Advisers seek technical support on aged care

Aged care is the top issue for which financial advisers are seeking technical and strategic support, an industry review conducted by Challenger has found.

According to Challenger's technical services team, aged care is the leading area in which advisers are seeking technical and strategic support, as well as support on legislative changes.

The technical team found the top three queries advisers had on aged care concerned strategies to help clients manage fee payment and fund aged care; the treatment of the family home for aged care purposes; and impacts of the recently legislated Centrelink changes to age pension benefits.

"Following the aged care reforms last year, clients moving into aged care can be faced with four types of payments which are treated in different ways," Challenger general manager of advice services John Carnevale said.

"Advisers are keenly interested in how to best support their clients' investments to meet aged care priorities."

Mr Carnevale said the second most topical query from advisers seeking technical support was around the treatment of the family home for aged care purposes.

"Many clients are unaware that they don't have to sell the family home when moving into aged care," he said.

"A common concern from clients is around whether the family home is exempt from the assets test and how the rules for Centrelink differ from those for aged care purposes," he added.

"The decision on what to do with the family home is an important one as it has many implications that can affect their overall situation," Mr Carnevale said.

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