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.
According to the newest members of the FSC board, advice networks having a “seat at the table” is a positive development ...
ASIC has announced a permanent ban on a financial adviser based in NSW. The corporate regulator said on Friday it has ...
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin