The tools have been designed so customers receive tailored advice to suit their individual needs and comprise a Shortfall Calculator and an Investment Comparison tool to assist advisers in providing clear and appropriate recommendations on long term care solutions.
The tools allow advisers to calculate how much additional income is needed to fund care costs, producing a graphic to effectively illustrate the impact on capital if care is self funded, or if an immediate needs plan is implemented.
Brian Fisher, Long Term Care marketing manager for Friends Life, commented: "When giving advice on long term care solutions, advisers give careful consideration to financial circumstances, financial needs, priorities, the tax situation and risk profile."
The Shortfall Calculator takes into consideration all care costs, income and outgoings which will be applicable at the time care is being received.
It also calculates the likely shortfall in income. This allows advisers to give the relevant, tailored advice, based on accurate financial information.
The Investments Comparison tool provides a comparison between purchasing an Immediate Needs Annuity and using an investment to fund long term care costs, helping IFAs to give the right advice to clients, depending on their circumstances.
Categories: Long Term Care
With the vast bulk of client money now going on to platforms, who really benefits? The client, the adviser or just the platform provider?