Aged Care

Aged care a missed chance

aged care advice

The financial planning industry has overlooked the ageing population, despite Aged Care Steps noting the opportunity for growth and quality advice.

Aged care advice has become a missed opportunity for professionals in the financial advice industry, despite statistics showing an increase in the ageing population of Australia.

Aged Care Steps co-director Assyat David noted the recent market volatility during the coronavirus peak and various other environmental factors including increased property prices, has called for more quality financial advice to older clients.

“The disruptions and pressures with the ageing of clients has made the need for advisers to provide high-quality aged care advice paramount,” he said.

“We’ve declared 2022 the Year of the Aged Care Adviser as a rallying call to advice professionals to ensure this is the year they make aged care advice a successful component of their business strategy.”

According to the client base of most financial planning businesses, the number of people aged more than 85 years old has increased by 110 per cent in the past 20 years, compared to the overall population growth of 35 per cent.

Aged Care Steps further noted significant financial advice opportunities could be found in aged care for older clients, as well as their children and that Standard 6 of the Code of Ethics states the future aged care needs of a client or family member must be considered while providing advice.

Following the organisation’s declaration, Aged Care Steps has said it will help advisers introduce frailty planning and aged care advice in the business strategy.

“Working with us, advice professionals will build the confidence and competence to provide aged care advice whatever business model they choose,” Aged Care Steps co-director Louise Biti said.

“Whether we do it for you, do it with you or enable you to do it yourself, we support advisers – and other professionals – across every aspect of aged care advice, from engaging clients to marketing to technical knowledge. We help advisers with practical solutions to find their right aged care solution.”

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