Are advisers able to satisfy client needs for aged care?
The Australian Securities and Investments Commission's (ASIC) survey showed significant demand for aged care planning, bringing into question if advisers were prepared to handle the demands of the specialist area.
According to the ASIC Report 627: Financial Advice: What consumers really think, aged care planning ranked fifth at 18% in fifth place, behind investments (45%), retirement planning (37%), growing superannuation (31%) and cashflow management (22%).
This had put it as a more important topic for consumers than self-managed superannuation funds, debt management, super consolidation and estate planning.
Louise Biti, director at Aged Care Steps, said the report showed advisers needed to pay attention to strategic advice areas, particularly aged care.
“Despite the growing demand for aged care advice, many advisers are still delaying or avoiding putting in place an aged care service offer and consequently increase the risk that they fail to meet their clients’ real needs,” Biti said.
“The ageing demographic, increasing costs of aged care and the Royal Commission into aged care will only underpin a long-term increasing demand for aged care services which is becoming a core component of financial planning advice.”
AUTHOR
Chris Dastoor
Recommended for you
ASIC has shared data on its licensing activity during the 2023–24 financial year, including how many were cancelled or suspended.
Australia’s largest financial advice licensee has led adviser growth over the past week, while 15 new entrants joined the industry.
A research paper has detailed whether individuals are more or less likely to change their investment decision when the advice is generated by human or by artificial intelligence, including any gender differences.
Sydney-based financial advice firm Sherlock Wealth has announced it is now operating under its own AFSL, one week after Andrew Sherlock took over as its chief executive.
