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SRM Financial Planning Ltd

SRM Financial Planning Ltd is an Associate Partner Practice of St. James’s Place Wealth Management, one of the UK’s leading wealth management organisations. As a company we pride ourselves on delivering quality face-to-face advice with a commitment to building trusted and enduring relationships with our clients. Managing Director Stephen Mottram holds the Later Life Adviser Accreditation (LLAA) and is a full member of the Society of Later Life Advisers (SOLLA). He provides specialist advice and guidance to clients, their families, and to other professionals on solutions to funding the cost of long term care, whilst helping to minimise its effects on families and their estates. We also provide expert advice to clients on pre and post retirement planning, equity release, how to increase and preserve wealth using a distinct approach to investment management and the appropriate use of tax wrappers and trusts, and how to mitigate tax liabilities via tax efficient investments and prudent planning.

8 May 2015
Yorkshire and Humber
Local Alliances:
Rotherham Dementia Action Alliance

1. Action Plan

1. The National Dementia Declaration lists seven outcomes that the DAA are seeking to achieve for people with dementia and their carers. How would you describe your organisation’s role in delivering better outcomes for people with dementia and their carers?

One of the most daunting challenges facing families touched by dementia is how to deal with the financial affairs of the sufferer. This could range from planning a monthly budget to understanding what state benefits may be available. Often the biggest concern for those with dementia and their families is how to fund the cost of both immediate and longer term care.


As a full member of the Society of Later Life Advisers (SOLLA), Managing Director Stephen Mottram works with the Rotherham & Doncaster Alzheimer’s Society in providing guidance and advice to dementia sufferers, their families and carers. This could involve explaining what state benefits may be available, what assistance may be available from the Local Authority or the NHS, and how means testing works in relation to care funding and how the new Care Act will affect things. This advice could ultimately result in putting together a plan to ensure that the continuity of care can be secured whilst also ensuring assets remain to pass on as a legacy to beneficiaries.


2. What are the challenges to delivering these outcomes from the perspective of your organisation?

The main challenge to delivering the above is a lack of awareness from people that specialist advice on these complex issues is available and where to find it. Regrettably less than 10% of care home residents that enter care each year as “self-funding” residents take financial advice from an appropriately qualified and accredited financial adviser on how to fund that care. The result is that one in four of these people currently run out of funds and fall back on the state for assistance, potentially resulting in a reduction in the quality of care provided and a reduction in the size of the estate that can be left to beneficiaries.


Another challenge is a lack of trust in the financial services sector as a whole. Not all financial services organisations are the same, but unfortunately the perception from some is that financial advisers cannot be trusted and therefore advice will not be sought despite the clear benefits of doing so.


Member website


2. Actions

  • Continue to raise awareness on financial issues that may affect people with dementia and their carers

    Managing Director Stephen Mottram is a member of the Society of Later Life Advisers (SOLLA). SOLLA aims to ensure that consumers and other professionals are better informed about the financial issues of later life. Stephen will continue to raise awareness of these issues and the potential solutions amongst his own clients and also via local professionals, mainly solicitors, and charitable organisations such as the Alzheimer’s Society to their clients. This includes explaining the changes that are to be introduced by the Care Act, and the implications for people with dementia and their families

  • Improve understanding amongst staff of dementia and its effects

    Managing Director Stephen Mottram intends to undertake Dementia Friends Champion training. Once completed he will then provide Dementia Friends training to staff and raise awareness amongst others.