Financial planning for later life can be a difficult balancing act between funding your retirement, what you’d like to leave for loved ones in your will and paying for any care you may need, which naturally you can’t fully anticipate.
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Many people look to professional financial advisers for help. The Society of Later Life Advisers (SOLLA) accredits financial advisers who particularly specialise in later life financial matters.
SOLLA is a not-for-profit organisation that support families to find financial advice for later life that they can trust.
At a glance
- Later-life financial advice helps plan for retirement and care. It supports older people and their families with decisions about retirement income, care costs, savings, property, and inheritance.
- SOLLA connects people with trusted financial advisers. The not-for-profit organisation accredits advisers who specialise in later-life financial planning, including pensions, care funding, and estate planning.
- SOLLA-accredited advisers meet high professional standards. They complete specialist training, pass independent assessments, submit case studies, and maintain ongoing professional development.
What should I think about financially for retirement?
There are a number of elements to consider when planning your finances for later life. A challenge is planning for care fees, as nobody knows exactly what level of care they may need or how long for.
SOLLA accredited financial advisers can offer expertise on any of the following.
- Pensions and annuities
- Funding for care fees
- Tax, estate and wealth planning
- Savings and investments
- Equity release and other options for your property
Who is later life financial advice for?
Later life financial advice is for any older people or those who manage their finances for them, such as a son or daughter with a Property and Finance LPA.
This could include:
- People who are approaching retirement or are already retired.
- Somebody who has new or ongoing care needs.
- Families of an older person who needs support with managing their finances.
- Those with legal responsibility for an older person’s finances, such as those with a Lasting Power of Attorney (Property and Finance) or Deputyship.
You can of course seek later life financial advice at any age, and some people do find it helpful to plan these finances and their care early.
How can I find a financial adviser for later life and care?
Finding financial services can feel like a minefield, with many legitimate and -self-professed experts advertising their services.
The Society for Later Life Advisers (SOLLA) provides accreditation for financial advisers with expertise in later life. They have a directory of all later life financial advisors accredited with them, giving you a one-stop shop to choose one that you like the look of.
You can search for accredited later life financial advisors in your area through the SOLLA directory search.
Each advisor has their own profile with contact details, SOLLA accreditation, a link to their website, and sometimes a little blurb about who they are and what they offer. You may find it helpful to create your own shortlist from this then do further research on your favourites before making a final decision, or get in touch with a few options to see if they fit what you’re looking for.
Why should I choose a SOLLA accredited adviser?
The big benefit of using a SOLLA accredited adviser, rather than an unaccredited one, is that you can trust in their expertise in later life financial advice.
Each accredited SOLLA adviser has proven that they satisfy the organisation’s standards for both their knowledge in the subject (and there’s a lot to know) and how they apply this knowledge with real clients.
How does the accreditation process at SOLLA work?
Each later life adviser who applies for accreditation with SOLLA must go through the same accreditation process. This includes:
- Additional training
- A one-to-one interview assessment with an independent auditor.
- A client-based case study to assess technical and soft skills.
- Review and decision made by an LLAA (Later Life Advisers Accreditation) panel.
Advisers need to prove four key standards as part of this process. These are:
- Technical knowledge: They demonstrate that they have the necessary qualifications, technical expertise, and professional competence to advise later-life clients.
- Supportive environment: They show that their firm or professional network provides the training, resources, and ongoing support needed for them to develop and maintain specialist knowledge in later-life advice.
- Maintenance of competence: They confirm that they actively maintain and update their knowledge through relevant continuing professional development (CPD).
- Application of knowledge and soft skills: They demonstrate their ability to apply technical knowledge effectively in real client situations, using appropriate communication, judgement, and advice skills evidenced through case reports or suitability letters.
Each adviser needs a wide range of knowledge, from complicated legal matters to understanding how age-related conditions affect people. You can see the full list of areas they cover in the SOLLA accreditation syllabus.
How can I get in touch with SOLLA?
If you have any questions about SOLLA or one of their accredited advisers, you can contact them by:
Telephone: 0333 2020 454