- Financial Planning
- Estate Planning
- Employer Services
- Our People
- About Us
- Contact Us
- Referral Form
23 Aug 21
SOLLA and Later Life Financial Planning Services
What are later life financial planning services?
These are financial planning services that are related to the older client market. These include the areas of care fees planning and equity release. An adviser who offers later life financial advice needs to have a deep understanding of the challenges and complexities of delivering financial advice to the later life market. It may be that someone who is seeking later life financial planning is classed as vulnerable or has medical issues that mean that they require more assistance to navigate the complex areas of later life financial planning.
What is SOLLA and what does it mean?
SOLLA stands for the ‘Society of Later Life Advisers’. Advisers who are an accredited member of SOLLA have been assessed to be competent in providing advice to the older client. The assessment to receive the accreditation and become a full member of SOLLA is rigorous. It requires the adviser to demonstrate their understanding and knowledge in many different areas that are relevant to those in later life. An adviser who is accredited by and a member of SOLLA must have met four standards
What are the four standards to obtain the SOLLA qualification?
- The first standard requires the adviser to be an FCA (Financial Conduct Authority) regulated adviser, Level 4 competent and hold a current Statement of Professional Standing (SPS). They must also hold appropriate qualifications in both equity release and long-term care advice.
- The second standard requires the adviser to prove that they are part of a firm that provides a supportive environment with access to all the resources they require to be a SOLLA adviser. Here at True Bearing, we recognise the importance of the SOLLA accreditation and the value that it brings to the firm to have advisers who have obtained it.
- The next standard requires the adviser to have completed a certain amount of Continuous Professional Development in areas that are appropriate to the older client market. The final standard includes demonstrating that their communication skills and interpersonal skills are of a high standard.
As you can see, it is not an accreditation that is easy to achieve, it requires hard work, study and diligence.
Here at True Bearing we have two Independent Financial Advisers who are SOLLA accredited; Mark O’Neill and Nick Porter. You can be sure that by choosing True Bearing for your later life advice, you will be in good hands.