My Care Consultant (MCC), a specialist advisory service for long term care funding, has launched.
MCC aims to help IFAs secure new business in this area of financial planning and provide expert advice to consumers.
Headed up by Jacqueline Berry, founding director of Care Funding Partnership and former Key Account Manager at Partnership, the new service will take on the bulk of front end work for advisers by generating leads, undertaking the initial consultation and conducting a whole of market review based on the client’s individual needs – including an approximate cost.
If the client then wants to know more about a particular product, MCC will direct them to one of the advisors on their nationwide panel who will guide them through the process.
Average care home fees in the UK are now almost £30,000 a year and of the 130,000 entering care each year, around 25% of self-funders will run out of money. Recognising this problem amongst others, the Care Act introduced in April 2015, instructed local councils to signpost people to ‘information and advice’ on how to access care, including how to fund it.
Despite this, MCC said only 6% of people going into care take financial advice before doing so. Therefore, with the UK population continuing to age, MCC believes it has identified a clear need in the market for its offering.
Jacqueline Berry, founding director of My Care Consultant said: "Even with the clear opportunity that an aging demographic provides for financial advisers, very few are qualified to give advice on long term care funding products. At MCC we view financial planning as an on-going process and aim to support customers and their families to make sensible, informed decisions about money and develop strategies to meet their needs."