With all of us living longer, aged-care is a critical component of the third phase of retirement – the frailty years. Whether you address it proactively with existing clients – as part of their retirement planning service – or prefer a more transactional approach to supporting new clients in crisis – the business case for providing aged care advice is without question.
When helping clients plan and save for retirement, consider how a client’s needs and expenditure will change in each of the three phases of retirement planning:
- The carefree years
- The quiet years, and
- The frailty years.
Changing the conversation and breaking retirement into these phases can support your clients more effectively through the full retirement experience.
If the frailty years are forgotten, you risk leaving clients vulnerable and without adequate means to fund care. This may lead to a loss of independence and choice.
This does not mean you need to become a specialist in aged care, but you need to have a solution for how to incorporate the aged care discussion into your service offering. This enables you to:
- Diversify your service offering
- Help clients throughout the full the retirement experience
- Build relationships with children of your clients
- Focus on strategic advice (not products) for deeper value relationships.
Contact us to discuss how you can incorporate aged care into your retirement planning proposition.