A new specialist advice service for long-term care funding is to be launched.
My Care Consultant has been set up to help IFAs get new business on planning for social care.
The service will take on lead generation, an initial consultation with potential clients and a whole- of-market-review based on their individual needs, which includes an approximate cost.
If the client then wants to know more about a particular product, My Care Consultant will direct them to one of the advisers on its nationwide panel who will guide them through the process.
The Care Act 2015 means that since April councils have had to signpost people to get advice on how to access care and how to fund it.
However, according to Jacqueline Berry, founding director of My Care Consultant, only 6 per cent of people going into care take financial advice before doing so.
An executive report from My Care Consultant has a flat fee of £500, which is recouped from the cost of any product the client chooses to take.