A financial services software firm has formed a joint venture with an aged care advice specialist in response to a growing need for advice and the impending aged care royal commission.
In announcing its partnership with Aged Care Gurus at a media briefing in Sydney, knowITdigital chief executive Wayne Wilson said he saw the chance to be part of the solution to the issue of advice in aged care.
“The growing need for Australians to receive expert advice when facing the prospect of entering aged care has gained visibility, particularly with the announcement of a royal commission into aged care in this country,” Mr Wilson said.
The Royal Commission into Aged Care Quality and Safety was announced on 9 October by Prime Minister Scott Morrison.
Aged Care Gurus principal Rachel Lane said advisers are realising aged care advice is far broader than just assisting clients who want to move into a residential aged care facility and determining whether they should keep or sell the family home.
“Of the 1.3 million people who received aged care in this country last year, just under 240,000 lived in an aged care facility,” Ms Lane said.
“Not surprisingly, clients are seeking advice about establishing granny flats with their children or grandchildren, moving into a retirement village or land lease community and accessing home care as well as residential aged care.
“Unfortunately for most advisers, they have very little in the way of formal education in this area and limited access to training and tools to help them provide quality advice to their clients.”
KnowITdigital also announced a partnership with commercial law firm Holley Nethercote, working together to put together a package of compliance services and training, specifically designed to help small to medium-sized AFSLs and financial planning practices.
Holley Nethercote partner Paul Derham believes advisers need to ensure their compliance processes are accurate and up-to-date.
“Our business was established to keep clients out of court and out of the hands of the regulators. Our partnership with knowIT provides a fantastic opportunity for small to medium-sized licensees to be able to access compliance services,” Mr Derham said.
“We have spent considerable time and expertise developing core compliance documents – so that individual firms don’t have to. Just like any template, the key is customisation.”
In addition, knowITdigital has launched a new study hub in response to FASEA’s additional education and training requirements.
KnowITdigital technical manager Rob Lavery said the new hub will assist advisers in both preparing for study and managing the rigours of the academic process.
“For those who haven’t undertaken study recently, we provide tips on choosing a course, planning a study timetable, producing written assignments and taking examinations in a university environment,” Mr Lavery said.
“These new features should set our subscribers in good stead to tackle the additional study requirements administered by FASEA. We aim to make a daunting process that much easier.”
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