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Financial Advisors

Dealing with complex financial issues at a time when your main concern is the health and welfare of loved ones can be challenging, not to mention time consuming and very confusing.
A financial advisor giving information to senior couple
A financial advisor can help you focus on the information and issues that are important to you and your specific financial situation

Just getting a basic understanding of what forms you need to complete, what information needs to go in them, when to complete them and where to send them, can be a difficult path to navigate.

Financials can get complicated when a move to care impacts on the pension paid by Centrelink. Plus you may have to consider other issues such as how to pay for any accommodation payment and whether to sell the family home or rent it out.

All this is at a time when your main concern is finding a suitable place for your loved one to receive the care they need.

Financial advisors

A financial advisor can help you focus on the information and issues that are important to you and your specific financial situation. However, financing aged care can be a very complex issue, and different financial situations will require different strategies.

Before you engage the services of a financial advisor, here are some important questions you should ask:

  • What licenses, credentials or other certifications do they have?
  • Do they specialise in dealing with aged care financial issues?
  • What experience do they have in aged care finance?
  • Will they provide you with some sample plans?
  • How much do they charge?
  • Will they provide you with an outline of all your options?
  • Will they provide their advice in ‘plain English’?
  • Will their advice be in writing?
  • Will they deal with Department of Veterans’ Affairs or Centrelink on your behalf?
  • Is the service a once-off or an ongoing service?

Financial counselling

While every situation is different, there are some common elements of aged care financial advice which professional consultants often provide to their clients.

Some of these elements include:

  • Strategies to fund accommodation payments
  • Financial modelling of multiple care options
  • Review and planning of tax implications
  • Maximising Government pensions
  • Minimising nursing home fees
  • Negotiating aged care facilities
  • Assistance with aged care

What will it cost?

While financial advisors charge a fee to help you with strategies to fund your aged care journey, if you’re experiencing financial difficulties and have little income, you may be able to receive free financial counselling services.

A financial counsellor can help you in your negotiations with financial institutions and creditors.

They might also be able to help with your budgeting and referral needs. Community organisations are funded to provide these services across Australia.

Disclaimer: The information on this site is general in nature and does not constitute legal or financial advice. Readers should seek their own personal legal and financial advice from a suitably qualified practitioner.


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