There are two types of care advice services:
Both types of service can explain how the care system works and how you can best manage your care needs.
Only a qualified and regulated adviser can give you financial advice on the best way to pay your care fees. This professional is also known as a specialist care fees adviser.
Specialist care fees advisers are qualified experts. They can help you make an informed decision about the best way to pay your care fees.
They’ll ask questions about your specific circumstances, so they can give you a personalised recommendation that best matches your needs.
To do this, they’ll take into account your available assets, attitudes and preferences. They’ll also check if you’re entitled to any state benefits for paying for care.
If you have £100,000 worth of assets, or more, then it can be advantageous to get financial advice. If you own your home, it’s definitely worthwhile having an initial conversation.
If you have less than £100,000 of assets, a general care advice service can help you plan ahead. They’ll be able to help you find the right care and identify any state benefits you might be entitled to.
All financial advisers are regulated by the Financial Conduct Authority (FCA).
The FCA requires that they have appropriate qualifications and experience before they can advise on care. This is to make sure they have the necessary knowledge on the important issues involved.
To provide advice on care fees, advisers have to hold a relevant qualification. This must be either:
You can use our adviser directory to find your local specialist care fees adviser.
Your initial consultation with a specialist care fees adviser could last between 15 minutes and an hour. After that, you’re under no obligation to proceed with that adviser.
You’re not usually asked to pay a charge for this meeting. The adviser will discuss any adviser charges for subsequent meetings.
If you’re enquiring about paying for care for another person, the adviser can discuss specific aspects with you. However, they can only do this if there’s a financial power of attorney in place and you’re the named attorney.
Your adviser will be able to:
You won’t be given a recommendation in this initial meeting. You will be asked whether you’d like to receive further advice.
It’s important to get advice as early as possible. This is so you can make the best use of your income, savings and other assets. Once your money is getting low, your adviser is unlikely to be able to help you.
Specialist care fees advisers will charge you for their time and expertise.
Advice can be charged at:
The adviser must tell you clearly, in writing:
The fees your adviser charges you will depend on your circumstances and the products (if any) you choose to buy. It’s an FCA requirement that the adviser tells you about all fees they’ll receive before you buy any product.
To produce your personalised recommendation, your adviser will carry out an in-depth fact-find with you. This will involve meeting with you, asking a series of questions about your finances and discussing your options.
This fact-find will help itemise your income, savings and any other assets including joint assets and accounts.
Your adviser will also:
Next, your adviser will:
They’ll then take you through their findings and explain their recommendation. When you’re happy with their recommendation they’ll help you apply for any products you want.
All the advisers listed in our directory are qualified, regulated, experienced specialist care fees advisers.
They’re also independent – which means they aren’t tied to a particular provider. This means you can get the best quote for your situation.
Many advisers in our directory are members of the Society of Later Life Advisers (SOLLA). SOLLA members undertake extra qualifications and are checked annually to ensure they still meet the SOLLA standards.
General care advice services can help you:
However, they can’t give you financial advice on how to use your money to pay for care fees.
If you’ve got at least £100,000 in assets (including the value of your home) you should speak to an adviser. You can use our adviser directory to find your local specialist care fees adviser.
The following general care advice services can help provide further guidance:
Use our directory of specialist care fees advisers to find expert advice in your area.