May 2016 – Helping clients in later life

Helping clients in later life

As we get older many of us have difficult decisions to make because of declining health or limited finances. Financial needs in these circumstances are special and they are not within the expertise of most financial advisers. The Society of Later Life Advisers, SOLLA, recognised the need and was founded in 2008 with the aim of assisting people and their families in finding trusted and accredited financial advisers who understand financial needs in later life. The following is a quote from their website:

“What is needed is not simply a well-qualified financial adviser but somebody who you feel you can rely upon to understand the plans you need to make for your retirement years. The complexities of the many decisions you or your family may need to face when looking at issues such as care funding matters or whether equity release is the right thing for you, will need careful and considered advice. SOLLA links you with an adviser who can help you explore the solutions that work for you and where they are involved, your family too.”

For the last 4 months I have been going through SOLLA’s stringent application process and I have now completed all of their paperwork requirements including verification of my qualifications and credentials. I have a two hour viva voce assessment with an assessor on June 15th and then my application will go before their committee for approval so hopefully I will have some good news for you in my July newsletter.

SOLLA provide many resources to members and opportunities for increasing knowledge. A two hour SOLLA webinar yesterday gave me a moving insight into the complexities of care and the required funding. Live in care, visiting care, day care, 24 hour care at home, the home share scheme, and staying at a care home were all considered. With state provision in the range £54 to £81 a week and the likely cost of care up to £1000 a week or more, there was never more of a need for specialist advice. Please get in touch if you would like further information.

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