LEBC has launched a care fees advice service designed to help people plan how they will pay for long-term care.
According to the national IFA firm, some 53,000 people who go into care each year have to self fund.
The new service uses a cashflow tool to give customers and their advisers a “strategic overview” of their funding options.
LEBC divisional director of individual savings and investments Kay Ingram says: “The complexities of state and local authority assistance, as well as the ever increasing cost of residential care, means that getting a grip on the finances can be very difficult at this critical time.
“Our service is designed to guide families, attorneys, solicitors and other advisers through the options so that decisions can be fully informed and reviewed.”
Ingram says LEBC is looking to partner with advisers who have decided not to continue offering long-term care advice.
She says: “As LTC financial advice requires specialist qualifications and appropriate regulatory authorisation, many IFAs have chosen not to provide this advice to clients, leaving a significant gap in the market.
“As a result, we are very willing to work with those IFAs to help them fill this crucial gap in their arsenal. Without offering access to a specialist service they risk losing their independent status.”
Rowley Turton director Scott Gallacher says: “Not every adviser wants to do everything and long-term care advice is a specialist area, so for LEBC to design something that other advisers can link to makes sense.”