Aged Care for Advisers

AUS Financial Advisers (AFSL 534501)

David Mac Manus (AR 295148)

(Grad Dip Fin Plan CFP® FChFP Dip. F.P.)

Authorised Representative

Senior Financial Adviser

Aged Care Specialist

Director

Aged care is complex if you are researching or understanding for the first time.

Maybe your core business is investment management, insurance, wholesale.

To implement \ hire \ employ an aged care adviser with the understanding, experience \ time or networking costs to make it cost effective for both client and adviser is s significant investment.

AUS Financial Advisers can meet with you and the client (where you keep control), and we provide the Centrelink advice whether the client is wholesale \ HNW \ low means or simply an existing client question regarding their parents.

Simply, all we do is ask for a client situation (assets \ liabilities \ income assets) in general and work the Centrelink \ Services Australia paperwork to get it right.

You as the adviser can then make the investment decisions on what to sell \ retain, address CGT \ estate planning consequences (you will need an SOA \ ROA on what to act on) based on our assessment of what is most appropriate.

Sometimes, the best financial outcome is not actually the best outcome overall for a client (selling a property \ shares \ trust assets \ farm) for a parent who may not be here before settlement of such an asset for example.

It is a trade off between the goals an objectives of the family, versus understanding the Centrelink implications.

And that’s where we can help.

Complete the forms, guide through the process, ensure the situation is appropriately handles and illustrate 4-5 options (keep \ sell \ rent family home \ sell assets etc) that are appropriate and then let the relationship with you and the client take its course and act accordingly.

We charge on a fee for service basis. It is time.

As long as our invoice for time is paid, either from the advisers business or the client, that’s a discussion with you and the client.

Noting, this is an emotional situation, we do not meet residents going into care (capacity issues).

In the same respect, if you have referred us the work, we charge and do our job, you retain the client relationship, and we get the right result for the client.

This is what we general ask for or ask you to send to clients first (how you manage that is your decision, we just need the factual information):

FORMS YOUR ADVISER WILL ASK YOU FOR:

Click here for “What do I Need to Prepare for Meeting”

Click Here for SS313 – “Authorising a person to act on your behalf” (for PoA’s)

FORMS YOU MIGHT BE ASKED TO COMPLETE:

Click here for “Common Questions and Answers about Aged Care”

Full Questionnaire – (on request)

What does Aged Care Financial Advice Cost (DMFS fees)

We have asked that the Centrelink Correspondence Nominee Form is completed and taken to a Centrelink Service Centre for processing asap. This helps us help you process the necessary Centrelink requirements at the time of our meeting.

This is required for aged pensioners, DVA and self funded persons. It authorises the children, and yes it is separate to a Power of Attorney, to discuss options with Centrelink Services Australia, gains you access on MyGov to upload documents, bank statements etc.

For Aged Pensioners (receiving Centrelink) – Just complete the SS313 and return to Centrelink ASAP.
For DVA, self funded, blind pensions, we will need the full SA457 plus other relevant forms to your situation (the SS313 is at the back of the SA457).

The documents requested in the “what do I bring to first meeting” are going to be needed for us, Services Australia and all result in a smooth process with the facilities and invoicing.

First questions – maybe you asked, maybe you didn’t, but I would have referred you here to this link, is how much do we charge. Well, how long is a piece of string.

If you would like to compare 5 facilities, that time, and in most parts due to the heavy regulation of aged care, they are similar in most suburbs or surrounding to where you are looking at, will take longer for us to calculate than one facility.

Adviser Fee Estimation Page (click here)

Did we ask you to call the Centrelink Aged Care line after doing the SS313?

1800 227 475

There is the number. Refer to this link as much as you need.

I may have mentioned removalists, lawyers and vendor advocates we refer to.

We do not take “kicks” (referal fees, kickbacks, offers to alter advice for others services).

This list is here to help you save either time or money.

“The Processes and our contacts”

Click here for “Common Questions and Answers about Aged Care”

This document is a good little read to understand fees, contracts and legislation.

Click here for “What do I Need to Prepare for Meeting”

If you bring these documents in or email your adviser, we can start working. These are required for the Department of Human Services, regardless of if Centrelink, disability, blind, DVA pensioner or a self funded retiree.

Click here for “Centrelink Authority Form”

This form enables your adviser to talk to Centrelink directly. This may save you time – please pre-complete before meeting and provide Power of Attorney if the new resident cannot sign.

Click here for “The Processes and our contacts”

We do not provide “kick backs” to these contacts, simply we use them because they get the job done and free up time for you to spend with Mum or Dad (or both).

To lodge your aged care forms with Centrelink DVA (Services Australia), first call:

• Correspondence nominee to call RCA (residential aged care line – Services Australia)
– 1800 227 475
• This triggers the aged care assessment or they will confirm which form you need to complete.
• Report assets as at “relevant date” – date of entry.

Fee Thresholds:

https://www.health.gov.au/resources/publications/schedule-of-fees-and-charges-for-residential-and-home-care

David MacManus

David MacManus and DMFS Financial Advisers Pty Ltd are Authorised Representatives of

AUS Financial Advisers (AFSL 534501) ABN 89 159 536 151

Aged Care For AFSL’s \ Financial Advisers