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.”
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
