Monday
This is a potential client in crisis, referred to us by West Sussex County Council under its Carewise scheme. She asks: “My parents both need to move into care. How much money are they allowed to keep before the local authority takes all their assets?”
The question is incorrect, but shows how the current system is complex and how people struggle to understand it at a time of high stress. I take 20 minutes to explain how things could work and run through some financial options that might secure the care and protect a chunk of the capital. The caller is calmer and thankful for the help, so I send her our new guide and agree to call in a few weeks’ time. Most of these enquirers come back without prompting, as we are a lone voice that understands their situation and the system.
Tuesday
I spend some time looking at how to present the changes introduced in the Care Act. When economist Andrew Dilnot was asked by the government to devise a new care-funding system, he arrived at an academic solution to a practical problem. Clients who find the present system complex will find the new one impenetrable.
This is good news for care fees advisers, but bad news for those moving into care. The watering down of the original proposals is likely to leave people with a sour taste when they discover that behind all the extra complexity there is little actual money. There will also be significant public cost in simply assessing and keeping track of everyone’s spending on care.
Wednesday
Today is a meeting with a favourite, long-standing investment client in her sunny garden, with coffee and biscuits. It is good news; her investments are heading up, but this and rising property prices mean her previous inheritance tax planning is no longer enough. We discuss the issues, some solutions and agree a way forward.
Later, I give a talk to a local charitable care home group on the issues for couples who are funding care. They have invited around 30 people, and it is eye-opening for many what a difference can be made with a few simple changes to their wills and assets.
Thursday
Today I find myself in another sunny garden, for a first meeting with a potential client referred by a local care home. He has to organise care for his aunt, who has advanced dementia. She has a will that was written for her, by a high street bank, which is so poor it will restrict management of the assets if her wishes are to be met. That said, the funding should be fairly straightforward and the client agrees to engage our firm.
Friday
Living by the sea means much of my thinking and business planning takes place on the beach.Today everything collides for the perfect dog walk: sun, tides and no early appointments. I am considering ways in which we can expand our care-funding service beyond our immediate community here in Sussex, and the peace gives me space to work out a way forward.
Later, I attend an investment lunch given by Wellian Investment Solutions, where a discretionary manager outlines his investment market views over a pie and a pint. A very pleasant, informal way to gain CPD and round off the week.
Tom Scott is a director of Worthing-based Big River
