Ensure self-funders get the advice they need
The issue of fiscal constraint within the local government sector (now and anticipated), together with the challenges of any forthcoming legislation affecting care and the funding of care is a common concern for Local Authorities.
The risk of self funders running out of finances and thus becoming a financial risk to Local Authorities is a real & increasing issue - potentially a cost of £1 billion per annum to Local Authorities in England.
Early intervention and prevention, coupled with the need for improved information and advice are two of the Putting People First (PPF) milestones that we fully endorse. In addition, as more and more individuals become dependent on their own means to part or wholly fund their care, it becomes arguably more difficult to divorce the need for expert financial advice with expert care advice.
In this context, Partnership's experience can assist Local Authorities in shaping the thinking by assisting to mitigate the current financial risk of self funders running out of money and falling back onto Local Authority funded care.
In terms of information and advice this is a very specialist market. Fully qualified IFAs operating in this market are few in number and must satisfy additional competency criteria to provide advice. The elderly are a potentially high risk group and protection of their interests is of paramount importance.
The solutions provided by Partnership can assist individuals convert uncertainty or risks into certainty. Whether the risk is to Local Authority budgets from self funders; elderly people being forced to move home on account of depleted assets or in fact dependents and the elderly themselves being concerned about not leaving a legacy to their loved ones, the solution is similar.
Our engagement here is not about directly selling insurance but to provide support, information and advice to assist Local Authorities in managing this difficult and challenging issue.
In particular, we are keen to work with Local Authorities to help ensure that elderly self-funders of care receive early and timely advice from a recognised and accredited IFA specialising in later-life financial planning.
To find out more contact Nye Jones, Director of Local Authority Development
nye.jones@partnership.co.uk