Advice vital in retirement communities

The growing market for retirement community homes presents a great opportunity for financial planners to serve as independent coaches in a complex area riddled with traps and hidden fees, according to Find My Retirement Home chief executive Richard Andrews.

Andrews said the retiree segment was underserviced, and yet when it came to purchasing a home in a retirement community there was a great need for advice that would help people get through the complex and confusing process. Andrews said that not only could financial planners help people traverse an area with many traps, hidden fees and charges, but there were also ongoing opportunities for planners to build a relationship with retirees and offer other advice services regarding things like wealth management and insurance.

“This is a massively growing area and a great opportunity for lead generation,” he said, adding that planners, with their codes of ethics and professional standards, were ideally placed to fill the void.

“I’m worried that if there remains a gap in this area, it will get filled by property spruikers,” he added, noting that Find My Retirement Home was the only business in Australia that offered independent property advice.

Andrews has been conducting training workshops for financial planners and accountants interested in entering this field of advice. He will host a series of workshops in Melbourne, Sydney and Brisbane throughout April, in conjunction with the Financial Planning Association.