Financial Adviser

Frank – Helping his Aged Care and Centrelink client

Numbers Speak For Themselves!

1 %
Increase in Age Pension entitlements from Centrelink following the change in assessment in 6 months' time
%
Decrease in annual Aged Care Costs

What Were The Adviser's Goals and Frustrations? this is his story!

When Frank*,  another Financial Adviser who we provide technical assistance to, approached us, he had been approached by a new client who was acting as an Enduring Power of Attorney (EPoA) for their defacto partner who had recently entered an Aged Care facility and was looking to have the partner’s existing investment portfolio reviewed and to have regular income drawn to meet the ongoing Aged Care costs.

*Frank is used as an alias to protect the privacy of our associates. All other information contained in this case study is based on the real outcomes we were able to achieve.

Challenge Highlights

With Aged Care being such a specialty area of advice, along with the potential impact on Centrelink entitlements, ensuring the advice to Frank’s client was technically strong and considered a range of options and scenarios was very important. 

THE SOLUTION: HOW DID WE HELP FRANK SOLVE HIS CLIENT'S PROBLEMS AND WORK TOWARDS THEIR GOALS?

To assist Frank, we took the information he had gathered from the client and used this to project out their expected position over time. 

Following this, we identified shortfalls in the information provided by the client, or information that required further clarification as it did not match the entitlements being received.

Once we had this information, we were able to review the situation as a whole and provide Frank with alternative strategies that were more suitable for the client and their goals.

Projections

Initial projections and analysis

Determining the current course

We initially worked with the information the client had provided to Frank, along with Frank’s preliminary recommendations, to map out the client’s expected position over time, the ongoing cost of Aged Care, and the estimated Centrelink entitlements they could expect to receive.

Gathering additional information

Identifying shortfalls in the existing information 

While reviewing the exisitng information the client had supplied Frank, and based the expected Aged Care costs and Centrelink entitlements, we identified areas where additional information was required, or the information provided did not align with the current Aged Care and Centrelink assessments. This allowed us to provide Frank with questions to take back to the client to gather additional information to ensure the advice was appropriate. 

Calculations
Woman

Formulating alternative advice options

Utilising our specialist skills and education to provide the adviser with alternative options

Once we had reviewed the client’s situation and gathered additional information / clarified the current situation, we were able to provide Frank with additional advice options to help the client meet their goals.

The Results: WHAT WERE WE ABLE TO ACHIEVE FOR FRANK'S client?

By working with Frank, we were able to ensure his client’s had another option for funding the ongoing Aged Care costs of their loved one while also significantly reducing the potential care costs (20% reduction) and increasing their Centrelink entitlements (1,884% increase) to cover these fees. 

As a result of these improvements, the client did not need to draw on the existing capital as initial expected, allowing an additional $342,139 to be preserved and passed on to the beneficiaries of their estate in the future.

Value GUARANTEE

Still not convinced that our services may be able to provide you with the same value as our exisitng client? We understand; taking the step of reaching out for help and putting your trust into a Financial Adviser is a big step, especially when you are unsure what the outcome may look like.

That’s why we offer our Value Guarantee! 

If you would like to see what receiving advice may look like, we are able to complete some basic strategy and product modelling, and a set of financial projections to demonstrate the value our services could add to your specific situation.

If we are unable to show a benefit of over $1 (after fees) then we will refund the initial cost, and if you like what you see and would like us to provide you with full financial advice, we will deduct any amount already paid from your overall quote.

Now you can reach out for help with the comfort of knowing you have nothing to lose and everything to gain!

MORE CASE STUDIES

Important Information

Our Financial Services Guide, Adviser Profiles, and Privacy Policy can be found on our Important Information page.

Please note, the information on this page contains information that is for Australian Residents only

Making It Happen Pty Ltd trading as The Wealth Affect is an Authorised Representative of Lifespan Financial Planning Pty Ltd AFSL 229892

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