Paying for adult social care

When might you need financial advice?

You need advice when you are thinking about how to:

• spend your money
• save or invest your money
• organise your finances if you lose the ability to make your own decisions in the future
• support someone who does not have the mental capacity to make their own financial decisions
• buy a financial product such as a pension or mortgage
• plan for your future such as when to retire or paying for any care needs you may have

How can you get financial advice?

There are two ways of finding financial advice. You can:

• gather your own general information available from banks, building societies, adverts or online. This advice is usually available for free.  You then have to think about the options and make your own decisions.
• seek independent financial advice from an organisation or advisor either over the telephone or face to face. This advice is tailored to you as the advisor will assess your personal circumstances before recommending financial products that are suitable for you. There is usually a charge for this advice.

Free financial advice

Money Advice Service offers free unbiased independent advice. They have a free telephone helpline and a wide range of resources available online. 

Tax Help for Older People provides free, independent, help and advice for older people on low incomes who cannot afford to pay for professional tax advice.

PayingForCare is a national information and advice website, helping older people make informed choices about paying for care. The service is impartial, not for profit and free to use. They provide:

• online chat advice
• telephone advice
• a care calculator to find out how much you may need to pay for care services
• search facility to find specialist care fees advisors in your area

They also provide older people with a monthly legal surgery using a qualified solicitor to help with any legal needs and a monthly surgery on pensions. Appointments need to be made in advance.

FirstStop Advice is a free online service to help consider your housing options.  Answer a series of questions and receive a tailored report. You can also book a telephone call.

Independent financial advice

Independent Financial Advisers (IFAs) are the only type of financial advisers who can give you detailed personal advice on different financial products that are available and which they think suit your needs best. You usually need to pay for this detailed advice.  Check your financial advisor is registered to safeguard your money.

Independent financial Advisers (IFAs) must have the following:

• level 4 or above of the national Qualifications and Credit Framework
• a Statement of Professional Standing (SPS). This means they have signed up to a code of ethics and have completed at least 35 hours of professional training each year

• registration with the Financial Conduct Authority (FCA). They regulate the financial services industry in the UK and have a Financial Services Register. This means that they must meet certain standards and you can complain to the Financial Service Ombudsman.

   

How to find an Independent Financial Adviser (IFAs) in your area

Society of Later Life Advisers has a website where you can find of ‘accredited later life advisers’. They have specialist skills in advising older people on issues such as, equity release and long-term care.

Unbiased is a website where you can find independent financial advisers, mortgage advisers, accountants or solicitors in your local area.

VouchedFor shows you customer ratings for a service or adviser. Advisers are rated on the type of advice they specialise in such as, mid-life, pre-retirement and retirement. You can also view their qualifications and registration.