Tailored advice best for aged care


By Megan Tran

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The best way to achieve superior practice funding solutions for retirement village residents was through bespoke products, according to Aged Care Specialists director Greg Roberts.

The ageing population, along with scrutiny over current funding models, had prompted calls to boycott the one-size-fits-all, cookie-cutter approach to funding aged care as living arrangements for the more than 7 million Australians over the age of 65 ranged from renting, living in granny flats or even caravans and demountable homes, Roberts said.

The variety of scenarios meant there needed to be different considerations for risk management, estate planning and Centrelink situations, which was why Aged Care Specialists had incorporated new advice and investment solutions for seniors into its contract options, he said.

He said the firm was currently working with Australia’s largest overall care provider to add new funding to its existing four contract choices for aged-care residents, which had been developed with input from retirement specialists.

“And our extensive modelling, which takes long-term retirement and residential care fees into account, still shows a solid return for retirement villages, especially those using upfront management fees and other enhanced modelling strategies,” he said.

Mentor Education’s Mark Sinclair said the group had made Aged Care Specialists’ advice training solutions available to accountants, lawyers and financial planners as compulsory units in its new Bachelor and Master of Financial Planning courses with Notre Dame University.

“[Aged Care Specialists’] Aged & Disability Care Specialist Adviser network has been created to address where [aged-care residents] are and where they wish to be, meet with the residents and their families, and recommend the best overall scenario for them before they make their long-term retirement decision,” Sinclair said.

Advisers in the network were trained to examine different cash-flow modelling solutions around aged care, including options for keeping and selling the family home, moving to a retirement village or moving one member of a couple into care.

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