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]
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Help to consider care options
Money advice and benefits check
Comprehensive care services information
Approved care fee specialists who are:
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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
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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