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Carers UK Forum • Independent Financial Advice - any suggestions / sites
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Independent Financial Advice - any suggestions / sites

Posted: Mon Nov 18, 2019 12:57 pm
by Greg_1911
Dear all,

This is my first post and apologies if it is not appropriate for this forum.

I need to get independent financial advice regarding setting up a deferred payment agreement for my Mum who is in a care home. I have power of attorney for my Mum and need to have obtained the advice by 28th November. Can anyone please point me in the right direction for finding someone who can give independent financial advice. It is for dealing with Staffordshire County Council if that is of relevance,

I look forward to hearing form you.

Greg

Re: Independent Financial Advice - any suggestions / sites

Posted: Mon Nov 18, 2019 1:03 pm
by Chris From The Gulag
First port of call ... AGE UK ?

https://www.ageuk.org.uk/

Finances ... just one part of the whole picture ?

I assume CHC / NHS Continuing Healthcare is NOT part of that same picture ?

As for financial advisors ... a personal recommendation / Internet search / pig in a poke ?

( How much commission maybe earned by selling you one policy over another ? )

Re: Independent Financial Advice - any suggestions / sites

Posted: Mon Nov 18, 2019 2:44 pm
by thara_1910
Greg_1911 wrote:
Mon Nov 18, 2019 12:57 pm
Dear all,

This is my first post and apologies if it is not appropriate for this forum.

I need to get independent financial advice regarding setting up a deferred payment agreement for my Mum who is in a care home. I have power of attorney for my Mum and need to have obtained the advice by 28th November. Can anyone please point me in the right direction for finding someone who can give independent financial advice. It is for dealing with Staffordshire County Council if that is of relevance,

I look forward to hearing form you.

Greg
Welcome!
Your local bank can help. Alternatively have you tried the moneyadviceservice? https://www.moneyadviceservice.org.uk

Re: Independent Financial Advice - any suggestions / sites

Posted: Tue Nov 19, 2019 7:26 pm
by Tina_1908
Hi Greg,

I'm a chartered financial adviser and pension specialist by trade, currently working in a compliance role checking financial advisers work, so don't give advice myself (so not touting for business!)

The quality of advice differs hugely between firms and individuals but I'd offer these points of guidance in selecting an adviser.

Ensure the adviser is chartered. The difference in training and understanding this makes should not be underestimated. Some firms may be chartered, but that doesn't mean the individual adviser will be. Make sure the adviser is. If the adviser is a Fellow, that's even better.

Make sure the adviser is an accredited member of SOLLA, the society of later life advisers. These have additional qualifications specialising in the type of product you're talking about. If you Google solla, they have links to their accredited advisers in your area.

It's something I looked into doing before focusing my career on pension specialism so can tell you that the accreditation process is highly stringent.

No disrespect to bank advisers, as a rule in my experience they're great for the more basic advice, isas, life insurance, mortgages. But bank advisers typically are not independent. And they won't have the specialist knowledge you need.

Good luck!

Re: Independent Financial Advice - any suggestions / sites

Posted: Tue Nov 19, 2019 7:31 pm
by Chris From The Gulag
Sound advice , Tina ... sorting out the wheat from the chaff.

We could certainly use more expertise amongst our meager ranks.

Re: Independent Financial Advice - any suggestions / sites

Posted: Wed Nov 20, 2019 6:35 am
by bowlingbun
I know about deferred payments, but puzzled about the LA deadline. Can you give us a bit more information, the LA may be acting unlawfully. I reclaimed £8,000 @for my own mum. How old is your mum, how old is she, what does she need help with? Most importantly, has she had an NHS Continuing health assessment, which might give her free care?