Assyat David

Older Australians and their families are at significant risk of receiving “conflicted, inconsistent and inaccurate” advice on aged care from the growing number of unlicensed providers, exposing them to serious financial harm, due to gaps in the regulation of financial advice, according to a new paper from Aged Care Steps.

Titled, The risk of unregulated aged care advice: Protecting older Australians and ensuring quality advice, the report urges the government, regulators and broader advice industry to make a clear distinction between personal advice and information in relation to aged care funding, citing a proliferation in “advice errors” given by Services Australia, aged care providers and other unlicensed players.

The paper identifies five major issues with how aged care advice is currently provided in Australia and makes five recommendations to strengthen consumer protections.

The recommendations are:

• Clarify aged care financial advice as Personal Financial Product Advice under the Corporations Act and require providers to be authorised under an Australian Financial Services Licensee (AFSL);
• Enhance regulation and enforcement by strengthening the Australian Securities and Investments Commission’s role in overseeing aged care financial advice;
• Improve identification of licensed advisers by introducing financial planning specialisation categories, including aged care funding advice, on the Financial Advisers Register (FAR);
• Launch a public campaign to educate consumers about value of licensed financial advice and how to find a licensed adviser; and
• Explore ways to improve the affordability and accessibility of aged care advice, such as through subsidises or new service models.

According to Assyat David, Director of Aged Care Steps, the current system lacks clear guidance and regulatory oversight, raising concerns about the quality and consistency of advice available, and the heightened potential for elder abuse.

“Decisions relating to aged care funding are among the most significant financial decisions many Australians will make, with long term consequences not just for the individual but also their families,” David said.

“This grey area of unregulated advice poses significant risks to consumers and highlights the urgent need for clearer guidelines and stricter regulations.”

“Without proper consumer protections, older Australians are at risk of making inappropriate decisions that could have serious financial and estate planning consequences.”

Louise Biti, Director of Aged Care Steps, added that addressing challenges in aged care financial advice was not just a matter of individual well-being but public policy concern.

“Aged care advice should only be provided by financial planners that have the necessary expertise and are authorised under an AFSL and, therefore, comply with relevant laws, regulations, and ethical standards,” Biti said.

“This approach would strengthen consumer protections due to the requirement for authorised advisers to act in their client’s best interests, meet minimum education and competency standards, and carry professional indemnity insurance to ensure compensation in cases of professional misconduct and participate in an external complaints resolution body. Unlicensed providers do not offer these protections.”

The Aged Care Steps report is based on extensive stakeholder consultation and considers academic research and international comparisons. It also features insights from a survey of over 90 participants in the aged care sector.

Read the paper.

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Zachary Dodds

Aged Care Steps has revealed the winners of the 2025 Aged Care Adviser of the Year Awards, celebrating advisers who are lifting the standard of aged care advice across Australia.

The awards shine a light on professionals who guide families through one of the most significant decisions they will make. As aged care becomes more complex and emotionally charged, the work of skilled advisers is more important than ever.

Assyat David, Director of Aged Care Steps, said the calibre of entries reflected an industry that is evolving but is also becoming more difficult for clients to navigate on their own.

“The depth of expertise and client care shown in this year’s submissions was exceptional. These advisers are reshaping how Australians understand and experience aged care advice, proving that technical skill and compassionate support can sit comfortably side by side. We congratulate every finalist and winner for their contribution to better outcomes for older Australians and their families.”

2025 Winners

This year’s judging panel included Phil Anderson, FAAA, Sue Viskovic, Elixir Consulting and Andrew Inwood, CoreData Group, who have selected the winning advisers under two categories:

• Aged Care Adviser of the Year
• Aged Care Advice Program of the Year

Aged Care Adviser of the Year Winner – Zachary Dodds CFP^®

Zachary Dodds, a CFP^® and seasoned financial planner, has established himself as a trusted advocate for families navigating aged care. His work at Muirfield Financial Services blends clear, confident technical guidance with the kind of empathy that helps clients feel genuinely supported.

Zac led Muirfield’s inaugural Aged Care Expo, a project that connected local families, aged care providers and professionals in a welcoming community setting. His approach continues to elevate aged care advice as a cornerstone of holistic financial planning.

He has been recognised as a three-time finalist for the ACS Awards and won the inaugural 2024 Aged Care Advice Excellence award. Aged Care Steps is proud to recognise his continued excellence in aged care advice by naming him the 2025 Aged Care Adviser of the Year.

Aged Care Advice Initiative of the Year Winner – Alteris Financial Group

Alteris Financial Group has long been known for thoughtful and comprehensive aged care advice, and was recognised in 2022 and 2023, winning the ACS Aged Care Advice Program of the Year.

Aged Care Steps is pleased to congratulate them again in 2025 as this year’s winner of the renamed Aged Care Advice Initiative of the Year award.

Over the last year, they expanded their leadership in aged care advice with a Client Nurture Campaign that reframed how families receive information during stressful decision periods.

The program blended segmented digital communication, educational resources and an improved web experience to help families reach out earlier and with greater confidence.

Within six months, the firm doubled the number of self-initiated enquiries and strengthened both lead quality and revenue. The result is a scalable model that proves high-quality aged care advice can be delivered with clarity, empathy and strong strategic foundations.

Outstanding aged care advice has never been more important

The 2025 winners and finalists demonstrate the growing sophistication of aged care financial advice in Australia. They are not only advisers but also educators, business innovators and community connectors.

With rising costs, new regulatory settings and increasing pressure on families to make informed decisions, the sector needs advisers who combine technical strength with genuine human care.

Aged Care Steps is proud to recognise the individuals and businesses who are meeting that challenge with integrity and dedication.

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Assyat David

Aged Care Steps, a leading voice in the aged care advice industry, has revealed the Finalists for this year’s ACS Aged Care Adviser of the Year Awards.

Now in their fourth year, the awards shine a spotlight on Australian financial advisers who are making a real difference in the essential aged care advice sector.

“Recognising excellence in aged care financial planning is at the heart of what these awards represent. When Australians turn to financial advisers to help navigate their retirement, they deserve confidence that they’re working with advisers who represent the best practice of the industry. Our finalists are making a meaningful impact on both the sector and individual clients’ lives, said Assyat David, Director of Aged Care Steps.

“It’s our pleasure to announce the 2025 finalists for both the Aged Care Adviser of the Year and the Aged Care Advice Initiative of the Year and congratulate them all on this achievement,” continued David.

Advisers have been nominated under two categories:

• Aged Care Adviser of the Year
• Aged Care Advice Initiative of the Year

‘Aged Care Adviser of the Year’ recognises an individual adviser who is deemed to have demonstrated outstanding professional commitment in providing aged care advice to older Australians and their families.

The ‘Aged Care Advice Initiative of the Year’ category (formerly known as the ‘Aged Care Advice Program of the Year’) will once again spotlight a financial services business that is creating and undertaking aged care advice initiatives that advocate for and promote aged care advice to their clients or wider community.

The 2025 awards were reviewed and assessed by an external panel of respected professionals comprising Phil Anderson, Sue Viskovic, and Andrew Inwood. The judges recognised the exceptional quality and calibre of the submissions and were also impressed by the volume of submissions received this year.

The 2025 Finalists are (in alphabetical order by first name):

• Aged Care Adviser of the Year
  • Brenda Will – Bruining Partners
  • Craig Phillips – Phillips Wealth Partners
  • Ilya Egorov – Financial Balance Group
  • Leah Newman – Yield Financial Planning
  • Zachary Dodds – Muifield Financial Services

• Aged Care Advice Initiative of the Year
  • Alteris Financial Group
  • Ageing with Grace Advisory
  • Bruining Partners
  • Muirfield Financial Services

Aged Care Steps will be announcing the winners of the awards in early December 2025.

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With the goal of recognising individual financial advisers and advice businesses for their work with clients, aged care initiatives, and general excellence in the area, Aged Care Steps (ACS) is expecting an even greater nomination pool this year.

“We’ve loved being able to put a spotlight on the growing field of aged care advice, especially being able to celebrate the amazing advisers and businesses that operate in our industry and lead the way in having a positive impact on their clients” said Louise Biti, Director – Aged Care Steps.

2025 sees two categories available for nomination – one for individual advisers and one for advice businesses. Advisers are able to self-nominate or put forward colleagues or fellow advisers. This year’s categories are:

• Aged Care Adviser of the Year
• Aged Care Advice Initiative of the Year

The ‘Aged Care Adviser of the Year’ award recognises and celebrates financial advisers who have successfully incorporated aged care advice into their advice propositions to support older Australians and their families.

“Professionally, this is a very special award to win. To be recognised by my peers is validation of the work I’m doing in delivering quality aged care advice. And personally, the award also acknowledges all the hard work I’ve put into aged care advice over the years. It’s wonderful recognition for the work I truly love doing.”
Katie Spence, Sage Care Advice, 2024 Winner, Aged Care Adviser of the Year

The ‘Aged Care Advice Initiative of the Year’ category (formerly known as the ‘Aged Care Advice Program of the Year’) will once again spotlight a financial services business that is creating and undertaking aged care advice initiatives that advocate for and promote aged care advice to their clients or wider community.

Previous award winners have been acknowledged for their tailored programs, advocacy, and strong leadership and promotion of the importance of aged care advice.

“We’re incredibly proud that our Ageing with Grace Support Service has been recognised by our peers by taking out the 2024 Aged Care Advice Program of the Year Award. This award means so much to us, because it reflects what we care about most – supporting families through the challenges of aged care with compassion, clarity, and confidence.”
Kara Treeby CFP^®, Story Wealth Management, 2024 Winner, Aged Care Advice Program of the Year

Applications are now open

Applications will be reviewed and assessed by our external panel of respected professionals.

Phil Anderson (GM Policy, Advocacy & Standards at FAAA) and Sue Viskovic (Founder of Elixir Consulting) are returning for their third year as judges, and Andrew Inwood (Founder of CoreData Group) is joining this year’s panel for a second time.

Full details of the Awards and the nomination and application processes are available here.

The 2025 applications close on Friday, 26 September at 6pm AEST.

In a year when aged care is set to become more expensive and more complicated, with the introduction of the new Aged Care Act and fee changes, highlighting and promoting advice excellence is more important than ever.

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The ACS Aged Care Adviser of the Year Awards recognise and champion the work done by exceptional aged care advisers across the country, helping people navigate the increasingly complex landscape that is aged care planning.

“We are very proud to announce the winners of the 2024 ACS Aged Care Adviser of the Year Awards”, said Assyat David, Director of Aged Care Steps.

“The exceptional quality of submissions that we received is a testament to the passion, talent and dedication within the aged care advice industry and proof of the tangible difference aged care advisers are making in their clients’ lives. Congratulations to all the finalists and winners – your work exemplifies the very best in aged care advice.”

2024 Winners

This year’s judging panel included Phil Anderson, FAAA, Sue Viskovic, Elixir Consulting and Andrew Inwood, CoreData Group, who have selected the winning advisers under three categories:

• Aged Care Adviser of the Year
• Aged Care Advice Program of the Year
• Aged Care Advice Excellence Award

Aged Care Adviser of the Year Winner – Katie Spence

Katie Spence has been recognised for her work simplifying and effectively communicating the concept of aged care financial advice to clients and their families, ensuring they’re able to understand their options and plan appropriately. She has been recognised as an exemplary Adviser by her clients, who have built a strong referral network in acknowledgement of her work with each of them and the effect she has on their peace of mind as they plan for their own future or that of their loved ones.

Aged Care Advice Program of the Year Winner – Story Wealth Management

In 2024, Story Wealth Management launched their specialised program, the ‘Ageing with Grace Support Service’, designed to address and support the financial, logistical, and emotional challenges faced by seniors and their families through a financial advice lens.
With the program’s mission of meeting the growing demand for aged care advice in their client base and wider community, they have already had great success, and established partnerships with local Care Coordinators, elder law specialists, and service providers.

Aged Care Advice Excellence Award Winner – Zachary Dodds

The Judges of this years’ awards have chosen to recognise an additional Financial Adviser for the excellence demonstrated through his nomination. As well as growing his impact on clients in the past year, Zac was a key organiser in the newly-established Aged Care Expo held in Geelong, bringing together a range of specialist providers and educators to provide quality information for the community.

Zac was also instrumental in Muirfield’s participation in Seniors Week and a number of seminars and workshops, allowing clients and the wider community to self-educate on the importance of aged care financial advice before making the next step of speaking to a qualified adviser to create a tailored plan.

A great year for aged care financial advice

As evidenced by this year’s winners and finalists, the aged care financial advice sector is home to a range of exceptional financial advisers who are also business leaders and community advocates. Aged Care Steps is proud to be able to acknowledge and celebrate the successes of the leaders in this field and support them in their shared goals of helping Australians access high-quality aged care financial advice.

In the current environment where aged care advice decisions are becoming more complex and fees are increasing, it is important for older Australians and their families to have access to quality aged care advice from licensed financial advisers who demonstrate advice excellence as well as passion, empathy and commitment.

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Now entering its third year, the awards continue to recognise the amazing work of Australian financial advisers in the ever-growing field of aged care advice.

“These awards play an important role in drawing attention to and celebrating excellence in aged care advice. As individuals seek out financial planners to plan their retirement, we want them to know they are collaborating with some of Australia’s best advisers, recognised for their significant influence on the industry and their clients’ well-being,” said Louise Biti, Director of Aged Care Steps.

“We’re delighted to announce the 2024 finalists for both the Aged Care Adviser of the Year and the Aged Care Advice Program of the year and congratulate them all on this achievement,” continued Biti.

Advisers have been nominated under two categories:

• Aged Care Adviser of the Year
• Aged Care Advice Program of the Year

‘Aged Care Adviser of the Year’ recognises an individual adviser who is deemed to have demonstrated outstanding professional commitment in providing aged care advice to older Australians and their families.

The ‘Aged Care Advice Program of the Year’ category recognises an Australian adviser or financial services business that has actively advocated the promotion of aged care advice amongst their client base, referral networks, peers, or local community.

The 2024 awards were reviewed and assessed by an external panel of respected professionals comprising Phil Anderson, Sue Viskovic, and Andrew Inwood. The judges recognised the exceptional quality and calibre of the submissions and were also impressed by the volume of submissions received this year.

The 2024 Finalists are (in alphabetical order by first name):

• Aged Care Adviser of the Year
  • Belinda Veriton – RFS Advice
  • Brenda Will   Bruining Partners
  • Craig Phillips – Phillips Wealth Partners
  • Dean Winfield  – Planrite Advice Group
  • Joe Formica   Progressive Financial Solutions
  • Katie Spence – Sage Care Advice
  • Robyn Clelland  – Corso Provate Wealth (Nanna’s Planners)
  • Robyn Clelland – Muifield Financial Services

• Aged Care Advice Program of the Year
  • Alteris Financial Group
  • Muirfield Financial Services
  • Phillips Wealth Partners
  • Story Wealth Management

Aged Care Steps will be announcing the winners of the awards on 21 November 2024.

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Craig Phillips

Industry leader Aged Care Steps has launched the 2024 Aged Care Adviser of the Year Awards.

Now entering its third year, Aged Care Steps is continuing to recognise the amazing work of Australian financial advisers in the ever-growing field of aged care advice.

“We hold these awards as a way to highlight and celebrate excellence in aged care advice. As clients connect with financial planners to plan for the later stages of retirement, we want them to know they’re working with the best aged care advisers in Australia, recognised for their impact on the industry and their clients,” said Louise Biti, Director of Aged Care Steps.

There are two categories open for nomination in 2024, with advisers able to nominate themselves or another adviser or program they believe deserving of the accolade:

• Aged Care Adviser of the Year
• Aged Care Advice Program of the Year

‘Aged Care Adviser of the Year’ recognises an individual adviser who is deemed to have demonstrated outstanding professional commitment in providing aged care advice to older Australians and their families.

“Winning the Aged Care Steps award for Adviser of the Year reassures us that we’re providing quality advice and making a real difference to the people we serve. It’s not just about the numbers. Our team’s ‘why’ is simple: Every older Australian deserves the freedom to choose how and where they live—right up to the end. To achieve this, we work closely with our clients and their families, finding creative solutions and going the extra mile.”
Craig Phillips, Phillips Wealth Partners, Winner – 2023 Aged Care Adviser of the Year

The ‘Aged Care Advice Program of the Year’ category recognises an Australian adviser or financial services business that has actively advocated the promotion of aged care advice amongst their client base, referral networks, peers, or local community.

“The award was a wonderful acknowledgement that reinforced our commitment to the benefits of having a specialised aged care division. This recognition underscores our multifaceted approach, which includes offering tailored financial guidance to clients to instil confidence in their decision-making, consistently sharing our expertise with aged care facilities to emphasise the value of financial advice, and exchanging insights with fellow financial planners to empower them in supporting their clients effectively.”
Andrew Biviano, Alteris Financial Group, Winner – 2023 Aged Care Advice Program of the Year

Applications will be reviewed and assessed by an external panel of respected professionals, which includes Phil Anderson (GM Policy, Advocacy & Standards at FAAA) and Sue Viskovic (Founder of Elixir Consulting) both of whom were a part of the judging panel for 2023, and Andrew Inwood (Founder of CoreData Group) who joins this year’s panel.

Applications close Friday 20th September at 6.00pm AEST

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Despite the Aged Care Taskforce delivering its final report (on aged care financial viability and reform) in December 2023, the Government has delivered another Budget that has avoided making decisions around funding aged care for long-term viability.

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Louise Biti

Industry leader Aged Care Steps has launched a significant consultation project that explores how older Australians and their families access financial advice to support their aged care decisions.

Driven by a commitment to ensure that aged care advice is provided in the best interests of older Australians and their families, the project, centred on a discussion paper and stakeholder research, was launched after a worrying trend emerged.

Despite the strategic and financial complexity inherent in aged care advice, financial advice on aged care is increasingly provided to older Australians by unlicensed and unregulated businesses and services. The outcome is leading to a prevalence of superficial, often conflicted advice, no regulatory oversight, and a lack of essential consumer protections, which may place the client at substantial risk and lead to decisions that are not well-informed.

“The variety of care options, rush to make immediate decisions, cost of advice, complicated fee structures, conflicts of interest, and raw emotions are just a few of the challenges people face when accessing aged care advice,” said Louise Biti, Director of Aged Care Steps.

“Moreover, aged care legislation, choices and costs associated with aged care are constantly changing, enhancing the difficulties with planning and education.”

“This confusion complicates the objective set out by the government to increase the sustainability and funding mix of the aged care industry for the ultimate benefit of older Australians. We believe that the delivery of personal advice on aged care financial decisions needs to be examined and regulations need to be clarified and more consistently applied to protect older Australians and their families,” continued Biti.

Personal advice, which leads to investment into specific financial products, is clearly regulated under the Corporations Act 2001 as personal advice; however, a range of contrasting views exist about personal advice on aged care, which focuses on strategic outcomes, albeit strategic outcomes which include advice on financial products including basic deposit products.

The discussion paper explores whether individuals and organisations who provide aged care financial advice should be authorised under an Australian Financial Services License (AFSL) and comply with financial advice laws, regulations and ethical codes.

Alongside the discussion paper, the consultation project will include research with key stakeholders within the financial services sector, aged care sector and other connected support areas as well as older Australians and their families.

Participation in this survey-based research is encouraged from the following groups/individuals:

• AFSLs and advice providers including financial planners, accountants, and lawyers.
• Aged care service providers including care providers, placement services, peak bodies, and social workers.
• People accessing care services including individuals, carers, families and consumer groups.
• Relevant industry individuals and groups such as Members of Parliament and regulators.

Stakeholders can read and review the discussion paper, and share their insights via the survey on the Aged Care Steps website. The consultation period will run until 5.00 pm (Sydney time) on 10^th of May, 2024.

Once the consultation has ended, Aged Care Steps will prepare a white paper as a basis for engagement with the relevant industry bodies and regulators to work towards meaningful changes in the regulation of aged care advice in the interest of protecting older Australians.

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Louise Biti

The Government released the final report from the Aged Care Taskforce on Monday 11 March.

Louise Biti, Director at Aged Care Steps said, “this much-anticipated report recognises the demographic changes driving the increasing demand for quality aged care services.” Current and future generations have high expectations for quality aged care with greater choice and more control.

The Federal Government is the major funder of aged care. However, there is a limit to their ability to support the increase in costs needed in the future. Government spending on aged care as a proportion of gross domestic product (GDP) is projected to grow from 1.1% in 2021–22 to 2.5% by 2062–63.

A specific tax or levy to fund aged care was ruled out in the report, in favour of increased user-pays contributions for people with financial capacity. “The Taskforce realises that generally older people are wealthier than previous generations and should consider accessing their increasing superannuation and property assets to fund their aged care needs.” But this should continue to be underpinned by a strong safety net for low-means participants to meet aged care costs.

Biti added “The taskforce recommendations could result in significant changes to the decisions for funding aged care services, creating increase confusion and concern for clients trying to navigate the impact on their personal circumstances”.

“A number of the recommendations encourage Australians and their families to plan ahead for aged care and consider their aged care needs earlier in retirement” explained Biti. “Financial advisers have the opportunity to educate clients and encourage pre-planning for aged care as part of ongoing retirement advice” added Biti.

“These developments reiterate the importance and value of personal aged care advice and highlights the need for all advisers to have an aged care advice solution in place for clients”. Biti concluded.

Key recommendations from the Taskforce include:

• Immediately increasing the $550,000 cap that limits providers charging a higher RAD (Refundable Accommodation Deposit) without approval from the Independent Health and Aged Care Pricing Authority – an option was put forward as a first step to increase the cap to $750,000 in line with the Tune Report recommendation in 2017.
• Allowing providers to deduct and retain 3% of the RAD for a limited number of years to create greater alignment between the lump-sum RAD and the rental-like equivalent DAP (Daily Accommodation Payment)
• Phasing out RADs by 2035, moving to just a rental model.
• Adding an additional supplement to the basic daily fee to cover the costs paid by providers for hotelling services (ie food, utilities, laundry etc). It is suggested this should be paid by Government for residents who receive an age pension, but in all other cases to be paid by the resident.
• Allow providers and residents to negotiate a higher basic daily fee for higher quality services.
• Charging varying fees for Home Care services based on the type of services accessed.
• Expanding government funding to fully cover the cost of care while residents pay a greater contribution towards accommodation and daily living expenses. However, if the Government chooses not to fully fund the care component, the Taskforce indicated that annual caps on the means-tested fees could be removed and the lifetime cap be reviewed.

It is important to note, that these recommendations are just contained in the Taskforce’s report. The Government has not yet confirmed which recommendations (if any) they will accept, except to confirm ruling out a specific levy or increasing taxes to cover the cost of aged care. They have also indicated they do not plan to change the means-testing of the family home.

“All eyes will be on the May Federal Budget, when it is anticipated that the Government will formulate its response and proposed changes” concluded Ms Biti.

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