The financial services provider – which is authorised under AMP-aligned Charter Financial Planning for its financial advice services – said the division, which will be known as Partners Aged Care Advice, was created with the “specific intention of reducing stress and financial risk” associated with moving family members into aged care.
“The Living Longer, Living Better aged care reforms which became effective on 1 July, have made entry into aged care accommodation even more complex,” PWG general manager of retirement planning and investment advisers Patrick Barry said.
“Trying to interpret these changes whilst dealing with the emotion of placing a loved one into aged care can be very exhausting, opening up the opportunity for specialist advice not just to relieve the burden but to create the assurance that advice recipients are on the right path,” he said.
Mr Barry also said the introduction of the Living Longer, Living Better aged care reforms indicates an “urgent need” for advice on strategic asset allocation to ensure people have enough cash flow when they need it.
“The new PWG division will provide the full gamut of aged care advice – how to choose an appropriate facility, how to maximise government benefits and minimise aged care fees, improve cash flow arrangements and structure client assets in the most effective manner,” a statement from PWG said.
PWG also said its new service will be available nationwide and will be headed up by financial adviser and former Equity Trustees aged care specialist Luke Andrews.
It sure has become a complex business and at a time when things for our senior loved ones should be getting simpler. A turn in the wrong direction can not only be costly but emotionally, physically & psychologically damaging to all parties. Good luck and guide the seniors well. Greg Millard, Respite Now