Advisers and providers are "missing a trick" by overlooking care fees planning as part of a client's portfolio, according to specialist care fees advice firm Symponia.
It claims advisers could be letting their clients – and their own businesses – down by not offering advice most people will need at some stage in their lives.
The firm also says providers have got it wrong by assuming the market for care fees is “shrinking”, and urged them to introduce more specialist products into the market.
Jeremy Davies, Symponia joint managing director, says: “Advisers don’t realise that people do need advice on this [care fees planning].
"Whatsmore, providers don’t know much about it, and those that do see it as a shrinking market.
“I don’t think there will ever be the day when IFAs will suddenly realise they have been missing a trick.
“But the truth is they are missing out on something at the moment.
"Elderly people out there need to be able to speak to advisers but that is not going to happen if it is consumer led. It has to come from the IFA. Only then will people start to realise there are solutions out there.”
Davies says the market is anything but shrinking, pointing out 100,000 people every year require care fees planning advice.
Symponia managing director Janet Davies, wife of Jeremy, says advisers should include care fees planning advice as part of a retirement package portfolio for their clients.
“If you say IHT planning to an adviser, they will perk up, because they know about that,” she says.
“But care fees planning should be part of pension planning, IHT planning, retirement planning. It should go hand-in-hand with IHT.
Mrs Davies also says IFAs needn’t be put off by the fact there are so few specialist products in the market, pointing out pension funds, ISAs and the like can all be used as though it were a regular investment arrangement.
If you would like to comment on this story, contact:
020 7034 2636
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till