Are advisers equipped to advise on aged care?
There is a lack of advisers who currently specialise in aged care to cater to a burgeoning ageing population and increased demand for advice in this area.
Such is the view of BT Financial Group's senior manager of advice strategies Bryan Ashenden, who said that while there is currently sufficient support to advise clients on aged care issues, it is vital to think about whether the industry can meet advice demands of a growing ageing population.
"There are probably pockets where that advice exists. I think your question becomes with the spread of population do we have enough people across the country, whether it's in major metropolitan areas and regional areas that people can give that advice that's relevant for them?" Ashenden asked.
"I think that's where we've got to question whether it is something we need to broaden out the general knowledge of not just advisers but also the end client so they know they need to start asking questions and seek advice."
Advisers have a myriad of issues to think about including structuring clients' affairs to get them into the right aged care facility, sorting out their age pension situation, and knowing how much bond they will have to pay.
If clients sell their home, advisers need to answer questions about whether this will affect clients' Centrelink payments as they will suddenly be assessed as a non-homeowner with a lump sum of cash available to them.
"So there are lots of decisions that need to be made and it's about getting that right balance," Ashenden said.
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