Although advisers have avoided business in the pension phase because they view it as a diminishing asset, there are volumes of opportunities in the area, according to Geoffrey Rimmer, head of private wealth services at Equity Trustees.
“When you start to think about what the industry is going to look like over the coming 20 years, the way you assist people to get ready for their longevity is really going to be vital,” Rimmer said.
“Most advisers have very strong relationships with their clients already and this can only really strengthen it.”
Australians are living “longer than [they] planned”, raising several issues in relation to the level of financial preparation for retirement and aged care, said Rimmer.
The impacts of dealing in aged care can be “hugely significant”, making it important for advisers to make adequate long-term plans for their clients, said Anna Lawton, senior manager of aged care services at Equity Trustees.
“There’s lots of legislation working together in aged care, so you’re dealing with the Social Security Act, the Aged Care Act, and you have to calculate all the fees and charges and so forth – there’s a lot to consider,” Lawton said.
“It’s really about trying to assist the family … and restructure their finances to cope with this change, while taking into consideration other aspects of their estate planning.”
