12th June 2014
G&E Wealth Management, the York and Leeds-based IFA arm of accountants Garbutt & Elliott, has been selected by benenden wellbeing ltd to provide expert financial advice to the members of its parent organisation, Benenden health.
G&E Wealth Management will be offering advice about the financial options for paying for care in later life to the leading mutual benenden health’s UK membership of around 900,000 people.
benenden chose G&E Wealth Management as an adviser because of the firm’s specialist expertise in this area, as Managing Director of benenden wellbeing Ltd Jon Craven explained: “we were very conscious of selecting an independent financial advisory firm which could demonstrate the expertise and compassion to deal with our members and their families at what can be a very difficult time. G&E Wealth Management is one of only two firms we selected to deliver advice to our members across the country”.
Simon Holt, managing director of G&E Wealth Management, commented: “I’m delighted that our expertise in this very sensitive area for families has been recognised by benenden wellbeing Ltd and we are pleased by the number of their members who have already taken our advice. We deliver advice nationwide and have advisors specifically qualified to advise on the options for people to pay their care fees costs.
“We act for a growing range of partners, including law firms, to provide advice to their clients in the Care Fees funding sector. Whilst many people are aware of the impact Inheritance Tax can have on their estates, few realise the potentially devastating financial impact of paying for their own care.
“It is expected that one in three females and one in four males will require care and, despite recent changes announced by the Government, many individuals will have to pay some or all of the cost themselves.
“Residential care costs in the UK average out at an eye-watering £28,500 per annum rising to £37,500 per annum if nursing care is required, so getting the right advice on how to meet these costs can make a huge difference to the person and their families.
“With an ageing population and a government that cannot afford to keep paying the mounting costs of care, this market will only continue to grow for many years to come,” added Mr Holt.
Find out more about care fees funding