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Using a SOLLA advisor

Discussion in 'Legal and financial issues' started by DMac, Sep 11, 2015.

  1. DMac

    DMac Registered User

    Jul 18, 2015
    Surrey, UK

    I have been looking at some past threads about getting financial advice, and was wondering if anyone had any recent experience of using a SOLLA advisor?

    Our family are contemplating the "How long is a piece of string?" question for my mum-in-law (77, early stages AZ), and dad-in-law (82, cognitive impairment, recovered from bowel cancer, physically disabled). At this point I don't believe either of them are ready for a care home, but in the near future we might consider upping their home care visits, or possibly trying a live-in carer. They are self-funding at the moment, but their funds could easily run out if they each live another 10 years!! :eek:

    I was wondering if it's worthwhile getting some professional advice? Some family members think it would be a waste of time and money, as they feel they are quite capable of making a decision by themselves. We have some financial expertise in the family, but not SOLLA qualified advisors. My concern is that legislation is changing in this area, and a little knowledge can be a dangerous thing...:eek:

    Any advice would be welcome. Thank you.
  2. nicoise

    nicoise Registered User

    Jun 29, 2010
    I would suggest it possibly depends on the funds your in-laws have.

    That is, if they have large capital assets and investments, and property, you might want to find out how to ensure that is best invested and can be used to pay for care as time goes on.

    If your in-laws are on a more restricted budget, and will need social funding, then you will find as much advise as is available here on the AS website, or other websites who advise older people, for instance, and which doesn't need a particularly financial aptitude to glean what is available and how to go about achieving it.
  3. AlsoConfused

    AlsoConfused Registered User

    Sep 17, 2010
    I don't know whether the type of advisor you're talking about is different from the one my sister consulted so I'll just assume they're the same and feed back our experience ...

    When Mum was about to be discharged into a nursing home we were advised to get financial advice and pointed towards a Care Directory produced by the local authority. This Care Directory had pages explaining what sort of services were available from appropriately qualified financial advice companies and gave details of 2 companies that were so qualified.

    We contacted the nearest - and found them to be so unhelpful or inefficient they never rang us back, even after several requests to do so.

    The second advisor was BRILLIANT - providing clear, detailed free advice on various points that had puzzled us, guidance in what to do next as regards obtaining information about assets and explaining in broad brush terms the options we had to safeguard as much as possible Mum and Dad's savings. She discussed the merits of various approaches we hadn't even known existed and highlighted the need to protect Dad's future if he needed care. We expect to ask this advisor to provide us with chargeable services and believe her assistance will far outweigh the costs.
  4. Spamar

    Spamar Registered User

    Oct 5, 2013
    Forgive my ignorance, but what us a SOLLA advisor?
  5. nellbelles

    nellbelles Volunteer Host

    Nov 6, 2008
    I've just googled.. They give accreditation to financial advisers whom have knowledge of advise for the elderly.
  6. Spamar

    Spamar Registered User

    Oct 5, 2013
    Thanks Helen. Just realised I have an IFA with just those qualifications!
  7. Spiro

    Spiro Registered User

    Mar 11, 2012
    SOLLA is an acronym for Society of Later Life Advisers.
  8. DMac

    DMac Registered User

    Jul 18, 2015
    Surrey, UK
    Thanks for your replies, everyone. Apologies for not explaining the acronym. In a nutshell, the Society of Later Life Advisers (SOLLA) aims to ensure everyone has access to quality and specialist financial advice about later life planning. I understand financial advisers take exams to become accredited memers of this society. See their website

    My in-laws have some assets - they are not millionaires, but they are well above the local authority funding threshhold. It seems to me that it might be worth getting some initial advice, and maybe take it from there. As and when I make some progress - which may be difficult due to resistance from some family members! - I will let you know how I get on.

    Thanks again for your help.
  9. beejo

    beejo Registered User

    May 30, 2016
    Have Spoken to 2 x SOLLA advisers in the last week

    RE my limited SOLLA experience:

    The first adviser (whom I had been recommended to by my COP solicitor), covered as many options for my Mother's situation to help fund her longer-term health care (she has signs of Dementia for nearly a year). Such as 1) approaching NHS/CHC angle - needs more research 2) Social Services angle - 'gird my loins first' 3) Reverse Mortgage on Mothers 1/2 share of her house 4) Purchasing an annuity / - my other self-derived options are a) I purchase my Mothers half of the house she is living in b) purchase elsewhere with an annex attached (with Mum living in annex). Sell Mums 1/2 house or not?

    The second adviser (found via the SOLLA website by closeness to home)- (nb. I had sent them an A4 sized overview of the situation beforehand) quickly made it clear unless - my Mother had large funds available that could be invested in the schemes this company (whom the SOLLA person worked for) would utilise, then approaching the LA (Local authority) when my Mum's funds had gone below the £23k trigger amount or even when they were exhausted was my best option.

    Really horses for courses isn't it? - being a SOLLA accredited adviser must be taken in conjunction with the larger objectives of the company for whom they work it seems.

    So my experience largely accords with nicoise's post I believe.

    Any accreditation is an intellectual matter, the ethics that person adopts in using that accreditation is the persons own business.
  10. Izzy

    Izzy Volunteer Moderator

    Aug 31, 2003
    #10 Izzy, Mar 20, 2017
    Last edited: Mar 20, 2017
    Just letting you know that this is an old thread. Nicoise posted that in September 2015.
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