Long-term care: It's a "wonderful" life for some

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Advisers should be asking about elderly parents in client fact finds, Partnership has said.

Chris Horlick, managing director of care at Partnership, said there was a "big opportunity" for advisers and would only require and extra two questions.

He said: "Advisers should be asking about elderly parents. By not asking this, they are missing a massive opportunity. I don't know why advisers do not ask this."

Horlick's comments come amid Partnership's on-going lobbying to government to make financial advice mandatory in the structural reforms proposed in this year's social care white paper.

"We are pressing on with ensuring that as many customers as possible get care advice. This is good for financial advisers to get involved in," Horlick added.

"There is a big opportunity because it is not just the financial side of things but all the knowledge around it for which they can charge fees."

And partnership has reported "substantial flows" of consumers going through its Payingforcare.org website; an Introducer Appointed Representative of a panel of specialist care fees advisers and network adviser firms. The site now has 498 CF8-qualified advisers registered.

Liz Faye, managing director of long-term care specialist firm Palm Financial Care, and member of the Payingforcare.org network, has seen significant growth since starting out five years ago with current plans for expansion.

She said: "It is a wonderful job to be in and there has been lots of opportunity for growth. But I would not like to be coming into this area new now with all the uncertainty. I think it is quite a difficult time for that."

Faye added that a once the Care and Support Bill was implemented the industry would have something definitive and providers would produce "really good" products.

Horlick said the implementation of the Care and Support Bill could provide more product options in the market, but added: "There may be more choice, but I am not sure there is much more by way of products past immediate needs annuities."

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Nicola Culley

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