By Steven Day
As we age, our financial needs and concerns can become more complex. Whether you’re caring for an elderly loved one or are a professional acting on behalf of a client, seeking sound financial advice can be invaluable.
At Switchfoot Wealth we specialise in later life financial advice, supporting carers and attorneys to make informed financial decisions that have their loved ones’ or clients’ best interests at heart.
Start By Understanding Clients’ Situation
To provide effective financial advice, it’s essential to gain a comprehensive understanding of your loved one’s unique circumstances. This includes assessing their current financial situation, goals and aspirations, risk tolerance, and, potentially, care needs.
By understanding these factors, we can develop a personalised financial plan that meets their specific requirements and addresses their individual concerns.
Key Considerations For Older Adults
When providing financial advice to older adults, there are several key areas to consider. Retirement planning is crucial to ensure adequate savings and income for a comfortable lifestyle in retirement.
Healthcare costs, including potential long-term care expenses, must be carefully planned for. Estate planning is essential to protect assets and minimise taxes, if this is a goal, ensuring a smooth transition of wealth to future generations.
The Role Of Carers And Attorneys
Carers and attorneys play a crucial role in supporting older adults with their financial affairs.
Roles include:
- Providing practical assistance, such as helping with bill payment, budgeting, and recordkeeping.
- Offering emotional support, providing guidance and reassurance during challenging times.
- Ensuring legal compliance to protect individuals’ financial interests and avoid potential issues at a later date.
- Coordinating with a financial advisor to develop a comprehensive financial plan that addresses all of their loved one’s needs.
Switchfoot’s Approach To Later Life Financial Planning
At Switchfoot Wealth, we offer a personalised and comprehensive approach to financial advice. Our team of experts works closely with carers and attorneys to provide the following services:
- Needs assessment: A thorough evaluation of your loved one’s financial situation and goals.
- Financial planning: Development of a customised financial plan tailored to their specific needs.
- Investment management: Selection and management of appropriate investment strategies.
- Retirement planning: Assistance with planning for a comfortable retirement.
- Estate planning: Creation of a comprehensive estate plan to protect assets and minimise taxes should this be desirable.
- Long-term care planning: Guidance on planning for potential long-term care needs.
- Tax planning: Strategies to minimise tax liabilities and optimise financial outcomes.
By working together, we can help ensure that your loved ones receive the financial support they need to live a fulfilling and secure life.
About Steven Day
Steven Day is a financial adviser at Switchfoot Wealth, specialising in long term care and later life planning.
To learn more, book a consultation with us today.
*The Financial Conduct Authority does not regulate Tax and Estate planning.
