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Independent financial advice resource directory

Things to consider

When considering future care, it is important to find a well-qualified independent financial adviser, somebody who you feel you can rely upon to understand the plans you need to make and the complexities of the many decisions you may need to face when looking at funding your future care services.

Financial advice should take you to the stage where you can make clear and informed decisions in the knowledge that you have all the information and choices you need to reach those decisions.

Independent financial advisors charge for their time and advice; however many will offer a free one-hour initial consultation. When you contact an advisor, make sure you understand what you will be expected to pay. There are three main ways of paying for advice:

a) Fees - you pay the adviser a fee, either at an hourly rate or a set fee.

b) Commission - you pay the adviser indirectly. The product provider pays them a commission for the product that you buy. This money is then deducted by the product provider from the amount of money they pay you from the product(s) you purchase. All commission must be disclosed by advisers.

c) Fees and commission - by paying a combination of fees and commission.

Not all advisers offer all three payment options. Make sure the adviser offers the payment option that you want and that you compare the cost of different

When choosing an independent financial advisor, check:

  • That they have experience of providing advice on long-term care funding
  • That they hold the specialist CF8 qualification (this is required by the Financial Services Authority for any financial adviser giving financial advice about long-term care).
  • How independent the advice is. You need the adviser to act in your best interests, not in the interests of people who want to sell you their products.