Independent financial advice
When do I need independent financial advice?
Knowing the best way to fund your care can be complicated and confusing. There will be times when you need to get financial advice which is impartial and independent of the council, so that you make the right decisions.
For example:
- Where there are several options available, and you need advice on which to choose: often the council is not allowed to recommend one
- When there is a potential conflict between the council’s interests and yours, such as advice on how assets are taken into consideration as part of your financial assessment
- When you are about to enter into a legal agreement. For example, we can provide information about the consequences of entering into a deferred payment agreement, but cannot advise you on whether you should enter into it
- Where you want advice on specific financial products to get the most out of your assets; this would probably need regulated advice.
What is an independent or ‘regulated’ financial adviser?
Independent financial advice is available from several sources. Some services are free and provided by not-for-profit organisations, such as:
There are also more formal ‘independent financial advisers’ (IFAs), who you may need to pay for their advice. They can give you advice on financial matters and recommend suitable financial products. You can find independent advice by contacting one of the not-for-profit organisations listed above, or through the Society of Later Life Advisers.
The council cannot recommend specific IFAs or provide a list of them, but you can search online for ‘IFAs in Warwickshire’ or ‘independent financial advisers in Warwickshire’.
Can I get help if I have difficulties getting or understanding advice?
If you don’t have family or friends to help you and you find getting or understanding independent financial advice difficult, we may be able to provide you with a free independent advocate.
They can support or advocate on your behalf to ensure you have thought about the best way of supporting and representing yourself, regarding your well-being and interests. This will help you to get the most out of any independent financial advice.
Other situations may mean you should have an independent advocate, such as when you need a long stay in a hospital or care home, or if what matters to you most about your care is different to those who would normally advocate for you.
If you have an allocated Social Care worker, they can tell you about independent advocacy and how they may be able to help you.