The majority of over-45s approaching a local council to arrange care needs would find it helpful to be referred to a professional financial adviser, according to a new survey.
The survey, as part of the Just Group Care Report 2020 found that more than half (55%) of over-45s would find a referral from their local council to an independent financial adviser helpful when planning finances for care in later life.
One in three (35%) said that they would then meet an adviser in person with a further 26% likely to make contact by phone or online, according to the report.
‘The evidence shows people want help understanding their options on paying for care,’ said Stephen Lowe, group communications director at Just Group.
‘Organising care is an onerous undertaking. Of those who have already co-ordinated care for an elderly relative, nearly eight in ten (78%) thought the system was too complex to navigate, and over three-quarters (77%) found the whole process of finding care stressful.’
Mr Lowe said that advisers with the professional qualifications, knowledge and experience of the care market have a clear business opportunity to provide financial planning to those organising immediate care for relatives or future care for themselves.
‘There is currently a large gap between the high number who would welcome a referral to a financial adviser from their council and a much smaller number who would think about contacting an adviser unprompted,’ he added.
‘Advice firms may see the opportunity but are perhaps wary of the complexity given the interaction of both regulated financial advice and non-regulated areas such as State benefits, treatment of the home in the means test and deliberate deprivation rules.
‘There is support available from providers such as Just Group through our care and vulnerability training and also organisations such as SOLLA (The Society of Later Life Advisers) to help advisers understand the regulatory and practical issues of moving into this market.’
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