Money Wise IFA’s care planning offshoot is winning business and starting to attract interest from experienced advisers that are disgruntled at how their firm handles this specialist area of business, according to founder Malcolm Coury.
The Bath-based adviser firm partnered with Stone King Solicitors in March to launch Care Planning Services, an offset that specialises in offering more vulnerable clients specialist advice on healthcare needs.
After a few months “gently making people aware”, Mr Coury says that he has already received enquiries from experienced care advice professionals working at other firms that “don’t get it” in terms of personalised planning.
Mr Coury said the firm is actively seeking to recruit new advisers as it targets growth.
He explained that to get the service up and running required around 18 months of hard work and expenditure, in order to make sure existing advisers were properly trained with the “soft skills” needed to deal with more vulnerable clients, as well as getting necessary Society of Later Life Advisers accreditation.
Mr Coury admitted that this would be a three- to five-year project, but that they were targeting care charities and organisations, with some “encouraging” initial interest.
Andy James, head of retirement planning at Towry, told FTAdviser that while its advisers go through all the necessary CPD to give later life planning and are regularly updated on changes in the industry, they are not put though the SoLLA accreditation process.
He said: “We did look at it, but the CPD was very complex and they wanted a lot of ongoing business in the care planning area, which we just don’t have that much of.
“Care planning really doesn’t form a massive part of our business, maybe a few percent overall, plus there isn’t that much in the way of product out there. I’m not convinced there’s a bit enough market, unless you’re getting referrals from care homes.”
