Get advice about money

Independent financial advice

A specialist independent financial adviser can help you think about your funding options. This is especially useful if you need to pay for long-term care and support.

You could find independent financial advice helpful if you:

live in a care home and pay for your care from your income and savings
want to talk to someone about your financial situation and your options
are a power of attorney or deputy and look after someone else’s finances
think you are likely to need care and support in the future. For example, due to a long-term health condition

Choosing an independent financial adviser

There are lots of independent financial advisers, so it may seem difficult to work out who is right for you.

Make sure that you use someone who is registered with the Financial Conduct Authority.

You might want to consider:

someone accredited with the Society of Later Life Advisers (SOLLA). SOLLA-registered financial advisers undergo a training and accreditation process. They are specialists in planning ahead for later life. To find an adviser, visit SOLLA
an adviser who specialises in care fees may offer more tailored advice. Most financial advisers will state if they have any specialist areas of knowledge. You can also check this with SOLLA.

Restricted or unrestricted financial advisors

Restricted financial advisers are usually tied to an organisation, such as a bank. This limits the range of products they offer, so you may not get the best choice. You might still prefer this if you trust a certain bank.

Unrestricted financial advisers will look at all available products across the market. This gives you a wider choice.

Beware of anything that seems too good to be true

Some financial advisers work on the basis of protecting or transferring your assets. Government regulations call this ‘deliberate deprivation of assets’. Loopholes that seem to offer a way to save money may cause you problems later.