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Professionals will be looking to IFAs for LTC planning

IFAs stand to be the principal source of advice for investors looking to fund their long-term care costs, according to research from PPP Lifetime Care.

More than two-thirds of professional and managerial adults believe they will have to pay for their own long-term care and 25 per cent plan to seek out independent advice, says the report.

It will be the private sector rather than other sources such as social services, family, friends or neighbours who will provide the care, say 31 per cent of professional and managerial respondents.

When coupled with research undertook in June, which showed 73 per cent of IFAs are interested in selling LTC, the fact that a strong majority of respondents are looking to IFAs for advice, should motivate them to enter the market, says PPP.

The survey was carried out by British Market Research Bureau, who questioned 944 professional and managerial staff during July.

Lifetime Care marketing manager Paul Bennett says: “This new research shows that respondents who own their homes and have assets to protect now realise they will have to pay for long-term care in old age. This is a golden opportunity for IFAs to discuss what plans are in place to ensure that their clients do not have to use their assets and life savings to pay for care fees.”

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