Finding independent financial advice on care funding

It is a good idea to get independent financial advice about long-term care funding – especially if you have capital over the upper capital limit (£23,250) and need to pay the full cost of your care.

Independent financial advisers

Independent financial advisers are trained and qualified to provide financial advice and are regulated by the Financial Conduct Authority (FCA).  They must stick to a code of conduct and ethics and take responsibility for the products they recommend. They don’t receive money for recommending certain financial products – so they are not biased towards recommending a particular financial solution for you.

Specialist care fees advisers

Some independent financial advisers are also specialist care fees advisers – which means they are further trained and qualified to give unbiased advice about the things you should consider when making decisions about long-term care funding.

A specialist care fees adviser should help you find a means of funding your long-term care that:

• meets your needs
• is affordable (now and later)
• is compatible with your attitude to risk and financial priorities

They will explain the costs and risks to help you compare your options before you decide which option is right for you.

They can also offer help with things like arranging a Will and a Power of Attorney and provide advice on benefits and NHS care funding.

Fees and charges for financial advice

The cost of financial advice can vary depending on:

• how complex your financial situation is
• the level of advice you need
• the kind of products they recommend

Most advisers will offer you a free first meeting.  

During the first meeting the adviser should tell you about their fees and give you a quote. You can ask questions and see if you feel comfortable with them. You can speak to a few financial advisers to see if they’re right for you.

See Money Helper’s advice on choosing a financial adviser

Find a specialist financial adviser near you

The Society of Later Life Advisers (SOLLA)  has a search tool on their website to find an independent financial adviser local to you. Or phone SOLLA on 0333 2020 454.

General information about care funding

Money Helper (a government-backed organisation providing impartial information) has information on their website or you can phone them on 0800 138 7777.

Or speak to one of our local independent organisations:

Age UK Berkshire – 0118 959 4242 Email: info@ageukberkshire.org.uk
Reading Mencap – 0118 966 2518 Email: office@readingmencap.org.uk
Age UK Reading – 0118 950 2480 Email: info@ageukreading.org.uk
Communicare – 0118 926 3941 Email: office@communicare.org.uk