Guidance: The adviser specified he could only give brief, generic advice over the phone; that advisers can only quote on what was happening in the present and so it would be crucial to organise a face-to-face meeting with the shopper’s mother. He warned that the mother would not be able to move the scheme to Spain, but instead could access a lump sum from there or the UK. He suggested the mother collate her pension information and request an immediate retirement quote. He also asked whether she will be getting a mortgage, and noted currency fluctuations as a big factor to consider. 5/5
Knowledge: The adviser was knowledgeable about occupational schemes and the different options available to the mother, and warned that it is often best to stay within the scheme rather than transfer out of it. But aside from currency fluctuations, he did not believe Brexit would have a major impact on her ability to access her pension pot. 5/5
Website: http://www.whateleywm.co.uk/
Email: john@whateleywm.co.uk 5/5
Verdict: The adviser gave a good description of the nuances of accessing a pension pot from abroad, but needed some prompting to give further details on the cost of advice.
34/35
Adviser: Southcote Financial (Restricted whole of market)
Address: 30A The Green, Kings Norton, West Midlands, Birmingham, B38 8SD
Speed of response: At 9:30am the adviser answered the phone after one ring. 5/5
Telephone manner: The adviser was friendly and professional. 5/5
Relevant qualifications: Level four Dip FA, Cert PFS, Aw PETR – Award in Pension Transfers. 5/5
Payment method: The initial consultation is free, and depending on the situation, the shopper could choose a flat fee or hourly rate of £200, whichever one would work out the most cost-effective. He also offered to email examples of the company’s fee structures. 5/5
Guidance: The adviser said all of the shopper’s mother’s relevant information would first be gathered in a free consultation. While the tax implications of Brexit would definitely be an issue, despite the recent uncertainties, he said it was possible to run through the different options available now. However, if the shopper’s mother was looking to move abroad soon, it would be vital to first analyse whether it was financially viable and sustainable – regardless of Brexit – for her to do so. While Spain’s tax arrangements are an important consideration, as are currency fluctuations, he said any planning would also first depend on what kind of income she is seeking. 5/5
Knowledge: The adviser showed good knowledge of the issue and the impact of the uncertainties posed by Brexit on any present financial planning. He also went to some length to explain the difference between his business and independent financial advisers. 5/5
