Financial Planners with qualifications, knowledge and experience of the care market have a business opportunity to provide advice to those organising care for relatives or future care for themselves, according to a new report from pensions and retirement specialist Just.

At present the provider warns that financial advice professionals are not front of mind when people are asked where they might seek support and advice when planning future care costs, according to a new report.

Over half (55%) of over-45s would find a referral from their local council to a Financial Planner helpful when planning finances for care later in life, according to the report.

Over a third (35%) of those surveyed said that they would then meet an adviser in person, with a further 26% likely to make contact by phone or online.

However, Financial Planners were not front of mind when people were asked where they might seek support. Just over one in ten (12%) of over-45s said they would go to a professional adviser, whereas 51% said they would contact Age UK/Age Concern, 39% their local council/social worker, 33% Citizens Advice and 20% would ask family and friends.

Stephen Lowe, group communications director at Just Group, said: “Of those who have already co-ordinated care for an elderly relative, nearly eight in ten (78%) thought the system was too complex to navigate, and over three-quarters (77%) found the whole process of finding care stressful.

“There is currently a large gap between the high number who would welcome a referral to a financial adviser from their council and a much smaller number who would think about contacting an adviser unprompted.

“Advice firms may see the opportunity but are perhaps wary of the complexity given the interaction of both regulated financial advice and non-regulated areas such as State benefits, treatment of the home in the means test and deliberate deprivation rules.

“Care is in the spotlight, due to the impact of Covid-19 but also because government proposals to reform care funding are due any time now. These could be an important catalyst to encourage more people to think more carefully about their future care plans.

“Advisers who develop close ties with their local authorities and other care providers in their areas have an opportunity to become the ‘go to’ experts in what is likely to be a growing business area in the years to come.”