2022 is the year of the Aged Care Adviser

Here at Aged Care Steps, we have announced that 2022 is the Year of the Aged Care Adviser, with the culmination of an ageing population and market factors bringing aged care advice forward as an advice opportunity that can no longer be ignored.

We are a nation that is ageing, and this is reflected in the client base of most financial planning businesses. Across the last 20 years, the number of people aged over 85 has increased by 110%, compared to an overall population growth of 35%*.

Add to that, market and environmental factors including baby boomers reaching their frailty years, the financial crisis for aged care providers and a Royal Commission, property prices, increasing complexity to navigate the aged care system, COVID fears and an increasing demand for quality care options and home care.

It’s clear expert aged care advice has never been more crucial. Every adviser needs a business solution for aged care advice in 2022 as the demand can no longer be ignored, not only for older clients, but also their children.

Providing quality aged care advice adds client value and creates significant opportunities for advice professionals. The Explanatory Statement for Standard 6 of the Code of Ethics explicitly states that any near future need for aged care of a client or family member must be factored into financial advice for that client, making aged care advice an important compliance requirement.

Throughout the Year of the Aged Care Adviser, Aged Care Steps (ACS) will be helping advisers understand how they can include frailty planning and aged care advice in their business strategy to increase client value and drive growth, no matter what their business model or level of expertise in this area.

“The disruptions and pressures with the ageing of clients has made the need for advisers to provide high-quality aged care advice paramount,” said Assyat David, Co-Director of ACS.

“We’ve declared 2022 the Year of the Aged Care Adviser as a rallying call to advice professionals to ensure this is the year they make aged care advice a successful component of their business strategy”, continued David.

2022 also marks the 10th anniversary of Aged Care Steps, an organisation whose team members have been actively involved in aged care advice since 1997.

“Working with us, advice professionals will build the confidence and competence to provide aged care advice whatever business model they choose,” said Louise Biti, Co-Director of ACS.

“Whether we do it for you, do it with you or enable you to do it yourself, we support advisers (and other professionals) across every aspect of aged care advice, from engaging clients to marketing to technical knowledge. We help advisers with practical solutions to find their right aged care solution,” continued Biti.

Aged Care Steps encourages the advice community to challenge their thinking about aged care advice during 2022, the Year of the Aged Care Adviser, and take action now.

* ABS, Twenty years of population change, Dec 2020 at https://www.abs.gov.au/articles/twenty-years-population-change