Planning How to Pay for Future Adult Social Care
Independent Financial Advisors (IFA) and how they can help in planning how to pay for your care
On this page:
- Getting Financial Advice
- Why Go to a Financial Adviser?
- What Should I Look For in an Adviser?
- What Will it Cost?
- Where Can I Find an Adviser?
- What if Someone Lacks Mental 'Capacity' to Make Decisions?
Getting Financial Advice
Accessing quality, specialist financial advice is important to help you plan how you will pay for your care arrangements, both now and in the future. Paying for care is a long-term commitment and you need to be sure that you can afford the arrangements you put in place. Good financial advice and support is key to making the best use of what money you have available.
West Berkshire Council is not able to give you financial advice about your care options - we encourage everyone who needs care to talk to an independent financial adviser for impartial and specialist support.
Why Go to a Financial Adviser?
Even if you can comfortably afford to pay for care now, thinking short-term is rarely a good idea when it comes to dealing with something as important as care. Financial advisers are experts at helping people get the information they need to make good decisions about their care in the long-term.
Independent financial advisers are impartial and are not under pressure from a company or organisation to recommend one solution over another for you. They are there to give the best advice possible after an assessment of your situation.
Planning ahead can help avoid problems, such as having to move care home because you run out of money. If you have savings or assets, an independent adviser can help you get the most out of them.
What Should I Look For in an Adviser?
Not all advisers are equally qualified, so you need one that has a clear understanding of long-term care planning.
When looking for a financial adviser, bear in mind that:
- Some advisers are also held to account by an official body, the Financial Conduct Authority (FCA). This means that they stick to a code of conduct and ethics, and take responsibility for recommending different products that might help.
- There is a difference between 'guidance' (also called an 'information only' or 'non-advice' service) and 'advice'. If you buy a financial service or product after receiving 'guidance', rather than 'advice', it means you might not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS), which are bodies that can help you get your money back if things go wrong.
You can find helpful advice and guidance on the Age UK Paying for Care webpages.
What Will it Cost?
How much you pay will depend on things like how complicated your situation is, and the level of advice and types of products an adviser needs to recommend.
In some cases you could pay between £75 and £250 an hour for their services, so it's important to make sure you choose the right adviser for you. Ask up-front how much their advice is going to cost and whether it's a fixed fee, or based on the time they spend working for you.
Advisers operate in different ways, so you could always ask your adviser about splitting their fee into a number of instalments, or paying an hourly fee at the end of each consultation.
Where Can I Find an Adviser?
- The Society of Later Life Advisers (SOLLA) holds a register of accredited advisers that have qualifications in financial advice, including long-term care funding - search their directory for a suitably-qualified adviser close to you
- Paying for Care is a website designed by a non-profit organisation to help people make more informed decisions about arranging and paying for their long-term care - it has lots of useful information that can help
- Money Helper is an independent service set up by the government providing free and impartial advice - you can get in touch by phone, or chat online with an adviser
- Citizens Advice West Berkshire also provides financial advice
- The West Berkshire Directory lists a number of organisations offering independent financial advice
What if Someone Lacks Mental 'Capacity' to Make Decisions?
Sometimes a person in need of care may lack 'capacity' to make decisions about their finances on their own. Under some circumstances control over these decisions can be passed to someone else.
You can find more information on our webpage about Managing the Finances of Someone Unable to do so Themselves.
Do you still need help? Get in touch with us and tell us what you're looking for.