Financial planning students at Deakin University can now gain professional experience while earning credits towards their degree by completing an industry-based aged-care program.
Deakin University’s Master of Financial Planning (MFP) program has partnered with Aged Care Steps to incorporate its Aged Care Steps Accredited Aged Care Professional Program and students who successfully complete eight of the MFP’s core units can enrol in the Aged Care Steps program as a one credit point elective.
The industry-based aged-care program incorporates five pre-reading modules, an interactive workshop program and formal assessments, including multiple-choice and short-answer questions, and a comprehensive case study.
The partnership will allow students to graduate with two qualifications and be eligible for the Financial Planning Association’s Aged Care Specialist designation.
“Australia’s ageing population means advisers now need to understand what aged care is and, increasingly, have the knowledge, skills and confidence to appropriately support and advise their clients,” MFP course director Marc Olynyk said.
“Having a professionally recognised designation is important for financial advisers seeking to provide a comprehensive client service.”
Olynyk said Australia’s ageing population has increased the necessity for financial advisers to understand the complex aged-care accommodation rules.
“Financial planners are uniquely placed to provide objective knowledge and support for clients who are often in a vulnerable and frail situation,” he said.
Aged Care Steps director Louise Biti said more than half a million Australians are aged 85 years or older and many of them, along with their families, need professional advice.
“Aged care is complicated to navigate alone and great advice can make a difference,” Biti said.
“By completing the Aged Care Steps Accredited Aged Care Professional Program as part of the Deakin qualifications, advisers can build their competency and credibility to service clients across all phases of retirement planning, including the ‘frailty years’, as they take steps to satisfy the FASEA (Financial Adviser Standards and Ethics Authority) obligations.”
