The view from the Aged Care Summit
You might have heard – Australia’s population is ageing. And as those among us grapple with the realities of planning for retirement and caring for loved-ones in their elder years, financial advisers are also mapping out their role in this significant transition.
With this in mind, Financial Observer this week hosted the Aged Care Summit, providing insights and practical tips for advisers wanting to provide the best possible assistance for clients in their retirement years.
Honner attended the Sydney event. Here are a few takeaways:
• In 40 years almost 1 in 4 Australians will be aged over 65 years.
• In 2013-14, around 10 per cent of the Australian population accessed some form of aged care.
• Increasing rates of dementia mean that when many people reach the age where they need aged care, they don’t have the capacity to make important decisions. Educating clients and helping them plan for older age sooner is therefore critical.
• The growing need for advice aside, there are strategic reasons for advisers to move into the aged care space, including the opportunity to build out a more comprehensive advice proposition and act as a trusted ‘mentor’ and ‘project manager’ for families.
• Aged care advice isn’t just about the best financial outcomes for the client – it must consider complex family dynamics and preferences, for example, the best interests for mum and dad versus their children’s inheritance.