Only one in 10 (11%) over-45s who have helped organise later-life care for an elderly relative were supported by a financial adviser, according to Just Group.
However, a significant proportion of people would welcome a referral to an adviser if they were considering their own options for care in old age, the retirement specialist said.
Six in 10 (59%) of over-45s said they would be grateful for a referral to an adviser by their local council, while 13% said they would contact their own adviser. Among those who had previously organised care for an elderly relative, 66% said they would be grateful for a referral and 15% said they would contact their own adviser.
Mitch Miller, senior care product manager at Just Group, said: “Care represents a huge, and difficult to manage, financial risk to clients. Many find themselves with caring responsibilities for elderly parents or relatives with some ultimately needing to organise and pay for care for themselves or their partners.
“Currently financial advisers are not front of mind when people start looking for support and guidance for their later-life care planning but our research shows that, when prompted, most people are open to professional help to discuss their options.”
Miller said advisers who have developed the required skills and qualifications are in a strong position to become the ‘go-to’ experts in what is likely to be a growing business area in the years to come.
He added: “It’s very important the advice community understands the regulatory and practical issues of entering this market. Vulnerability training from providers like Just Group and support from organisations like SOLLA are an excellent way to start to understand the opportunities and challenges this market offers.”
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