PFS launches new guidance on later life Financial Planning 


The Personal Finance Society has published new guidance for Financial Planners on how to engage with clients approaching later life and how to discuss care options in good time. 

The guide has been produced as part of the Chartered Insurance Institute’s Insuring Futures initiative and is being promoted during Carers’ Week (7 – 13 June).

The week encourages Financial Planners to consider how to broach the subject of care funding and aims to reduce anxiety around the conversations about funding.

It highlights ways to provide reassurance that actions taken earlier in life can have a positive impact later.

Among the suggestions it recommends Financial Planners consider are:

• Ensuring the location of a physical meeting is convenient as well as accessible for the customer and appropriate for their needs

• Facilitating the client has the right people to support them at the meeting, such as a partner, friend, family or named attorney

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• Making sure the client is under no pressure to make quick decisions. Regular breaks are suggested and any potential issues that have been discussed are confirmed in writing;

• Being wary of other parties, potentially with ulterior motives, swaying the client’s decision.

• Confirming everything in writing and allow for a cooling-off period.

Financial Planners are also urged to ensure they consider language requirements, disability and cognitive capabilities, avoid convoluted sentences and jargon and send a summary of all actions taken. They are also urged to send a copy of all correspondence to any attorneys.

Matthew Connell, director of policy and public affairs of the Personal Finance Society, said: “Later life planning needs to be reframed from a negative experience to one that, if done early and effectively enough, can maintain independence in later life.

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“The pandemic has prompted people to assess their financial resilience and ability to cope financially with unexpected events, including what might happen in later life. We hope everyone can use the advice contained in this guidance to encourage their clients to view later life planning as a journey that should not be seen as a daunting one-off project but as a process to be taken step by step, over time.

“The Financial Planning profession plays a vital part in making sure more people understand most of us are not alone and our plan need not be made independent of others. By sharing the wealth of information and experience of employers, trusted friends and family they will benefit from their expertise and share the burden of the important decisions they are making.”

The guide can be viewed here:


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