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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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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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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The awards aim to recognise and champion the significant work done by aged care advisers in helping people navigate the aged care maze – an area that is of increasing importance and concern to older Australians and their families. With increasing longevity and around 1.5 million older Australians receiving care services, these advisers provide an important service to clients.

Advisers have been nominated under two categories:

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

The first category recognises an individual adviser who is deemed to have demonstrated outstanding professional commitment to providing aged care advice to older Australians and their families.

The second category recognises an Australian adviser or advice business working in financial services that has actively advocated the promotion of aged care advice amongst their client base, referral communities, peers or local community.

Aged Care Steps were excited to receive an increased number of applications this year. The applications were reviewed and assessed by an external panel of respected professionals, comprising Jo-Anne Bloch, Phil Anderson and Sue Viskovic, to select our list of 2023 Finalists. The judges commended the high standard and quality of applications.

The 2023 Finalists are (in alphabetical order by first name):

• Aged Care Adviser of the Year
  • Craig Phillips – Phillips Wealth Partners
  • Jillian Clarke – Alteris Financial Group
  • Katie Spence – Sage Care Advice
  • Kerri Mendl – Alteris Financial Group
  • Kimberly McGrath – Viridian Advisory
  • Sophie Doyle – Morgans Financial
  • Zac Dodds – Muirfield Financial Services
• Aged Care Advice Program of the Year
  • Alteris Financial Group – Andrew Biviano
  • Cosca Personal Wealth – Jayden Swarbrick
  • Olive Grove Financial Advice – Bill Savellis
  • Phillips Wealth Partners – Craig Phillips

While aged care advice is becoming a core component of retirement planning, more and more advisers are upskilling in aged care advice. However many people do not understand the value of seeking advice from a qualified and accredited aged care professional. The Aged Care Adviser of the Year Awards aim to raise awareness of the highly valued and expert services that aged care advisers provide.

“The Awards are a perfect way for us to recognise outstanding aged care advisers and help raise the profile and awareness of their specialised contribution to the advice profession and well-being of clients,” said Assyat David, Director of Aged Care Steps.

Aged Care Steps will be announcing the winners of the awards on 14 December 2023.

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Assyat David

No news is good news. For clients accessing aged care, that might be the view of this year’s Federal Budget.

Clients accessing aged care services have avoided an increase in aged care fees, despite the government needing to find an additional $11.3 billion over the next four years to fund the 15% increase in award wages for 250,000 aged care workers. However, the Budget commentary did signal a potential for client contributions to be reviewed and adjusted when the new Aged Care Act is introduced on 1 July 2024.

Other measures announced in the Budget continued to show the Government’s commitment to ongoing aged care reform, in line with the Royal Commission findings and commenced in 2021 by the previous Federal Government.

Pay increases for aged care workers

The Government has committed to funding the 15% award wage increase decided by the Fair Work Commission. The increase will apply from 1 July 2023 for registered nurses, enrolled nurses, assistants in nursing, personal care workers, head chefs and cooks, recreational activities officers (lifestyle workers) and home care workers.

Increases to wages will be funded through Government subsidies, including:

• an increase in the AN-ACC funding for residential care,
• a new $10.80 ‘hotelling’ supplement to cover chef and cook wages as well as catering, cleaning and gardening services
• an increase in the Home Care Package budgets, and
• additional grants for Commonwealth Home Support Program.

Care providers will be monitored to ensure the additional revenue is passed onto aged care workers.

Review of funding arrangements – new taskforce

A new Aged Care Act is planned to be introduced from 1 July 2024, so decisions on any changes to client contributions for care services appear to have been deferred and may potentially coincide with commencement of the new Act.

A new Aged Care Taskforce has been established to review funding arrangements for aged care and provide suggestions on options that are fair and equitable for all Australians. This will take into consideration the Royal Commission into Aged Care Quality and Safety recommendations, and focus on:

• client contributions to ensure a sustainable aged care system
• equity for older people who need aged care now and into the future, and for all those contributing to funding through taxes
• innovation and enhancing elements of the system that Australians value.

The Government recently paid $396,000 to Kantar Public Australia (political consultants) to look into client contributions towards the cost of aged care and client knowledge of the relevant policies. The findings are still being reviewed by Government and may impact future decisions.

Reduced residential care ratios

Government funding in residential aged care is regulated by imposing a national target provision ratio of subsidised residential care places.

To create a savings of $2.2 billion, the Government will temporarily reduce the ratio from 78.0 places per 1,000 people over age 70 to 60.1 places, over 3 years from 2024-2025. As shown in the graph below, the ratio has been reducing over time and reflects the increasing preference of older people to remain at home.

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Assyat David

Industry leader Aged Care Steps has launched the 2022 ACS Aged Care Adviser of the Year Awards.

As part of their declaration that 2022 is the Year of the Aged Care Adviser, Aged Care Steps has launched these inaugural awards to recognise and champion the significant work by aged care advisers in helping people navigate the aged care maze.

“These awards will set a benchmark for aged care advice excellence and promote recognition of adviser excellence and the importance aged care advice holds in financial planning,” said Louise Biti, Director of Aged Care Steps.

There are two categories under which advisers can nominate themselves or another adviser:

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

The first category 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 second category recognises an Australian adviser or business working in financial services that have actively advocated the promotion of aged care advice amongst their client base, referral networks, peers or local community.

Applications will be reviewed and assessed by an external panel of respected professionals, who will be announced in the coming weeks.

The Aged Care Adviser of the Year Awards forms part of the broader 2022 campaign launched by Aged Care Steps which aims to raise awareness of the highly valued and expert services that aged care advisers provide.

“We declared 2022 the Year of the Aged Care Adviser as a rallying call to advice professionals to ensure this is the year they make aged care advice a successful component of their business strategy”, advised Assyat David, Director of Aged Care Steps.

“The Awards are a perfect way for us to recognise outstanding aged care advisers in a year where we wish to raise the profile and awareness of their specialised contribution to the advice profession,” continued Assyat.

Full details of the Awards and the nomination and application processes are available on the Aged Care Steps website.

Applications close on Wednesday 12 October by 6.00pm Sydney daylight savings time.

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Assyat David

Industry leader Aged Care Steps has announced that 2022 is the Year of the Aged Care Adviser, with the culmination of an ageing population and market factors bringing aged care advice forward as an advice opportunity that can no longer be ignored.

We are a nation that is ageing, and this is reflected in the client base of most financial planning businesses. Across the last 20 years, the number of people aged over 85 has increased by 110%, compared to an overall population growth of 35%¹.

Add to that, market and environmental factors including baby boomers reaching their frailty years, the financial crisis for aged care providers and a Royal Commission, property prices, increasing complexity to navigate the aged care system, COVID fears and an increasing demand for quality care options and home care.

It’s clear expert aged care advice has never been more crucial. Every adviser needs a business solution for aged care advice in 2022 as the demand can no longer be ignored, not only for older clients, but also their children.

Providing quality aged care advice adds client value and creates significant opportunities for advice professionals. The Explanatory Statement for Standard 6 of the Code of Ethics explicitly states that any near future need for aged care of a client or family member must be factored into financial advice for that client, making aged care advice an important compliance requirement.

Throughout the Year of the Aged Care Adviser, Aged Care Steps (ACS) will be helping advisers understand how they can include frailty planning and aged care advice in their business strategy to increase client value and drive growth, no matter what their business model or level of expertise in this area.

“The disruptions and pressures with the ageing of clients has made the need for advisers to provide high-quality aged care advice paramount,” said Assyat David, Co-Director of ACS.

“We’ve declared 2022 the Year of the Aged Care Adviser as a rallying call to advice professionals to ensure this is the year they make aged care advice a successful component of their business strategy”, continued David.

2022 also marks the 10th anniversary of Aged Care Steps, an organisation whose team members have been actively involved in aged care advice since 1997.

“Working with us, advice professionals will build the confidence and competence to provide aged care advice whatever business model they choose,” said Louise Biti, Co-Director of ACS.

“Whether we do it for you, do it with you or enable you to do it yourself, we support advisers (and other professionals) across every aspect of aged care advice, from engaging clients to marketing to technical knowledge. We help advisers with practical solutions to find their right aged care solution,” continued Biti.

Aged Care Steps encourages the advice community to challenge their thinking about aged care advice during 2022, the Year of the Aged Care Adviser.

——-

[1] ABS, Twenty years of population change, Dec 2020 at https://www.abs.gov.au/articles/twenty-years-population-change

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Assyat David

The FASEA regulations have had an unsettling effect on the industry and much of the discussion to date has centred around disruption and educational and exam requirements.

But now is the time to shift the focus to a more productive examination of implementation and what the standards mean for advice behaviour, delivery of client services and operational processes according to a white paper released by Aged Care Steps.

“Aged care advice has been moving to a core component of financial advice with an ageing population. The FASEA standards reinforce the need for advisers to consider the aged care implications for clients and implement an aged care advice solution to comply with the Code” according to Assyat David, Director at Aged Care Steps.

Three out of the twelve FASEA standards specifically require consideration of the client’s broader long-term interests. The Best Interest Duty (BID) fails without this aspect covered.

“Advisers must consider the entirety of a client’s retirement which implicitly needs to take into account not only the early “active” years but also the potential changes to the client’s health and ability over time and the third phase of retirement – the frailty years” said Ms. David.

Not all advisers need to become aged care experts, but they all need to have a business solution that matches their business objectives as well as personal skills and expertise. According to Ms. David, “advisers need to build capabilities, confidence and efficiencies to ensure they are able to support clients throughout their frailty years”.

Furthermore, “Standard 2 requires advisers build confidence to actively start conversations with clients about imminent or future care needs for themselves or family members,” she added. “This Standard requires a proactive approach to identify needs both now and into the future.”

Advisers who avoid aged care advice, risk failing to comply with the FASEA code of ethics as well as failing to satisfy the needs of the client.

The Aged Care Steps white paper provides insights to guide advisers and licensees on the steps to take to be well positioned to meet the FASEA obligations, to protect their business from disruptions and enable advisers to be positioned for growth. It explores issues including who is the ‘duty of care’ owed to when dealing with families and how advisers can meet the competence and efficiency value pillars which are core to the FASEA regulations.

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Assyat David

The financial advice landscape has changed dramatically in recent years, particularly in relation to the stated requirement for advice to address likely future needs (see FASEA Code of Ethics, Standard 6). Nowhere is this more compelling than in retirement planning.

The changing regulatory environment has combined with increasing longevity and frailty issues to raise the very real threat of advisers being held accountable for clients having insufficient funds to support themselves as they age, including in aged care.

Aged Care Steps has published a White Paper on precisely this issue, calling for new approach to retirement planning, one which equips advisers to support their clients through key life transitions as they age.

‘The real-life phases of retirement are not defined by age, as previously thought, but by levels of frailty and dependence,’ says Assyat David, a director of Aged Care Steps.

‘The three phases of retirement – the carefree years, the quiet years and the frailty years – need to be treated as distinct periods, with tailored planning considerations and outcomes.’

The approach has implications for multiple aspects of an advice business – advice processes and ongoing service model, portfolio construction approach, revenue models and client value proposition.
Assyat David says it’s not about forcing every financial advice business to become an aged care expert.

“It’s about ensuring your advice business is aged care ready; which means you have a robust business model that caters to the planning needs of your clients entering the frailty years – so that you can demonstrate that you have considered their position and provided advice that is in their best interest and meets their broader, long-term needs; whether that advice has been provided directly by you or a referral partner.’

Aged Care Steps specialises in supporting advice professionals to build and develop a profitable aged care advice business, so clients can receive meaningful and effective aged care advice.
‘Our training provides the technical competence and confidence to provide aged care advice’, explains Assyat David.

‘Our subscriber services – the Business Toolkit and the Advice Generator – provide the intellectual property, business tools and general know-how to operate a best practice aged care advice business – at the level you choose.’

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Assyat David

At a time when many have described the financial advice sector as reeling, and some advisers are saying they feel depressed and afraid about the future, there’s a good news story emerging from the wreckage – aged-care advice.

The white knight of the financial advice industry may not be overtly sexy, but it’s steady, reliable and growing – both in consumer demand and profitability.

Kate Phillips is the Principal Adviser of Tend Financial Planning in Adelaide.

‘There’s a steady stream of new people coming through the door,’ she says. ‘It’s about capturing that opportunity.’

Principal Adviser at TBA Aged Care Financial Advisers, Sarah Hall, is in strong agreement, with the business now receiving two to five calls a week from prospective aged care clients.

‘It’s become a big focus point for our revenue,’ she says.

Drew Potts from Potts Duhring Financial Advisers in South Australia is feeling positive about the future.

‘I wish we had recognised the value sooner…it probably took around eighteen months for us to get the commercial aspects right.’

But it’s not just the business rewards that are appealing. It’s the opportunity to provide real and practical support to people at a stressful and emotionally challenging time.

Di Chalk, Certified Financial Planner and Accredited Aged Care Advisor from Hillross in Fairy Meadow, describes it as some of the most satisfying work she has ever done.

‘It’s incredibly complex; people are just so relieved when they realise you can help them.’

‘I’ve had a six-foot fireman in my office, in tears and hugging me, because we understood and could genuinely help, right down to the paperwork.’

It’s a specialised and complex area of advice, but the potential benefits to clients are significant.

Proprietor and Financial Adviser at RI Advice in Circular Quay, John Walker, reflects on a recent outcome, where his firm was approached to help a family struggling to make the payments for a grandmother already living in residential care.

‘It took several months to sort things out, but we were able to increase her cashflow by $48,000 a year.’

Reflecting on his career, Geoff Whiddon, Director at Dome Financial Group in Charlestown, goes one step further, saying that, if he had his time again, he ‘would focus solely on aged care advice’.

‘I would get rid of every other part of my business,’ he said.

Co-founder and director of Aged Care Steps, Assyat David, is not surprised by the emergence of aged-care advice as a significant business income stream for financial advisers.

‘Aged-care is a critical component of what we refer to as the third phase of retirement – the frailty years,’ she explains.

‘Whether advisers address it proactively with existing clients – as part of their retirement planning service – or prefer a more transactional approach to supporting new clients in crisis – the business case for providing aged care advice is without question.’

Assyat David says the future is bright for those advisers who understand the new advice paradigm.

‘Those advisers who have embraced the opportunity to really engage with their clients are feeling positive about the future,’ she says.

‘In many cases, providing aged care advice to a family has yielded multiple contacts within that family group, which means there’s an added opportunity for the business to benefit from intergenerational wealth transfer.’

‘Aged-care advice is personally satisfying and professionally lucrative.’

The advisers quoted here feature in a new ACS Adviser Insights video series, explaining their aged-care advice business journey.

Advisers considering their future and wondering what direction to take are encouraged to visit agedcaresteps.com.au to find out more about how to get started and build an aged care advice business.

By Assyat David, Co-founder and Director

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