Organising a move into residential aged care is a stressful and emotional time for an older person and their family. Building an advice service model that enables clients to outsource some of this stress is key to an adviser’s success.
“Overwhelmingly, people helping their parents with a move into care will be struggling with a range of issues and decisions. The value of advice is about guidance, objectivity and expertise. This extends far beyond just reviewing finances and looking for strategies that improve age pension and minimise aged care fees. Financial benefits that can be achieved are just added bonuses” said Assyat David, Director, Aged Care Steps.
Advisers need to ensure they develop the right client value proposition to suit their client needs and their own business model.
An insight into what is valued by clients was provided at the recent FPA National Roadshow which attracted over 3,000 attendees. Attendees were asked what they struggled with when they helped a parent move into aged care. The results are summarised below:
Ms. David said “Advisers tend to reflect their typical clients”. She continued “Clients are looking to their adviser to provide strategic guidance and to act as an objective facilitator of family meetings. They need the guidance of someone who can guide them through the options so that families can make informed decisions”.
The results showed that attendees who put their parent into care were most concerned about understanding choices and dealing with other family members.
“Many advisers underestimate the value of strategic advice when building their client value proposition and pricing structure” explained Ms David. However, the survey results from the FPA Roadshow show that this may approach may be incorrect.
Ms David concluded “It is paramount that advisers develop the appropriate aged care service model to encourage clients to seek and value their aged care advice”.
