It is a recognised benchmark of the advice skills of advisers who advise in the older client market.

Despite regulation of Long Term Care advice, those advisers practising in the older client market are still not easily recognised by clients and their families. Specialist advisers and practitioners are keen to establish a way to provide clients with a clear signpost that differentiates the advice they receive.

In 2004 the Financial Services Skills Council (FSSC) set Appropriate Examinations Standards (ApEx7) with industry practitioners which relate to setting the minimum standards required in order to advise on investments which are Long Term Care (LTC) insurance contracts. Whilst identifying the learning outcomes necessary and considering the appropriate National Occupational Standards, it became clear that there was a need for an additional recognised benchmark to distinguish advisers who could offer specialist advice to this market. This was supported by the findings of SVARfair’s consultancy work within the sector. They also identified the growingimportance of equity release advice to the older client market and its integration within the advice process as being another key factor driving the need for specialist advisers.

Consequently, the FSSC and SVARfair brought together a group of interested parties to consider the most appropriate way of providing a signpost for consumers. The group recommended the development of an appropriate Accreditation Scheme as the way forward. This has now been developed by the FSSC in collaboration with SVARfair.

The Later Life Adviser Accreditation (LLAA) 

The Later Life Adviser Accreditation (LLAA) has been shaped following consultation with consumer groups and those actively involved in advising in the older client market. The accreditation is awarded to individual advisers in recognition of demonstrating best practice, appropriate knowledge and older client care procedures. The accreditation aims to help consumers find those professionals best able to guide them with an ever widening array of later life choices. It builds on existing skills and develops knowledge gained through previous study and workplace experience.

For older clients many major life choices and 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. With an ever aging population the demand for impartial and holistic advice by older people and their families will increase. The key advice areas are for example; the de-cumulating of assets and savings in retirement, equity release (ER) and for some long term care (LTC).

Outcomes from the industry consultation recommended that a Later Life adviser needs a good working knowledge of ER as more clients are seeking advice in this area and will have considered it as part of their later life planning. Some clients will already have ER arrangements in place when they come for advice so advisers need to be able to discuss how this can affect their options and the advice given going forward. If required they may need to be referred on to an appropriate specialist adviser.