Advisely Partner
Advisely PartnerCouldn't agree more with your insight Conrad and a big thank you must go to Louise who has not only provided an informative and educational update for all of us but has also suggested some very practical and implementable strategies for practices to consider.
From Business Health's CATScan database, on average, 55% of clients are aged over 60 years with 45% already retired. For sure retirement, longevity and health are on their minds! It's no surprise that aged care and estate planning are beginning to appear more frequently in their verbatim responses to our satisfaction surveys (CATScan). However what does surprise us is that just one in three practices (35%) currently include aged care advice (directly or through referral to their network) in their client offer.
Advisely PartnerThanks for the stats Terry. The percentage of practices is quite low - and alarming, but not surprising. We are finding that advisers are busy, and put off venturing into longevity and later-life (or aged care) planning because they feel they don't have time and don't know where to start. But there are easy solutions to ensure they don't miss the opportunities - outsourcing is one solution.
Thanks Louise and Terry for these insights. It's increasingly clear that 'advice' as required by clients (and ethics) is well beyond what most current advisers have the time or resources to provide, let alone deal with the structural changes flagged for the profession.
Segmentation of advice seems inevitable. The Aged Care specialisation was the first and a really useful initiative. At My Longevity we believe longevity planning is the essential preamble to more complex financial advice. It can be delivered to couples online, not just to the typical dominant male, without any regulatory complications. It builds engagement and trust to enable the growing complexities of products and strategies for later life to be thoughtfully framed and managed. A step into the future.
