The collaboration will help firms avoid the pitfalls of the UK’s care system.
Advisers have highlighted to the council the challenge of care-related conversations, with 60% identifying this as their biggest training need.
The new partnership with My Care Consultant will give advisers access to additional tools, resources and education, helping them approach long-term care conversations with greater confidence as part of the equity release process.
Jim Boyd, chief executive of the Equity Release Council, said: “Finding care solutions [that] meet the needs of our rapidly ageing population has never been more important, with many people wishing to fund adaptations to their homes, such as building a downstairs bathroom or to pay for additional care services.
“Our research has shown 67% of over-50s are determined to remain in their own homes if they ever need care in the future. This desire grows stronger with age and is shared by 76% of people aged 70-plus.
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“My Care Consultant’s expertise will help advisers address one of the most pressing challenges in later life planning: how to integrate care considerations into financial advice.
“This partnership reflects our ongoing commitment to providing advisers with the knowledge and resources they need to deliver good outcomes for older people.”
Jacqueline Berry, founding director of My Care Consultant, added: “My Care Consultant has observed a significant increase in the use of later life lending to pay for or top up care, typically at home. Whilst property wealth plays an important role in affording people choice, quality and control over their care, there are important considerations when it comes to determining how its use may impact upon entitlements to other forms of financial support.
“We are thrilled to be partnering with the council at such a pivotal time to support advisers and their clients and avoid foreseeable harm. By combining our specialist knowledge with the council’s extensive reach and influence, we can collectively elevate standards and help shape how later life lending advice integrates with care planning.”
