Financial planning is important at any age, but it’s even more important when you’re planning for long-term care in old age. Getting sound financial advice is imperative to make the right decisions.
Seeking Expert Advice
One of the best ways to obtain the right advice tailored to your specific needs for long-term care, is by talking to an independent financial adviser. An independent financial adviser isn’t tied to one product, so you’ll get impartial advice. They are also regulated by the Financial Conduct Authority (FCA), so must adhere to a strict code of conduct and ethics when imparting financial information.
When choosing an independent financial adviser for long-term care for the elderly, select a professional with specialist advice in this area. According to the Money Advice Service specialist care fees advisers have particular qualifications that demonstrate their understanding of the issues that need to be considered related to funding long-term care.
Choosing Financial Products
A specialist independent financial adviser will have access to financial adviser software, available from firms like https://www.intelliflo.com/client-management, to provide you with the information needed to make an informed decision.
You’ll be asked a series of questions to get an in-depth understanding of your long-term needs. This could include what level of care you might require, what level of care you currently have, any income or benefits you receive, the cost of care you’ve already chosen, your location, your property ownership and assets.
As with many financial products, some are riskier than others. An adviser will assess your attitude towards financial risk, and decide which products are most suited to your individual preferences. The adviser will explain what costs are involved, and the specific terms and conditions of each product. It’s important to understand all the components of each product, so that your long-term care is financially covered as best as possible, and there are no clauses that could impact on savings. If you feel that you weren’t given clear and honest information, you have the right to complain to the Financial Ombudsman Service.
Using an independent financial adviser to assist with your long-term care requirements can vary in cost, so understand what fees are involved from the start. By getting expert advice, you could make long-term savings, however, by ensuring your finances are safeguarded in the best way possible.