Holiday season provides aged care advice opportunity

Financial advisers who are able to provide aged care advice over the holiday period will prosper from this fast growing segment, an aged care specialist trainer has suggested.

Aged care is a growing advice opportunity that could help planning businesses to expand as well as assist in building better relationships with clients and other professional networks, according to Aged Care Steps Director, Louise Biti.

Ms Biti explained that the Christmas period was a time when families came together and changes in ageing parents became more apparent.

"Hard decisions may need to be made, and many children and parents will need professional guidance to convert the mountain of data on aged care into meaningful, relevant information and ultimately into appropriate decisions," Ms Biti said.

However, she warned that advisers will need to understand how to charge for aged care advice and what the value propositions were, “especially since the advice may not include a product recommendation”.

"Advisers don’t feel confident that they know enough about aged care and its complexities to help their clients," she said.

Ms Biti warned that advisers who failed to meet the aged care needs of their clients risked losing them to those who could.

Aged Care Steps provides strategy support and tools for professionals providing aged care advice.

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