APFA - Appetite to offer advice on long-term care remains strong
20 November 2014
New figures from the Association of Professional Financial Advisers (APFA) show that almost two-thirds (65%) of financial advisers are planning to advise people on their options for funding long-term care. However, only a third of advisers are currently qualified to actually offer long term care advice.
The research, carried out for APFA by NMG Consulting, shows that appetite for engaging with clients on long-term care issues has remained strong over the last year. In November 2013, 58% of advisers said they would like to be part of a list to which Local Authorities make referrals for advice. The Care Act gained Royal Assent on 14th May 2014, and placed greater responsibility on local authorities surrounding care and support services, including a new function of ensuring that people can access advice regarding their care and support.
Chris Hannant, Director General of APFA, commented:
“It’s encouraging to see that despite the sweeping changes to the retirement income market, which will radically change how and when people access their savings in later life, advisers still plan to offer advice to people on long term care. It has the potential to revolutionise the UK care system and represents a significant opportunity for financial advisers.”
APFA’s research has also found that despite a willingness to provide advice on long-term care matters, at present only one in three (31%) have the necessary long term care insurance qualification. A further 5% are in the process of obtaining it, while another quarter (24%) plan to qualify next year.
Chris Hannant added:
“To make the most of the opportunity and to turn their willingness into actual advice, advisers will need to obtain this qualification soon. Access to advice from a regulated firm will be vital for many people, helping them make the best choices in what can be far-reaching financial decisions on funding their long-term care.
“It’s important that people know that advice is available to them when making these decisions, and APFA will continue to work with government, local authorities and others in the financial services industry to make sure the route to regulated financial advice is properly signposted.”
More information about the Care Act, and how to obtain the necessary qualifications, is available for APFA members on its website: http://www.apfa.net/countdown-to-care-act
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