Now that the Government has announced that LTCI is to be regulated, what tips and advice can you offer us?
Every adviser should recognise the market potential regulation offers. For those who are new to this market, the starting point ' before advising clients ' is to become fully informed on long term care (LTC) issues, products and how it links with other areas of financial planning. This may seem a daunting prospect, but with regulation you must keep up-to-date with all facets of LTC. However, help is at hand and there are two main ways to get started:
For those who instantly recognise the market opportunities, get in touch with leading product providers that may offer starter workshops and master classes. Alternatively, contact the likes of IFACare (www.ifacare.co.uk) which can provide generic structured training programmes and advice on legal aspects and care standards.
For those who are interested but do not have enough time or resources to get full training, it is worth linking up with LTC specialist advisers who might offer this advice for a fee. Key providers' websites can also be a valuable source of information about LTC issues.
As important as it is to be fully equipped and understand every aspect of LTCI, the most essential word of advice for advisers is to pay attention and listen carefully to clients.
