Behind the Scenes: Northern Accountants Talk Later Life Planning
Last weekend, the Laurus Associates team made it through the snow to attend the Northern Society of Chartered Accountants (NorSCA) conference at Redworth Hall Hotel in County Durham.
Laurus Associates directors Colin Dawson and Karen Barwick are passionate about staying ahead of the industry issues and maintaining real relationships with partners, which is why they both regularly take the time out to be present and speak at key industry seminars and conferences.
We caught up with Colin about why Laurus Associates annually Co-Sponsors NorSCA’s conference, and the unexpected theme that came out of discussions with attendees.
Why does Laurus Associates attend NorSCA’s annual conference?
It’s an opportunity for Karen and I to meet up with the small to medium sized accountancy firms from across the North. Accountants attend from all over Newcastle, Sunderland, Carlisle and even further afield.
As a small firm ourselves we get to share ideas, issues and successes with likeminded business people that are from two-five partner firms.
More than anything it has become a great source of understanding market trends. This year was no different, we had multiple people asking us about later life planning. This was a key takeaway from the event and it’s also a topic we have a lot of experience advising on.
What do you think has caused this growing interest in later life planning for the financial market?
There is a barrier to understanding later life planning in the market, which comes from the lack of coherent policy from the government.
There have been reviews of the rules surrounding later life planning in recent years. These reviews haven’t solved the issue of the country not being able to afford to fund care in later life, whether that be care in the community or in care homes. More than anything, this has caused confusion about the rules. People ask us what is it you pay for? What does the state pay for?
There is also an issue of lack of incentive, where you will see self-funders in the same care homes as someone whose care is paid for by the state. But we have an ageing population, so this issue is only going to become more prevalent in the coming years.
Get more information about later life planning
Laurus Associates director Karen Barwick was speaking at the Chronicle’s Sunshine Fund event for International Women’s Day on Thursday 8th March, sharing her advice on later life planning.
An advice article and downloadable PDF guide on later life planning is coming soon to the Laurus Associates blog – follow us on social media for updates.
Take a closer look at your financial future
Later life is the time to relax without the worry of how you will support yourself or who else might support you. Get in touch with Laurus Associates to work out your options.
0191 281 1234