In response to repeated requests from clients – which have grown in intensity following the introduction of the Living Longer, Living Better aged care reforms – leading national financial services provider, Partners Wealth Group (PWG), has started a specialist aged care advice division.
To be known as Partners Aged Care Advice, this division has been created with the specific intention of reducing the stress and financial risk associated with moving family members into an aged care facility.
Says General Manager, Partners Retirement Planning and Investment Advisors, Patrick Barry: “Having a parent or close family member enter an aged care facility is traumatic enough as it is, but having to navigate the financial arrangements involved with this transition can be enormously challenging.
“The Living Longer, Living Better aged care reforms which became effective on 1 July, have made entry into aged care accommodation even more complex. Trying to interpret these changes whilst dealing with the emotion of placing a loved one into aged care can be very exhausting, opening up the opportunity for specialist advice not just to relieve the burden but to create the assurance that advice recipients are on the right path.”
With the new rules, a portion of the value of the individual’s home and any lump sum paid in consideration of a room in an aged care facility is taken into account when calculating their “means-tested fee” (the new co-contribution payment made by the resident towards their cost of care).
This change emphasises the urgent need for advice on strategic asset allocation, ensuring the resident has the requisite cash flow to cover aged care invoices as they fall due, says Mr Barry.
The new PWG division will provide the full gamut of aged care advice – how to choose an appropriate facility, how to maximise government benefits and minimise aged care fees, improve cash flow arrangements and structure client assets in the most effective manner.
Available to customers nationwide, the new service will be headed up by experienced financial planner and former Equity Trustees aged care specialist, Luke Andrews, who has extensive experience in providing advice in this area.
A Bachelor of Commerce and an Honours degree in Economics from Monash University and a Diploma of Financial Services (Financial Planning), Mr Andrews has developed strong relationships with aged care facility managers, social workers, and carer groups. He also regularly visits aged care facilities, enhancing his understanding of the sector.
“Luke’s knowledge in this area is exceptional and he brings with him many years of experience,” says Mr Barry.
Having this specialist division will enable Partners Wealth Group to provide advice to clients throughout all of their life-stages.
