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Product review: My Care Consultant

Product review: My Care Consultant

My Care Consultant (MCC) has launched as a new long-term care (LTC) advisory service with the dual aim of raising consumer awareness around care needs, and providing leads for financial advisers.

Individuals who approach MCC will pay £500 to undergo an initial consultation before receiving a personalised,whole-of-market review outlining their options and ways of funding them.

If the client decides to act, they will be referred to an independent adviser from MCC’s nationwide panel, which features 10 advisers, covering England, Scotland, Wales and Northern Ireland.

The £500 is then refunded from the cost of any product taken out. Advisers must hold the CF8 or an equivalent care-specific qualification. All advisers are also personally vetted by founding director, Jacqueline Berry.

www.mycareconsultant.co.uk

Comment:

Increasing longevity means greater numbers resorting to long-term care are inevitable. This should represent a real opportunity for financial planners as arrangement of care provision – along with death and retirement – is a key life event where good advice can deliver a tangible and demonstrable benefit.

However, according to MCC, only 6 per cent of those entering care currently seek advice beforehand.

The advice does involve some uncomfortable conversations and while care is an unfortunate essential for many, it is an area that is undeniably less ‘sexy’ than running investment portfolios for wealthy clients. As such, part of MCC’s battle might involve persuading advisers to embrace the market as much as consumers.

The area is also beset by a lack of options. Only three providers currently offer care annuities, and two of those are about to merge.

Improved understanding should help counter these challenges, and advisers on the panel will undoubtedly welcome the informed and engaged clients that MCC will provide as leads.

Ms Berry herself brings considerable relevant experience, having worked as a national account manager at Parnership and, most recently, having launched the Care Funding Partnership with IFA firm, Blackstone Moregate.