Aged Care

A growing aged care market needs growing aged care expertise

01 May, 2018

Advising on aged care is changing from being solely the remit of specialist aged care advisers. More advisers than ever are choosing to provide aged care advice as part of their holistic advice proposition. With the population of Australia shifting, there are many reasons why your clients and their loved ones can benefit from your aged care advice.

More clients are requiring aged care and aged care advice

In 2002/3 642,000 people used aged care services. In 2015/16 that figure had more than doubled to 1,330,900 (AIHW 2017. Australia’s welfare 2017 5.1 Ageing and aged care). This has been fuelled by a 20% increase in people aged 85 or over between 2011 and 2016 (Australian Bureau of Statistics, Census of Population and Housing 2011 and 2016).

Those entering care, and those making considerations for their loved ones, will need your support as they enter what can often be an emotional period of their lives.

Whilst it may be tempting to leave discussions about aged care to the specialist aged care advisers, many of your clients will want to continue to work with an adviser they already have a relationship with.

A common misconception about aged care advice is that it is overly complex and requires a disproportionate amount of training to the rewards it provides.

And whilst there is still a level of complexity inherent in providing aged care advice, the availability of guidance and tools to help you provide this advice is considerable.

For example, our article on the key questions to ask your clients for effective aged care modelling helps simplify the aged care discussion into six key areas and outlines some of the main discussion points.

Tools and resources at your fingertips

We have a long history of expertise in aged care, and have been offering specialist aged care resources since 2012. In this time, we have continuously developed our range of tools, calculators and resources. For example:

  • our Aged Care Calculator allows you to illustrate various aged care scenarios for your client and their families;
  • our three-part aged care webcast series addresses key aged care considerations, such as providing guidance on strategies available for funding aged care;
  • ‘white label’ guides and reports to leave with your clients.

To find out more about aged care register or login to our website, or give our team a call on 1800 176 486.

This information is provided by Challenger Life Company Limited ABN 44 072 486 938, AFSL 234670 for licensed financial advisers. It is not intended to be financial product advice or legal advice and should not be relied upon as such. Examples are illustrative only and should not be relied on by individuals when making investment decisions.