Deakin University and Aged Care Steps have partnered to include the Aged Care Steps Accredited Aged Care Professional program as a one credit point elective as part of Deakin’s Master of Financial Planning (MFP).
Students who had successfully completed eight of the core units in the MFP could enrol in the program.
Marc Olynyk, MFP course director, said the partnership provided students with the opportunity to graduate with two qualifications and be eligible for the Financial Planning Association of Australia’s (FPA) 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,” Olynyk said.
“Having a professionally-recognised designation is important for financial advisers seeking to provide a comprehensive client service.”
Louise Biti, Aged Care Steps director, said more than half a million Australians were aged 85 or over and needed access to expert financial advice.
“Aged care is complicated and great advice can make a big difference,” Biti said.
“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 meet their Financial Adviser Standard and Ethics Authority (FASEA) obligations by completing the Aged Care Steps Accredited Aged Care Professional Program,” Biti said.
The industry-based program incorporated five pre-reading modules, an interactive workshop program with two days of face-to-face learning, a formal assessment including multiple-choice and short answer questions, and a comprehensive case study.
Olynyk said the combination of Australia’s ageing population and complex aged care accommodation rules had increased the importance and need for informed advice.
“Financial planners are uniquely placed to provide objective knowledge and support for clients who are often in a vulnerable and frail situation,” Olynyk said.
