News
The Society of Later Life Advisers
Later life can lead to many major life choices and important financial decisions have to be made, very often impacting on the wider family. At this stage of planning there usually isn’t a second chance to rectify the outcomes of poor advice. The key advice areas are, for example: estate planning, tax mitigation, the de-cumulation of assets and savings in retirement, equity release and, for some, financing the cost of long term care. With an ever-aging population it is likely that the need for technically competent, impartial and holistic advice in such areas will increase.
The Society of Later Life Advisers (SOLLA) was founded in 2008 and aims to ensure that consumers are better informed about the financial issues of later life and can find an accredited financial adviser. It is run as a not for profit organisation and therefore its accreditation scheme is operated free of any conflict of interest.
The accreditation scheme has been shaped after detailed consultation with consumer groups and those actively involved in advising in the older client market. It is operated by the Financial Services Skills Council (FSSC) and accreditation is awarded only to individual advisers who demonstrate best practice, a high level of appropriate technical knowledge and a commitment to older client care procedures.
FSSC accreditation is designed to provide consumers and their families with peace of mind. Accredited advisers are easily identified as appropriately qualified professional practitioners who are best able to guide clients through an ever widening array of later life choices.
SOLLA is committed to:
- Promoting and raising awareness amongst consumers their families and professional advisers of financial issues in later life
- Building relationships with both statutory and voluntary agencies, charities, housing and social care providers, financial services firms and those organisations who are interested in the financial well being of those in later life
- Raising the standards of practice of those engaged in advising in the older client market by promoting the highest levels of professionalism in financial advice
- Identifying and developing best practice by means of high quality training and the dissemination of latest information and know how
- Acting as a centre of technical excellence for later life advisers
- To input into legislative and policy change and contribute to debates on policy
All SOLLA members adhere to a Code of Practice which includes:
- Conducting their business with the utmost good faith and integrity, dignity and respect, being mindful of the well-being of their clients at all times
- Using a plain English policy and communicating in clear easy to understand language
- Being aware of any potential hearing and visual difficulties and taking this into account when communicating with clients
- Offering, as appropriate, home visits as an alternative to a visit to the office. Members will try to ensure ease of access and parking for less mobile clients
- Encouraging clients to “involve” a trusted friend or member of their family in the process and providing such persons with a written record of any advice given
Further details are available from the SOLLA website: www.societyoflaterlifeadvisers.co.uk
This article was supplied by Dave Robinson of Albert Goodman Chartered Financial Planners.