Growing advice business amidst industry disruption

From

Assyat David

Advisers and licensees distracted by developments in financial services may be overlooking an existing advice opportunity which is available to access a growing revenue stream.

“The findings of the Royal Commission into financial services due to be released next Monday and other industry developments have left many advisers and licensees sitting on the sidelines waiting for an indication of the direction for our industry” said Assyat David, Director Aged Care Steps.

“There is no doubt that adviser and licensee revenues and business valuations will be squeezed, and costs will come under pressure” David added. Now more than ever, advice professionals are seeking avenues to grow and diversify their revenue as well as secure intergenerational wealth transfer and attract new clients. “But for advisers who implement an effective aged care advice service, these are key outcomes being achieved” said David.

“The ageing demographic, increasing costs of aged care and the Royal Commission into aged care will underpin a long-term increasing demand for aged care services this is becoming a core component of financial planning advice” added David.

Advice professionals with pre-retiree and retiree clients will need to incorporate the aged care conversation into their processes to address planning for the ‘frailty years’ in the third phase of retirement. “A desire to help clients throughout the full retirement period and create relationships with the next generation are reasons why aged care advice is forming a key component of financial planning” according to David.

We are aware of the saying that ‘change brings opportunity’. Advisers who take advantage of the industry changes to add increasingly relevant and growing services like aged care are more likely to succeed with higher levels of client satisfaction, higher revenue streams and improved business valuations.

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