Getting financial advice

Types of financial advice

Financial information and advice can enable you to make well informed choices about how to plan and pay for a present and future care need.

Financial advice may be unregulated or regulated.

Unregulated financial advice may include information on benefits, debt, budgeting, and ways to pay for care. This could be provided by the Local Authority or an independent person or organisation, charity or voluntary group and may be free or fee-based.

If advice is regulated, it means that the advisor must follow rules set out by the Financial Conduct Authority (FCA), an independent official body that ensures the quality and integrity of financial advice.

Any regulated organisation is required to follow the FCA code of conduct and ethics, and take responsibility for the suitability of their advice. Regulated financial advisors do charge fees - though they must be clear and open about how much.

A regulated advisor can recommend and arrange financial products and services, which may include:

• Care fee annuities or insurance
• Equity release and other property options including deferred payment agreements
• Retirement planning
• Savings and investment planning
• Tax matters and estate/wealth planning

Finding a regulated financial adviser

Specialist regulated advisers can ensure the peace of mind that you are getting the very best products for your money. Some independent financial advisers focus specifically on care funding advice, and are often referred to as specialist care-fees advisers. There is further information on specialist care-fees advisers and what they do on the Money Advice Service website here.

The Financial Conduct Authority (FCA) recognises two types of regulated adviser: 'independent' and 'restricted'. Independent financial advisers (IFAs) can offer the full range of financial products from all providers. They will consider products from all firms across the market, and recommend any type of retail investment product that could meet your needs and objectives. They have to give unbiased and unrestricted advice.

Other regulated advisers offer 'restricted' advice. A restricted adviser or firm can only recommend certain products or product providers, and must clearly explain the nature of the restriction. If you are not sure you should ask them for further information.

The Society of Later Life Advisers (SOLLA) is a non-profit organisation that accredits financial advisers for their specialist knowledge of financial issues of concern to older people, including the funding of care. SOLLA also have a search page where you can find an adviser close to where you live, or you can call them on 0845 303 2909.

To find a SOLLA accredited adviser in your area who is registered on the Support With Confidence register please click here.

The services provided by SOLLA members are not free, but they undertake to be clear and open about their charges. If in doubt about an adviser's status, use the search tool on the Financial Conduct Authority's website to ensure they are registered: Click here.