Stephen Wilkinson   Stamford Bridge 200905
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Stephen Wilkinson Stamford Bridge 200905






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  • I hope this presentation will help you understand the benefits of working with an independent and professional financial planner Pragmatic and realistic future planning gives peace of mind

Stephen Wilkinson   Stamford Bridge 200905 Stephen Wilkinson Stamford Bridge 200905 Presentation Transcript

  • Care Fees Planning Update Stamford Bridge Beaumont Stephen Wilkinson Certified & Chartered Financial Planner
  • Agenda
    • Factsheet
    • Some Facts or Myths
    • Objectives
    • Care Fees Planning
    • Symponia Limited
    • Help in the current economic climate
    • Rules for Deputies
    • How care fees planning can help your clients
    • Questions & Discussion
    • Next steps…
    • 497,000 elderly people in care homes
    • Approximately 94,500 new elderly residents each year
    • Around 61% fund their care privately
    • Average cost of a care home with nursing is £588 per week
    Source: Laing & Buisson 2006
    • 70,000 homes sold each year to fund care*
    • Long term care insurance is expensive
    • You cannot insure yourself after the event
    • We’ll look after you at home if you ever need care
    • I’ve saved all of my life – Social Services will pay if I need to go into a home
    • Taking the family home out of the equation means I’ll get free care
    * Liberal Democrats 2006
  • Objectives
    • To learn more about Stephen Wilkinson and his Care Fees Planning specialism
    • To discover who Symponia Limited is
    • To learn more about the current long term care market
    • To discuss ways that you can extend the services you offer to your clients…
  • The elderly today are navigating a difficult journey
  • Advisers have a duty of care
  • Falling asset values and low incomes make care funding difficult Financial goals can be within reach with a carefully prepared plan
  • A professional financial planner will advise and guide you through the planning process
  • Cash flow modeling is the basis of financial planning
  • Orderly spending of wealth
  • In depth knowledge of products and their application
  • Working knowledge of trusts and taxation
  • What should you look for in a caring professional adviser?
  • Will a financial planner be able to provide the desired results?
  • Falling asset values and low incomes make care funding difficult
  • Symponia
    • Symponia – the Greek word for Compassion
    • Established in 2004
    • An affinity group for experts; not a lone company
    • Unique philosophy:
      • To really care about our clients & strategic partners
    • 83 members who meet the following:
      • 78 member companies
      • Truly independent (following depolarisation in 2005)
      • FSA recognised qualification – e.g. CF8
      • Our own Assessment Examination
      • Customer Charter & Code of Practice & Conduct
      • Fully CRB checked
    • Care Advocacy and Planning Service
  • DWP & DoH 2009/10 Figures
  • Symponia - media
    • In the press
      • Times/Sunday Times
      • Financial Times – Financial Q&A
      • Telegraph/Sunday Telegraph
      • Mail on Sunday
      • The Lady
    • On the radio
      • Moneybox live…
  • The ‘LTC’ Market
    • Pre-funded
    • All-but dead!
    • Most providers left 2003/4
    • 10 year reviews
    • 1 current player
      • 5 year reviews
      • No guaranteed premiums
    • New interest
    • Immediate-Needs (ICP)
    • Thriving
    • Stability amongst providers
    • Growing 29%+ pa
    • New interest
    • Can protect inheritance
    • Provides peace of mind
    • Protects choice…
  • Care Fees Planning
    • May Include:
    • Pure advice
      • The best advice may be to do nothing!
    • ICPs
      • Should always be considered
    • Investments
      • To fund care
      • To build inheritance
    • Equity Release
      • To fund care
      • Government Loan Scheme
    • Knowledge of IHT planning
    • Professional Fees
    • Legal knowledge…
  • Help in the current economic climate
    • Many care plans are paid for from the proceeds of the sale of the family home
    • Homes may not sell for many months
      • Do remind clients about the 12-week disregard
      • Don’t forget the Government Loan Scheme (deferred payment option)
      • Managed Sale options
        • (Bridgefast/Eldercare Solutions)
  • Its not all about Care Homes
    • Symponia is working with the market leader in “live-in” care on an exclusive basis
    • Individuals with live-in carers tend to spend 5 to 6 years living at home before going into care
      • This means that our members are working for much longer with them and their family
    • It is perceived that the cost of live-in care is much more expensive than care in a home
      • In fact, the costs are almost identical
    • Around 60% of people in residential homes could have easily afforded live-in care as an alternative
  • Rules for Deputies
    • Came in as part of Mental Capacity Act 2005
      • Came into force 1 st October 2007
    • Previous to this date:
      • Court of Protection could appoint a Receiver
        • Any funds dealt with by the Court
    • Now:
      • Application to the CoP to appoint a Deputy
        • Deputy can invest funds in the best interests of the person lacking capacity
        • Deputy’s should be advised to seek professional advice on the best investments
  • Liable Relative’s Rule s42 National Assistance Act 1948
    • s42 made spouses liable to maintain one another
    • Civil Partnership Act took civil partners outside of s42 provisions
    • Many local authorities still on “fishing exercises” and continuing to ask spouses/partners information about each other
  • How can we enhance your business? Legal Services Act 2007 “ Every lawyer who does not have a close link to a specialist financial adviser, is setting themselves for failure” Jon Wilkey 2009
  • How can we enhance your business?
    • Private Client – referrals
    • Grow your client base/reputation
      • Introductions to care facilities
      • Speak at client seminars
      • Share access to respective clients
      • Receive regular financial updates
    • Expand the portfolio of services you can offer your clients…
  • Questions & Discussion
  • Contact Details
    • Symponia Limited
    • 2 Owlets End
    • Barton
    • Bidford-on-Avon
    • Warwickshire
    • B50 4ND
    • 01789 774 595
    • Charles Wilkinson
    • Financial Planning Ltd
    • 118 Fishergate
    • York
    • North Yorkshire
    • YO10 4BB
    • 01904 631 839