Charity,Counsel and Care, has backed the newly proposed National Care Service (NCS) believing it presents IFAs "huge opportunities".
It also feels the insurance industry will be a key player in the new system despite being rejected as the primary option.
Speaking at the COVER Long Term Care Breakfast Briefing, Stephen Burke, chief executive at Counsel and Care, approved the Labour Government's compulsory funded plans and strongly criticised the Conservative's voluntary alternative.
The charity, which works with older people, their families and carers, is delighted the issue is so far up the political agenda, but warned that it is going to take at least six or seven years to complete the project.
"I think the white paper is incredibly ambitious and I put my cards clearly on the table," says Burke.
"I think sharing the costs and risk across the population is the best way.I don't think there's any evidence anywhere in the world where a voluntary scheme will work.
Burke also highlighted the key point that the NCS will not cover accommodation fees, and hence people living in care homes are still going to be faced with substantial bills.
"It's free care, but it won't cover the cost of accommodation, and I think that's where insurance really does come in for the future," he says.
"We also need something which is going to help with the short and medium term funding shortfalls, which is where financial products come in again.
"And we particularly need to ensure people get proper financial advice, to ensure they have access to that advice, and that they buy the right financial products to help them make the most of their own resources and to ensure they don't become a drain on the local authority in the future," he adds.
When discussing just how the NCS should be funded, Burke also expressed regret that this debate had been de-railed.
"I think it's sad that the idea of a care duty, a small levy or percentage on someone's estate, has been kicked into touch until after the election by the kind of campaign denouncing it as a death tax.
"In my opinion this was one of the best ways for us to share the costs in the future.
"There are huge opportunities here for you, but I do hope we manage to sustain this momentum," he concludes.
