If you are looking at funding your own care, you may not be sure about all the options available to you. You can get independent high quality information and advice through an independent financial advisor (IFA).
An IFA will be able to give you personal advice on the full range of routes available to maximise your income, capital, property and savings. Visiting an IFA can help to ensure that you can fund your care in a sustainable and secure manner.
We’ve provided a list of Essex-based independent financial advisors below who have met Essex County Council’s requirements and standards. They will be able to offer you a consultation - please note that a fee may be chargeable by the IFA.
All of the IFAs listed below are accredited as specialists in the provision of later life advice by the Society of Later Life Advisors. For more information on this accreditation, please visit the Society of Later Life Advisors.
If you choose to contact an Independent financial advisor, please let them know you were signposted by this web page.
All of the listed independent financial advisor companies are directly authorised and regulated by the Financial Services Authority.
Essex County Council does not endorse any independent financial advisors.
Care Asset Management Limited
Parker Castle (Financial Management) Ltd
Some of the options that an independent financial advisor may take you through are:
1. Purchasing an Immediate Needs Annuity
An Immediate Needs Annuity provides a guaranteed regular income towards the cost of long term support. The annuity is payable to either the resident or to the resident’s chosen care provider each month.
2. Rent the property out
Income from property rental may be able to contribute towards the cost of residential support.
3. Equity Release
Releasing equity in your property to either directly fund the cost of your care fees or to purchase an Immediate Needs Annuity.
4. Savings
A savings account may hold capital and any income as a fixed way of contributing towards care support fees.
5. Investment
Capital and income may be invested into a range of financial products (such as bonds) to secure a return which can then be contributed towards residential support fees.
6. Deferred Payment Agreement
Essex County Council could defer your payment, using your property or capital as a guarantee.
Essex County Council does not endorse or recommend any products listed above.