Louise Biti

The Federal Government’s Independent Review of Residential Aged Care Accommodation Pricing^[1] has endorsed the need for clearer boundaries between information and financial advice, with a recommendation that financial advice on aged care be limited to licensed advisers holding an aged care specialist designation.

It reinforces the findings of the recent white paper by Aged Care Steps^[2] on the regulation of aged care financial advice and supports the Financial Advice Association Australia’s (FAAA) aged care specialist designation.

Sarah Abood, CEO of the FAAA, said: “The recommendations would lead to a clearer, safer pathway for older Australians, enabling these people to make more effective aged care decisions. This is particularly critical as Australia’s population ages – the proportion of people aged over 85 is one of the country’s fastest growing demographics.”

The review highlights the challenges older people face in understanding the costs and financial impact of residential aged care accommodation, often leading to aged care providers and other unlicensed players being asked for information and guidance bordering on, and sometimes crossing into, personal financial advice.

It recognises that aged care providers, Aged Care Specialist Officers (ACSOs) and Financial Information Service (FIS) officers are limited to the provision of information, not financial advice. It also states that aged care providers must ensure their staff do not provide financial advice and that any information about aged care costs remains accurate and factual.

Louise Biti, director at Aged Care Steps, said that the report validates long-standing concerns about the risks created when aged care staff attempt to guide families through complex financial decisions.

“This report reinforces what our White Paper made clear – aged care financial advice must be delivered by registered financial advisers with specialist training. Aged care providers and FIS officers play an important role in providing information, but they need clear boundaries and safeguards to ensure they don’t inadvertently step into financial advice,” Biti says.

The Review also proposes a requirement for advisers to complete and maintain specialist training and qualifications to provide aged care financial advice. The Review specifically recognises the FAAA’s Aged Care Specialist designation, with education delivered through the Aged Care Steps Accredited Aged Care Professional program, and it calls on the Department of Health, Disability and Ageing to work with the FAAA to ensure advisers have access to accurate, up-to-date training.

Abood says: “We welcome the Review’s recognition of the FAAA Aged Care Specialist designation, with education provided by Aged Care Steps, and the call for a stronger focus on specialisations. This is essential to protecting older Australians and ensuring they receive high-quality financial advice on aged care. We would welcome the opportunity to work with the Department and Government to ensure aged care specialist designations are recognised appropriately in financial advice licensing requirements.”

Anyone seeking specialist aged care advice can use the FAAA Find a Planner service at https://faaa.au/find-a-planner/ and search for a licensed adviser who holds the Aged Care Specialist designation.

———

Notes:
[1] https://www.health.gov.au/resources/publications/independent-review-of-residential-aged-care-accommodation-pricing?language=en
[2] The Risk of Unregulated Aged Care Advice: Protecting Older Australians and Ensuring Quality Advice, Aged Care Steps Pty Ltd, January 2026

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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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Peter Burgess

The SMSF Association’s 2025 Technical Summit, taking place at the Sydney Masonic Centre on August 6–7, will challenge SMSF professionals to confront the realities of practising in a high-stakes, high-compliance environment – where policy settings are shifting, regulation is tightening, litigation risk is rising, and the line between guidance and advice has never been more blurred.

This year’s program goes beyond theory – cutting through the noise to deliver practical insights into the ethical dilemmas, compliance pitfalls, and behavioural challenges facing the sector. From managing client capacity and aged care transitions to navigating superannuation contribution and pension strategies, dealing with related-party transactions, and identifying emerging audit risks, the Technical Summit equips professionals to operate with confidence in an increasingly complex sector.

“In today’s environment, where one misstep can lead to litigation or loss of professional standing, SMSF professionals are facing unprecedented scrutiny, from clients, regulators, and peers,” says SMSF Association CEO Peter Burgess.

“Sound technical knowledge alone is no longer enough. SMSF professionals must now demonstrate   professional judgment, ethical clarity, compliance discipline, and strategic foresight in every client interaction. This Technical Summit is designed to deliver exactly that.”

He says this year’s program is anchored by five powerful questions every SMSF practitioner must be prepared to answer:

• How do you support your clients without crossing regulatory boundaries?
• Are you truly delivering holistic advice – or just part of the picture?
• Are you getting it right, or waiting for the regulator to step in?
• Can your professional judgment hold firm when clients present moral and ethical dilemmas?
• Are you learning from courtroom decisions – or heading for it?

These questions will be explored across keynote presentations, technical sessions and workshops – with case studies featured prominently throughout the program to bring real-world client scenarios to life.

With sessions led by some of the profession’s most trusted names – including keynote speakers Peter Burgess, Craig Day, Louise Biti and Bryce Figot – this year’s Technical Summit will challenge attendees to think deeply about their responsibilities and equip them with the clarity, confidence, and tools needed to navigate client situations with both technical precision and professional integrity.

Register for the 2025 Technical Summit.

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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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Understanding of the complexities of aged care advice, viewed through a consumer protection and compliance lens.

Introduction

The burgeoning aged care sector is one that financial advisers – directly or indirectly – will increasingly come into contact with. As our population ages, and longevity improves, most advisers will have a number of clients who are either using aged care services themselves, or who are making decisions about aged care on behalf of their parents or grandparents.

Planning for, and eventually funding, aged care costs can incredibly complex, involving life changing financial decisions in areas such as:

• superannuation
• taxation
• health care
• Centrelink
• cashflow, and
• estate planning.

The need for expert advice is clear.

But advice relating to funding aged care services is currently unregulated, leaving a variety of unqualified and potentially conflicted stakeholders – think estate agents, aged care service providers and finance brokers – free to provide services called ‘aged care advice’. Critical to their ability to do this to avoid giving financial product advice, and at first glance, as aged care services are not classed as a financial product, this seems reasonable. And yet as we will explore below, making recommendations about funding aged care from one or more vehicles that are classed as financial products may well see a line being crossed.

In this article, we will explore aged care advice through a consumer protection lens, including:

• the nature of aged care services
• funding options and considerations
• the definition of financial product advice, and
• consumer protections available to retail financial advice clients.

What do we mean by ‘aged care’?

A common expression when discussing aged care is to say that someone is ‘in aged care’, the use of which implies we are talking about people living in dedicated aged care residences. Yet residential aged care is only one of three main categories of aged care assistance, and while the number of Australians in residential aged care is growing strongly, it still represents a minority of aged care being provided.

Types of aged care

According to the Australian Institute of Health and Welfare^[1], there are three main types of aged care:

• Residential aged care provides accommodation and care at a facility on a permanent or respite (temporary) basis. Permanent care is intended for those who can no longer live at home due to increased care needs, while respite provides a break from normal living arrangements.
• Home support (Commonwealth Home Support Programme) provides entry-level support at home for people as well as their carers. Services available through home support include domestic assistance, personal care, social support, allied health and respite services.
• Home care (Home Care Packages Program) provides different levels of aged care services for people in their own homes. It is targeted towards people with needs that go beyond what home support can provide. Ongoing services are available to keep people well and independent (such as nursing care), stay in their home (through help with cleaning, cooking and home maintenance) and remain connected to their community through transport and social support.

Usage of these services

Australian Government data^[2] as of 30 June 2023 revealed:

• around 193,00 Australians were using permanent or respite residential care, and
• 258,000 were using home care.

Over the 2022/23 financial year, over 816,000 people received home support.

In line with our ageing population, these numbers will increase dramatically, with experts projecting the above numbers to almost triple by 2050, when it is estimated 3.5 million Australians will be accessing the various types of aged care service³.

Self-funding aged care

Aged care funding rules are complex.

While the Government fully subsidises aged care costs for people whose main income source is the aged pension, a number of social security thresholds and tests come into play, meaning that the sale of the home becomes a critical financial decision. It also means that the same person can pay different amounts for aged care services depending on how their finances are structured, making expert guidance imperative.

Costs vary, based on the level of care required and the type of care a person is assessed as eligible for.

• A Home Care Package consists of the federal government contribution (the subsidy) and the individual’s contribution.
  1. Fees includes a basic daily fee, an income-tested care fee and additional fees. Fees vary by level of care needed.
• Residential aged care can involve several types of fee, including:
  1. Basic daily fee paid direct from the government to a provider
  2. Means-tested care fee (government subsidised)
  3. Accommodation (government subsidised)
  4. Extra services and additional services fees (not subsidised)

While accommodation fees can be paid on an ongoing basis (like a rental), many choose to pay in advance, via a Refundable Accommodation Deposit (RAD). The RAD is fully refundable to the resident when they leave the provider or is returned to the resident’s estate if they pass away.

While the average RAD in Australia is around half a million dollars, they can vary greatly depending on the individual provider and location. RAD’s exceeding $2 million are not unknown.

How do people pay for their RADs?

The financial stakes are obviously very high, and it is clear that to fund their aged care costs, especially RAD’s, most individuals will need to access amounts from within their savings and wealth holdings, which could include:

• their home
• investments including investment properties, shares, and managed funds
• term deposits, and
• superannuation.

Most of these options clearly involve financial products, and with 2024 Aged Care Taskforce report^[4] recommending those with the means make a bigger contribution towards their own aged care costs, structuring and accessing funds from these options will become an even more critical issue, making expert advice increasingly essential.

Unlicensed aged care advice – how it exists

The Corporations Act 2001 does not specifically capture advice regarding aged care accommodation as financial product advice.

Section 766B of the Act^[5], defines the meaning of financial product advice, personal advice and general advice thus:

“Financial product advice means a recommendation or a statement of opinion, or a report of either of those things, that:

1. is intended to influence a person or persons in making a decision in relation to a particular financial product or class of financial products, or an interest in a particular financial product or class of financial products; or
2. could reasonably be regarded as being intended to have such an influence.”

Section 763A of the Act^[6] defines a financial product as:

“A financial product is a facility through which, or through the acquisition of which, a person does one or more of the following:

1. makes a financial investment
2. manages financial risk
3. makes non-cash payments.”

At the moment, Refundable Accommodation Deposits are not regarded as being captured by the definition of financial product, allowing aged care advice to be given without an AFS licence, provided the advice is restricted to information and advice about fees and services in aged care, and, if financial products are discussed, that discussion is restricted to factual information only.

While a person providing credit advice and products must hold an Australian credit licence, advice about buying or selling property – including the family home – is exempt from both the Australian Financial Services (AFS) and consumer credit licensing provisions.

Similarly, the provision of information about Centrelink is not limited to licensed financial advisers

All of which means there are plenty of ways an individual can set out their shingle as an

‘Aged Care Adviser’ without the need to be a licensed, registered financial adviser.

The question is, given the increasing number of people needing aged advice, and with Australia’s 16,000 financial advisers already stretched and overworked, is this such a bad thing?

Consumer protections forfeited under the current framework

A number of consumer protections are afforded to individuals when talking to licensed financial advisers about financial products.

On the product side, protections include:

• the design and distribution obligations (DDO) regime, which requires financial product issuers to identify a target market for their financial products and take reasonable steps to ensure that distribution of those financial products to retail clients is consistent with that target market
• various obligations that AFS licensees must comply with (as responsible entities of schemes with retail investors must hold an AFS licence), including the requirement that licensees have an appropriate internal dispute resolution system to deal with complaints from retail clients, and membership with the Australian Financial Complaints Authority (AFCA)
• entitlements to receive financial product and service information disclosure such as a Product Disclosure Statement (PDS) or a Financial Services Guide; and
• a range of protections under Ch 5C of the Corporations Act that apply to registered schemes (where registration is generally required when retail clients are scheme members), including the duty for the responsible entity of a registered scheme to act in the best interests of scheme members.

On the advice side, retail advice clients also benefit from significant additional protections under the Corporations Act when receiving financial advice, including requirements for advisers to:

• act in the best interests of their client (s961B);
• ensure their advice is appropriate (s961G);
• give priority to their client’s interests where there is a conflict of interest (s961J); and
• in many cases, and potential QAR changes notwithstanding, give a retail client a statement of advice (s946A).

Financial advisers are also required to have Professional Indemnity Insurance, affording clients a measure of confidence when seeking financial remedies if advice contains errors, or the adviser was negligent.

Why these protections are especially important with older clients

By definition, the vast majority of people entering residential aged care are older (the exception being some young people who live in aged care in the absence of dedicated facilities).

Indeed, 76.5% of people in residential aged care are aged 80 and over^[7].

This brings a range of issues into focus, including diminished mental and physical capabilities, and conditions like dementia.

Elderly Australians are more likely to use instruments such as Enduring Powers of Attorney, which can put important financial and care decisions in the hands of those holding those powers.

While this is normally caring and loving family members, it does raise the spectre of elder financial abuse. The cost-of-living crisis, rising housing costs, and evolving family structures have made the ‘impatient inheritor’ phenomenon real, and many older Australians may find themselves under pressure from their younger family members, to either sell their home and other assets. The application of the various income and assets tests means these decisions can have major ramifications for the cost of aged care, and in turn the quality of care that is affordable.

Is unlicensed aged care realistic?

Mindful that many accountants may find themselves advising clients about aged care, the CPA issued a Guidance Note^[8] to its members on the topic. The note is instructive as it highlights the types of questions asked about aged care, and the ways to provide guidance without straying into the realm of financial advice.

The questions they believe their members could expect include:

• What options are available for aged care?
• What are the potential costs?
• What alternatives are there for paying the Accommodation Payment?
• Should I retain sell or rent the family home?
• Will my social security entitlements be affected by my choices?
• Will I have enough cash flow to sustain aged care costs?
• Are there any strategies to reduce costs?
• Could it impact my estate planning?

The Guidance Note goes on to describe the types of advice that can be provided on an unlicensed basis:

While the CPA guidance is absolutely correct, it does beg the question as to how realistic it is – in the context of discussions about how to fund a RAD of $500k or more – to provide effective advice that doesn’t involve discussions about financial products, or doesn’t recommend a course of action such as selling the family home.

Even in the event that an aged-care adviser can stay on the right side of the law, one has to question how effective that advice can be, given the factors that should be taken into account.

The complexity of aged care leaves most clients confused

2021 research by National Seniors Australia^[9] revealed that planning for aged care was relatively uncommon and there was a great deal of confusion about aged care costs and their own obligation to contribute.

According to their research, approximately one-third of Australians 65 and older use some form of age care services, only 14% of seniors had planned for aged care costs. In the majority of cases, this was because respondents didn’t know enough about them to actually plan. Indeed, a previous National Seniors report^[10] showed 80% of people did not understand consumer contributions to aged care.

While the Government pays for the lion’s share of aged care costs, people still have to pay for services depending on their income and/or assets. There are many fees and charges, co-payments and deposits that are in place which people are understandably ignorant about until they need to access care.

The danger is that many care recipients will be caught off guard by these unplanned costs and may either struggle to access the right level and quality of care, or they feel pressured, and rush into making big financial decisions without truly independent, expert guidance.

So back to the question, is unregulated aged care advice a problem?

Not all decisions relating to aged care are financial ones, but those that are involve major, life-changing amounts. Complex decisions about the interplay between home ownership, Centrelink, superannuation, estate plans, and cash flow need to be made, and many of these decisions will be hard to undo.

While it is legally permissible to offer aged care advice outside the realms of licensed financial advice, it seems likely that such advice would be very superficial. It would also not be accompanied by the various consumer protections afforded people when dealing with financial products, and with licensed financial advisers. Arguably, these protections are more important for older, possibly more vulnerable, Australians than for others.

Calls to regulate aged care advice are frequent. As far back as 2016, The Council on the Ageing (COTA) argued that aged care financing should be considered a financial product, thereby requiring advisers to obtain a financial services licence from ASIC.

“Aged care financing is not a financial product and is not governed by ASIC. We are pressing for that to change. We will pursue whoever is next in government to change that provision,” COTA chief Ian Yates said at the time^[11].

More recently the topic was in the news when Aged Care Steps called for the sector to be regulated, and announced an industry consultation to bring more focus and attention on the issue.

The firm said that though aged care advice is an inherently complex area, unlicensed and unregulated businesses and services are increasingly providing this financial advice on aged care. According to them, the result is superficial, often conflicted advice, no regulatory oversight, and a lack of essential consumer protections, which could place the client at substantial risk and lead to decisions that are not well-informed¹².

“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 director Louise Biti.

“This situation underscores the need to reassess the regulatory framework governing aged care advice, ensuring that where financial options and outcomes are considered by an ‘advice provider’, the advice is holistic rather than solely strategic, legally compliant, and consumer-focused, she said.

Summary

The aging population is driving an increased demand for aged care services, presenting significant financial planning challenges. Funding aged care is complex, involving superannuation, taxation, health care, Centrelink, cash flow, and estate planning. Despite the need for expert advice, aged care advice is currently unregulated, allowing unqualified stakeholders to provide guidance without a financial services license. This situation poses a consumer protection challenge, as decisions about funding aged care often involve financial products.

The three main types of aged care in Australia are residential aged care, home support, and home care, with usage projected to rise significantly. Self-funding options typically involve substantial financial assets, necessitating expert advice. Current unlicensed aged care advice lacks the consumer protections afforded by licensed financial advice, raising concerns about the quality and safety of such advice.

Calls for regulatory reforms are increasing, with the aim of ensuring all aged care advice is comprehensive, legally compliant, and prioritises consumer interests.

———–

References:
[1] https://www.aihw.gov.au/reports/older-people/older-australians/contents/aged-care
[2] https://www.gen-agedcaredata.gov.au/topics/people-using-aged-care#Aged_care_use_by_age
[3] https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/pubs/BriefingBook44p/AgedCare#:~:text=Significantly%2C%20by%202050%20an%20estimated,of%20services%20available%20to%20them.
[4] https://www.health.gov.au/resources/publications/final-report-of-the-aged-care-taskforce?language=en
[5] https://classic.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s766b.html
[6] https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s763a.html
[7] https://www.gen-agedcaredata.gov.au/topics/people-using-aged-care#Aged_care_use_by_age
[8] https://www.cpaaustralia.com.au/-/media/project/cpa/corporate/documents/tools-and-resources/financial-planning/guidance-note-advising-on-aged-care-20-feb.pdf?rev=3b8d33bb25aa45c0bf43571e5ed833c7
[9] https://nationalseniors.com.au/uploads/Planning-for-care-costs-24.8.21.pdf
[10] https://nationalseniors.com.au/uploads/09183073PAR-RBD18-ResearchReport-AgedCareLiteracy-Web.pdf
[11] https://www.afr.com/companies/healthcare-and-fitness/call-for-aged-care-financial-advice-to-be-regulated-by-asic-20160617-gpllly
[12] https://www.ifa.com.au/news/34086-aged-care-steps-flags-worrying-trend-of-unlicensed-aged-care-advice

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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.

The post Aged Care Steps launches a consultation into the delivery and regulation of aged care advice appeared first on AdviserVoice.

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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Bruce Baynes

Industry leader Aged Care Steps has launched the 2023 ACS Aged Care Adviser of the Year Awards.

Following the success of their inaugural awards last year, Aged Care Steps is delighted to continue these awards to recognise the great work advisers achieve in this increasingly important advice area.

“These awards set a benchmark for aged care advice excellence when we launched them last year. Promoting recognition of adviser excellence and the importance aged care advice holds in financial planning is critical.

Aged care advice ensures that clients have more choices and greater control as they move through retirement, and celebrating the best advisers in our industry helps recognise the positive impact they have on their client’s lives,” 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.

Bruce Baynes from Sage Care Advice, Winner of the 2022 Aged Care Adviser of the Year said: “Being recognised as the inaugural winner of the ACS’s Aged Care Adviser of the Year, was more than a trophy or an accolade of achievement, for me it was confirmation that we are fulfilling a need and making a difference in people’s lives.”

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

Andrew Biviano, Alteris Financial Group, Winner of the 2022 Aged Care Advice Program of the Year said: “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.”

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

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

Applications close on Monday 6th November at 6.00pm Sydney daylight savings time.

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Louise Biti

Specialist workshops will be a core focus at the upcoming 2023 annual SMSF Association Technical Summit, being held on July 26-27 on the Gold Coast.

SMSF Association CEO Peter Burgess says: “The outstanding success of last year’s event demonstrated the strong attraction that a combination of technical workshops, and engagement with industry experts presents for our specialist members.”

The 2023 workshop sessions are certain to have broad appeal with speakers including, DBA Lawyers’ Bryce Figot focussing on the tips and traps of the Total Super Balance and Transfer Balance Cap regimes, and Colonial First State’s Craig Day presenting his take on the latest in contribution strategies.

In other workshop sessions, Accurium’s Mark Ellem will dive into a series of case studies designed to explore the technical issues that can arise during the preparation of annual financial statements, while Aged Care Steps’ Louise Biti will look at aged care and housing affordability solutions.

In his keynote address opening the Summit, Burgess will provide expert analysis and critical review of Treasury consultation papers (including the proposed $3 million cap), ATO rulings, enacted law and draft legislation impacting on the SMSF sector and the broader super industry.

Heffron Consulting Meg Heffron’s keynote address in the morning on day one, looks at the $3 million cap, with Heffron adding: “Although not all SMSF clients will be subject to the new tax on earnings for balances over $3 million, it is clearly a major issue for our industry. 

“I will explore some of the new challenges and decisions for impacted clients, advisers and accountants whilst also discussing what this means for the future place of SMSFs in our superannuation landscape.”

The Chair of the SMSF Association, Scott Hay-Bartlem from Cooper Grace Ward will wrap up the 2023 Technical Summit with a high energy estate planning update, sharing his predictions on future litigation ‘hot spots’, as well as previewing how the proposed $3 million cap is expected to impact on future estate planning strategies.

Burgess concludes: “It all adds up to an exciting and professionally fulfilling event. The Technical Summit always presents an advanced agenda to elevate the skills of those operating at the highest level in the SMSF sector, and this year is no different. 

“The bonus alongside the several industry leaders we have presenting will be a gala dinner to celebrate the Association’s 20^th anniversary on the Wednesday night.” 

With six technical workshops on the program to ensure high quality discussions, seats at this year’s Technical Summit will be limited, so delegates are encouraged to register early.

Register for the Summit. 

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The event series is exclusive to CFP professionals and those enrolled in the CFP Certification programme. It will provide a forum to share and exchange experiences, further develop expertise and network with fellow CFP professionals.

The first event in the series will take place on Tuesday 22 November at the ICC Sydney – a day before the annual FPA Professional Congress – and is titled ‘It depends: Deconstructing the advice process’.

The workshop will be eligible for up to three hours of continuing professional development (CPD).

FPA chief executive officer, Sarah Abood, says these events are designed to be interactive workshops and will be run by CFP professionals.

“Louise Biti CFP®, Kathryn Creasey CFP®, Shayne Sommer CFP® and Adam Crabbe CFP® will be leading the first workshop. They will take participants through a complex and detailed workshop challenging participants from a technical, ethical and client best interest perspective.

“In this first event, they will cover the advice process based on a client case study, covering all the conundrums and questions that financial planners see every day in our financial planning work. By opening the discussion out to the audience, those attending the workshop will be able to hear from other fellow CFP professionals for a truly interactive workshop experience,” Abood says.

Abood says the workshop is part of the FPA’s determination to provide exclusive benefits for the development and support of its CFP professional membership category.

“The launch of the CFP® Professional Connect program compliments the changes made to FPA memberships earlier this year. This is part of our commitment to provide more catered and customised services to each of our membership categories, to help ensure they get the most out of their membership,” she says.

In the next 12 months, CFP® Professional Connect will launch more events covering the hot topics in financial planning with the possibility of expanding access to other members from the FPA.

CFP Professionals can register online here for the first event: https://fpa.com.au/events/cfp-connect-it-depends-deconstructing-the-advice-process/

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