Re: Winter 2016 | Page 36

Avoid a wrong turn with care planning Be Carewise when paying for care Stopping for independent financial advice can make a big difference How am I going to pay for my care? How much might it cost me? Most people wouldn’t take out a mortgage without financial advice, yet many don’t think about this when it comes to paying for care. Good financial planning is vital. With a myriad of choices that people can make, such as deferred payment agreements, renting out property, care fees annuities, equity release and Trusts, where do you start? Will I have to sell my house? What can I afford? If you’re approaching retirement and want to see a financial adviser, it’s a good idea to speak to a few so you can compare the service they offer and find out if they’re right for you. Here are four questions our panel of seven care fee specialists at Carewise recommend everyone should ask their financial adviser. What do you charge and how much am I likely to pay? A financial adviser must tell you how much they charge before you’re taken on as a client. Some may charge per hour, others may charge a fixed fee or a percentage of the money that they handle on your behalf for example. The adviser may not be able to tell you exactly what you will pay, but they should be able to give you an indication and perhaps even an upper limit. 01243 642121 www.westsussexconnecttosupport.org/ carewise [email protected] l l l Help to consider care options Money advice and benefits check Comprehensive care services information Approved care fee specialists who are: – – – – qualified independent financial advisers specialists in long-term care advice accredited by the Society of Later Life Advisers approved by Trading Standards’ Buy with Confidence or equivalent local authority approved scheme – trained in safeguarding adults – Disclosure and Barring Service checked WS31459 11.16 l Are you independent? The adviser must tell you what services they offer, including whether they’re an independent adviser. The phrase ‘independent financial adviser or IFA’ has a particular meaning that is set out in the rules that financial advisers have to follow. An IFA must be able to offer advice on a broad range of retail investment products. An IFA must give consumers unbiased and unrestricted advice based on a comprehensive and fair analysis of the market. Do you have qualifications that are above the minimum you are required to take? All financial advisers have to have qualifications by law. Many will have taken additional exams, so it is worth asking what qualifications the adviser holds and what these demonstrate. Some types of advice require the adviser to have specialist qualifications, such as advising on equity release or care fees. The Society of Later Life Advisors (SOLLA) accreditation is the leading qualification for those who provide financial products and services to the later life market. Do you have many clients who are in a similar position to me? It’s always worth finding out if a financial adviser is experienced in advising clients in a similar position to you. Some financial advisers specialise in advising on later life financial planning issues such as how to fund the costs of care fees, inheritance tax planning etc. A later life adviser might evidence their specialist knowledge by having completed the Later Life Adviser Accreditation and by becoming a full member of the Society of Later Life Advisers (SOLLA). This quick guide was brought to you by Carewise Care Funding Advice. Carewise is a partnership between West Sussex County Council, the Society of Later Life Advisers (SOLLA), Age UK West Sussex and West Sussex Partners in Care. westsussexconnecttosupport. org/carewise