An IFA has joined forces with a care provider to provide an independent advice service for those seeking home care.
North West based Ludlow Wealth Management has entered into a joint venture with the Caring Hands Group that will see the establishment of the FCA-regulated Caring Hands Financial Planning service.
Advice will be delivered by Ludlow IFAs, and the service aims to help older people and their relatives arrange and fund the cost of domiciliary care.
Caring Hands currently offers a number of services to people in the North West, including personal care, respite care, night care, live-in care and holiday care plus the option of a dedicated dementia service.
Chairman of Caring Hands Greg Bamber said: "It is evident from the enquiries we receive from those looking for domiciliary care services that the financial implications are also of paramount importance.
"For the older person or their relatives making these important decisions, we are offering a peace of mind service with care and financial advice tailored to their specific needs from one source. For many people we find solutions that they didn't realise were possible. The collaboration with Ludlow was a logical extension."
Ludlow chief executive Sid Ludlow added: "The cost of care is a growing issue and a natural concern for many that are approaching that stage in their life. What we have developed with Caring Hands is a service that will help remove the concern and confusion when deciding how to fund domiciliary care. It will help provide peace of mind for those who need to know their future care is secure."
The Care Bill, which is currently being debated in the House of Commons, sets out the responsibilities on local authorities to provide comprehensive information and support about the types of services and the providers available in their local area.
An amendment to the Care Bill mandating local authorities to refer people approaching care to regulated financial advisers - a proposal originally thrown out by parliament - has been re-submitted in revised form for consideration by MPs.
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September