Aged care advice has helped many advisers boost business activity and profits, with better client relationships. Don’t miss out. Let us help you capture this increasing demand.
Australia’s population is ageing and approximately a quarter of our retirement years could be care years. So the demand for help and the need to be prepared are critical.
You may be surprised how many clients are concerned about their own future or how to help ageing parents. But these clients may not think to ask you about aged care unless you start the conversation.
Identifying business growth
We work with many advisers who have seen their business grow as a result of aged care advice. These advisers have been able to:
- Attract new clients
- Expand support and add greater value to existing clients – boosting client retention
- Build relationships with the next generation
- Create more effective relationships with professional referrers
You should also think about the impact on your business if you start losing clients because they seek help from other advisers when an aged care need arises.
Is it worth the effort?
Getting your business ready to provide aged care advice will take some time and effort. But will the financial outcomes justify the effort required?
Our analysis shows that providing a level of aged care advice could potentially provide a financial benefit of around $150,000 per year.
This value comes from:
- Fees for aged care advice
- Bringing new clients into the business as a result of family meetings and intergenerational wealth transfer
- Efficiencies in advice processes by using the right tools and services
- Deeper client relationships to help with client retention and satisfaction
On the flipside, you risk losing clients if you fail to provide aged care solutions. Increasingly advisers have been losing valued clients because they failed to identify and discuss aged care solutions.
Where to start?
The best place to start testing the opportunities for aged care is with people who already know and trust you – your friends, family and existing clients.
Start the conversation – tell people you have been looking at the importance of aged care and ask whether they may benefit from talking about the issues. Don’t just think of your older clients, also target clients age 45-65 with older parents.
We surveyed a group of advisers at an FPA National Roadshow. Approximately 73% of respondents had at least one parent or grandparent over the age of 70. If you had a client base of 200 clients and the same statistics were reflected in this client base that would be over 140 existing clients needing help on aged care. Can you afford not to be in aged care advice?
Aged Care Steps has services to help you every step of the way – from helping you get business ready to providing advice to clients. Sign up to the Business ToolkitTM to get started with the 10-week Kickstart ProgramTM.
 Contact us and we can share the assumptions with you and you can also access the financial benefits calculator to look at the potential for your own business. The potential benefit is dependent on the amount of aged care advice activity completed by financial advisers and the fees charged.