Aged care is a new advice area for many advice professionals – and is largely misunderstood. This can create barriers to getting started.
But many of the pre-conceived perceptions are nothing more than myths. Let’s uncover the reality behind the top four aged care myths.
|The myth||The reality|
|Target clients are aged 80 plus||It is true that this age group is the highest user of aged care services. But when a crisis hits, it is usually the children (or grandchildren) who need advice and help to make decisions on behalf of their parents. So clients in the 40-65 age group are also a big target client base. If this is your client base, you need to offer a solution to retain clients.|
|Aged care advice is complex and hard to learn||It is a new area and like all advice, involves lots of complexity. So it will take a while to become proficient. However, Aged Care Steps has training and support to get you started and help you along the way – with simple steps to follow that make the process logical for you.|
|Aged care advice is a one-off transactional service||Aged care advice is about building client relationships. Ongoing reviews of strategies, cash flow and performance are valued by aged care clients. Intergenerational wealth transfer is also a key service.|
|Advisers can’t make money from aged care advice||Even a modest level of activity can translate into significant revenue. Aged care advice services enable advisers to protect and grow their clients and add additional value to clients.|
Read the article “Top 3 challenges of aged care advice“.