Aged care becomes critical for advisers

Financial advice practices are waking to the idea that specialist aged and disability care advisers will become necessary for any planning business to thrive in coming decades.

Mentor Education founder and director Mark Sinclair said the advice industry has welcomed the launch of its training solution which is tailored to advisers wishing to become aged and disability care specialists. The first intake of students occurred in January 2018, he added.

"Student intake for 2018 reflects the industry's response to this growing need," Sinclair said.

On successful completion of their studies, graduates will be designated as an Aged & Disability Care Specialist Adviser and can offer long-term advice and investment solutions as part of their ongoing client services.

Mentor Education and Aged Care Specialists are adamant this advice solution is a market opportunity in its own right and advisers that undertake study and accreditation will be positioned as market leaders.

Aged Care Specialists' Greg Roberts said with the growth of Australia's ageing and disabled population, "the financial advice sector needs more advisers than ever with the capacity to provide comfort and reassurance through advice, care and investment solutions at those critical times when important decisions need to be made."

He said 4.2 million Australians are disabled and of these, 1.4 million are severely disabled - and all require guidance to navigate often overwhelming and confusing scenarios and solutions.

"They are often housed in aged and residential care facilities, and knowledge about creating optimal solutions for them is a vital part of the model. This situation is about to escalate with Australians aged over 65 expected to treble over coming three decades," he said.

With about 3.6 million people in Australia currently aged over 65, professional advice practitioners need to include aged care advice as part of a holistic offering that reflects the journey for their clients from wealth accumulation to retirement, or possible unforeseen disability," Roberts said.

Read more: Aged CareAustraliaAustraliansMentor EducationGreg RobertsMark SinclairDisability Care Specialist Adviser
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