VAT. 5/5
Guidance given:
The adviser explained most lenders are relaxed about the length of the borrower’s tenure at their current employment – as long as they have been taken on a permanent contract. He warned that some lenders might not be as flexible. 4/5
Knowledge:
The adviser seemed to have a decent understanding of the main consideration. 4/5
Email/web presence:
andrew.brown@creategroup.uk.com
5/5
Verdict:
The adviser seemed a bit nervous at first, but sounded more assured as the conversation progressed. Overall, he offered helpful information.
31/35
Adviser (Independent):
Bedrock Financial Planning
Leigh Court Business Centre, Abbots Leigh, Bristol, BS8 3RA
Speed of response:
Time of call: 3.43pm. Answered after three rings. 5/5
Telephone manner:
Pleasant. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£399 fixed fee. 5/5
Guidance given:
Some lenders stipulate borrowers should be in permanent employment for a minimum of six months while others adopt a more relaxed approach, the adviser said. Based on the shopper’s circumstances outlined above, he should not have any issues securing a mortgage – with the assumption he would past the affordability checks, according to the adviser. 4/5
Knowledge:
The adviser showed a solid understanding of lending criteria and conveyed his knowledge in a clear and simple fashion. 5/5
Email/web presence:
kanstey@bedrockfinancial.co.uk
5/5
Verdict:
The adviser provided some insightful information to help the shopper at this early phase.
34/35
Adviser (Independent):
The Clifton Business Consultancy
227 Canford Lane, Westbury-on-Trym, Bristol, BS9 3PD
Speed of response:
Time of call: 3.53pm. Answered after two rings. 5/5
Telephone manner:
Friendly. 5/5
Relevant qualifications:
Level four diploma. 5/5
Payment method:
£250 flat fee. 5/5
Guidance given:
Lending criteria varies from lender to lender, but most are relaxed about employment tenure – so long as the borrower is on a permanent contract. Lenders take a dim view of those on probation, he said. Some may ask for proof that the employer intends to keep them on, he added. 5/5
Knowledge:
Very good. The shopper was clearly well versed in lenders’ mortgage criteria. 5/5
Email/web presence:
bob@cliftonbc.co.uk
5/5
Verdict:
The adviser was the best of the bunch. He was confident and offered the most comprehensive guidance. 35/35
