Advisers must initiate aged care conversations

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.

Advisers must initiate aged care conversations
Aged Care Steps, Louise Biti, Assyat David, Swiss Re, aged care, aged care advice, retirement advice,
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.