Got a pension question?
- Our help is impartial and free to use. Get in touch online or over the phone on 0800 011 3797

Get financial advice on how to fund your long-term care

If you’re working out how to pay for long-term care – for yourself or a loved one – an impartial care fees adviser can offer unbiased expert advice. Find out more about what they can do for you, how they’re paid and how to choose one that’s right for you.

The role of a financial adviser

There are impartial financial advisers that focus specifically on care funding. They’re often referred to as specialist care fees advisers.

Regulated by the Financial Conduct Authority (FCA), they must follow a code of conduct and ethics, and take responsibility for the suitability of any product they recommend.

Unlike some advisers who are tied to particular providers, specialist care fees advisers can offer advice on products from across the whole market. They have specialist qualifications that prove their understanding of the many issues you might have to consider when it comes to funding long-term care.

If the care is for you, for example, a specialist care fees adviser will go through a fact-finding process. This will help them assess and understand your needs and circumstances.

Questions they’ll discuss with you will be about:

  • your marital status
  • your property ownership
  • your attitude towards risk
  • the location of family and friends
  • the level of your care needs and the attitude of your family
  • your health
  • your current income, including unearned income, and benefits
  • what State support you might be entitled to
  • the care that’s currently available and what care will be needed in the future
  • the potential cost of care at home or the care home you’ve chosen
  • your assets, for example shares or other investments liable for Capital Gains Tax
  • liabilities or debts that could reduce the value of your assets or your estate
  • your mental capacity and making provisions for decision-making.

They’ll then recommend financial products and services that are suitable for you. They’ll put all this in writing.

Why might you need a specialist care fees adviser?

arrow icon

This might be the first time you’ve used a financial adviser and it can seem daunting. 

But paying for care is complicated. It’s hard to understand all the rules and options without expert guidance.

And some options, such as equity release, are classed as so complex that the regulations state you must get advice first. You don’t have to follow the advice – but you should think carefully before going against it.

A specialist care fees adviser should help you find a way of funding your long-term care that’s:

  • suitable for your needs
  • affordable, both now and in the future
  • compatible with your attitude to risk and your financial priorities.

Some self-financing options are quite straightforward, while others are much more complicated.

A specialist care fees adviser will help you to compare all your options before deciding which one’s right for you.

They’ll also be able to explain the costs and risks involved with each product.

They should be able to help with other things too. This can include arranging your will or a power of attorney, and advising you on benefits and support available from the NHS or local authority to help with your care costs.

 

Choosing the right adviser for you

 

Financial advisers have to be clear about the type of advice they give you, and follow rules on how they charge.

They also have to make it clear whether the advice they’re providing is independent or restricted in some way.

Restricted financial advisers might either be restricted in the type of products they offer, or the number of providers they choose from.

Independent financial advisers can recommend all types of retail investment products and pension products from firms across the market without restriction.

You might want to consider choosing one who can deal with a wide range of providers for the product they’re recommending – and not just one or two. That way, you know you’ll be getting the widest choice. Although, the quality and suitability of the advice you get shouldn’t be affected by which one you choose.

Make sure you understand the type of service they offer before you decide whether to get advice from them.

What will it cost?

Fees for financial advice can vary widely. They depend on where you live, the complexity of your situation, and the level of advice and types of products they recommend.

In some cases, you could pay between £75 and £250 an hour for their services. So it’s important to make sure you ask how much their advice is going to cost. Also, whether it’s a fixed fee or based on the time they spend working for you.

You could ask your adviser about splitting their fee into instalments or paying an hourly fee at the end of each consultation.

Where to find a specialist care fees adviser

To find a specialist care fees adviser in your area, you can use our Retirement Adviser Directory.

You can also go to the Society of Later Life Advisers (SOLLA) website

SOLLA advisers complete extra training and professional development before becoming full members.

If you choose not to use a professional financial adviser, or if you want to explore your options before speaking to one, you’ll need to do your own thorough research.

Be aware that if you don’t take financial advice and the product you choose turns out to be unsuitable, you might have fewer grounds for complaint or compensation.

How to make a complaint

If you do get advice and later find that the product wasn’t suitable, you could have a case for mis-selling and receive compensation. For example, if you were sold an investment bond when you were likely to need access to your money soon.

Every specialist care fees adviser will have a formal complaints procedure. You’ll probably find it in their Terms of Business when you first sign up with them. You’ll also have the right to make a complaint to the Financial Ombudsman Service.

arrow icon
Was this information useful?
Thank you for your feedback.
We’re always trying to improve our website and services, and your feedback helps us understand how we’re doing.
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Talk to us live for…
Talk to us live for…
Talk to us live for pensions guidance using…
Talk to us live for money guidance using…
Hours
  • Mon – Fri:9.00am – 5.00pm
  • Sat, Sun and bank holidays:Closed

* Calls are free. We’re committed to providing you with a quality service, so calls may be recorded or monitored for training purposes and to help us develop our services.

Talk to us live for money guidance using the telephone
Hours
  • Mon – Fri:8.00am – 6.00pm
  • Sat, Sun and bank holidays:Closed

* Calls are free. We’re committed to providing you with a quality service, so calls may be recorded or monitored for training purposes and to help us develop our services.

Talk to us live for pensions guidance using web chat
Hours
  • Mon – Fri:9.00am – 6.00pm
  • Sat, Sun and bank holidays:Closed
Talk to us live for money guidance using webchat
Hours
  • Mon – Fri:8.00am – 6.00pm
  • Sat:8.00am – 3.00pm
  • Sun and bank holidays:Closed
Talk to us for pensions guidance using our web form

We aim to respond within 5 working days

Talk to us for money guidance using our web form

We aim to respond within 2 working days

Talk to us live for money guidance using WhatsApp

Download app: WhatsApp

For help sorting out your debts or credit questions. For everything else please contact us via Webchat or telephone.