How an Independent Financial Advisor can help you
If the costs of your present care and accommodation cannot be met out of current income, supplemented perhaps by allowances and rent from your home, you need to consider:
- How to get the best return from whatever assets you have, apart from your home.
- Whether you want to release some or all of the value in your home.
- How you may best invest the proceeds of sale if you sell your home.
- How you can insure against the rising costs of providing care to meet your changing needs.
IFAs charge £150 – £200 an hour for their advice. They recover these charges either by agreeing with you an hourly or fixed fee rate before they start work.
Alternatively the charge is taken as a adviser charge on the Financial Product which you buy. This adviser charge is paid for by you as it is rolled up into the total price of the Financial Product you purchase.
Purchasing Financial Products
Some people are not yet accustomed to paying for financial advice. This has encouraged the financial institutions selling the product to promote a adviser charge based approach rather than a fee based approach.
This means that a Financial Adviser only gets paid for his advice when the customer buys a financial product.