How our accredited advisers can help you manage your finances in later life

Money Marketing recently reported that older generations are the least likely to speak to a financial adviser. And yet the need to manage your finances doesn’t stop once you retire.

Ensuring older people have access to excellent advice is one of the key aims of the Society of Later Life Advisers (SOLLA). We also believe in the importance of providing advice to clients of all ages, and our expertise in this area has been recognised. Our adviser Lindsey has joined Harj in obtaining formal SOLLA accreditation.

Keep reading to find out what being a SOLLA accredited adviser means for you, and why it’s so important for older clients to benefit from financial advice.

What is SOLLA?

SOLLA is a non-profit organisation that aims to match older people – and their families – to the best financial advice.

They have seven key aims:

  • To raise awareness of financial issues facing those in later life
  • To build relationships with organisations involved in the financial wellbeing of those in later life
  • To promote the highest levels of professionalism in financial advice
  • To provide training and distribute the latest information on later life issues
  • To act as a source of technical excellence for later life advisers
  • To input into legislative and policy changes, contributing to debates on policy

It won’t surprise you to learn that, here at Logic, we firmly believe in the value of financial advice for clients of all ages. Logic director, Harj Heer, says: “We’re always striving to help our clients get the best possible advice and that means understanding the issues that affect them. SOLLA accreditation provides our clients – no matter what their age – with the reassurance that the help and guidance we offer will be practical and personal to them.

“SOLLA accreditation means you can be confident you’re getting advice you can trust, when you need it, from people who understand your needs.”

Get the advice you need

According to Money Marketing, research suggests that more than half of over-65s have never sought financial advice. 57% of those surveyed said this was because they could do it on their own. But is this true?

You’ve likely spent many years planning for retirement but managing your finances doesn’t end there.

You need to ensure your pension income can maintain your standard of living throughout the rest of your life. You might need to consider care home costs or think about the value of your estate when you pass away. You might still have money invested too.

Ensuring you have enough to live on, without leaving too much, can be a tricky balancing act.

A recent FT Adviser report confirmed that on average, £69,000 in cash was left on death, per estate, each year. Stuart Simpson of Equiniti Benefactor says, “For estates to be holding nearly £70,000 in cash at the point of death raises questions about how people are handling their finances in later life.”

Holding money in cash might not be your best option: Here’s why:

  • It may not be tax efficient. Money held in banks or building societies counts towards your estate for Inheritance Tax (IHT) purposes. Allowances and tax relief exist to help cut down on the IHT bill your loved ones might receive, but they can be complicated. If you’re struggling to calculate the value of your estate or any potential IHT liability, contact us for advice.
  • Cash savings accounts typically don’t pay high rates of interest. With the average easy access interest rate at just 0.64%, according to a recent Guardian article, and the rate of inflation expected to trend at 2.3%, according to Trading Economics, money in a bank account could be losing value in real terms.
  • Holding large amounts of cash in one place can leave you at risk if that bank or building society fails. The Financial Services Compensation Scheme automatically compensates you up to £85,000 (£170,000 for joint accounts) but any amount beyond that could be lost, eroding your life savings.

Those who seek advice £47,000 better off

Evidence suggests that those who seek financial advice are better off than those who don’t. It’s not surprising – Pension Freedoms and estate planning are complex financial issues – but the value of advice can be hard to quantify.

A recent report from the International Longevity Centre (ILC) sought to do just that. It found:

  • People who received financial advice between 2001 and 2006 were on average over £47,000 better off by 2014/16 than those who didn’t take advice
  • Seeing an adviser more than once is even more beneficial, with pension pots on average 50% higher for those regularly seeing an adviser than for those who took one-off advice at the start

This is where our SOLLA-accredited advisers come in. We can:

  • Explain how you make the most of IHT allowances and gifting to reduce your potential tax liability
  • Ensure you can maintain your desired standard of living in retirement
  • Make sure your savings and investments remain appropriate for your needs.

Logic’s own Lindsey Hamilton, says: “SOLLA is important because it matches people who need advice to trusted accredited financial advisers who understand their needs and can give that specialised advice. Whether it’s planning for retirement, care home funding or equity release, we can help you make informed decisions.”

Get in touch

If you, or those close to you, would like to discuss any of the financial matters affecting you in later life, get in touch. Please email or call 01491 612 754.

Please note

The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.