Find aged care confusing? 

Trusting an outsource solution isn’t always the right decision. 

Partnering with a specialist can help you retain the client relationship, ensure you are assisting with the right decisions and options for the client and retaining control. 

How AUS Financial Advisers can help? 

Simply we meet the client with you (in our office), run some figures and general factual information, discuss the contracts and the lingo of aged care, how RAD’s work (practical and logistical), and sent you back with the information needed to advise the client. 

The information provided is “factual” information, rather than personal advice, and the investments \ superannuation decisions and strategy are left to adviser and client to work out. 

The SoA and compliance? That is your responsibility if you are retaining the control. Producing a document with relevant product costs and assumptions is fairly easy once you have the Services Australia (Centrelink) documentation completed, and have an understanding regarding what is client best interest. 

Alternatively, we can do the work. We are not para planners, we are advisers, and if it is a straight handball, we do take control, however this is determined by you. In the above situation, the client is informed in the meeting that all decisions are made with their adviser, you – and we do not take calls or break relationships just because a client feels they need that information. We do these on a hand shake agreement. And so far this has been working quite well, as we are asking you – the trusted adviser – to be apart of the meeting, and control who contacts who and when. Clearly our contact phone numbers are publicly available. This is not an exclusive service as “private” or wholesale. This is an agreement to do what we do best, help families understand implications and decision making processes for keeping \ retaining family homes.

Attempting to retain “FUM \ FUA” is not a consideration, client best interest comes first.

For example, in lieu of a RAD (the bond), the aged care provider charges a percentage based rate (say 8% – its called an MPIR). You need to look the client in the eye and be comfortable that you can get a better return than this, guaranteed plus Centrelink benefits (RAD’s are Centrelink exempt). 

It would be unlikely that we are working together if promises like this are made. As below, CGT, estate planning etc are significant factors. 

But retaining FUM is not a basis.

Please be mindful, we will not take an adviser’s side \ consider commercial influences. CGT and fees are one consideration, so is estate planning. But that MPIR is a fairly sizable figure to compete with (BBSW + Margin).  

“Client best interest” was legislation when I was first licenced in 2003. We do not vary from that. 

How do we charge?

Time based, either to you, to on pass to the client, or client pays invoice to our AFSL bank account. Either way, terms of invoice are same day. 

Who do we work with?

If you are not on the FAR, or do not consider the need for SoA’s, we either take control of the client – if you ask them to call us, and write an SoA. Wholesale advice is not appropriate for aged care. This is not product, this is complex.