New research by adviser aged care support firm Aged Care Steps has found a majority of advice clients don’t seek aged care advice until a medical event or crisis forces their hand, resulting in rushed decisions.
A survey conducted by Aged Care Steps and Swiss Re found that Australians were most likely to seek advice on aged care after a medical event or crisis situation, and least likely to do so as part of planning for life post-retirement.
Speaking at a media event in Sydney on Monday, Aged Care Steps director Louise Biti said this highlighted the need for advisers to commence these conversations.
“[Clients] don’t understand how complex the financial side can be or what the problems of not having someone else guiding them are, and I think they’re the key that we have to get consumers thinking about,” she said.
Ms Biti said this was already starting to happen as part of the shift towards goals-based planning.
“Financial planners are starting to realise that they need to instigate that conversation because clients are not going to, and I think with the shift towards more goals-based financial planning that shift is starting to emerge,” she said.
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