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.”