Later-life advice must be more professional
Monmouthshire Independent Financial Advisers has championed the work of the Society of Later Life Advisers as it aims to help older people get the best advice.
Richard Hill, managing director of the Newport-based IFA said older people within society have vastly different financial concerns compared to younger generations, with more focus upon funding their retirement or long-term care.
That is why he has recommended Solla, an independent not-for-profit organisation that aims to ensure consumers are better informed about the financial issues affecting them.
He said:“Pensioners are potentially more vulnerable and in the past their needs have often not been properly met by some organisations whose pursuit of profit overshadows the consumer’s best interests.”
A key part of the Solla service is to link consumers, who need advice, with accredited later life advisers, who are then able to assist them with relevant financial issues such as equity release, long term care, retirement options and inheritance tax planning.
Mr Hill has achieved full membership of Solla - one of a few Welsh IFAs to do so.
He added: “By establishing a network of accredited later life advisers, Solla is empowering elderly consumers with the knowledge such individuals have been recognised professionally and benchmarked to ensure they offer consistent quality advice and services that cater specifically for financial issues in later life.
“This network is helping to build relationships between elderly consumers and advisers that are built upon trust and the dedication towards providing a transparent and attentive service.”
