Demand rising for aged care services in super

Industry superannuation fund advisers need to be equipped to meet the demand of aged care services from members, according to Aged Care Steps.

Aged Care Steps director, Assyat David, said industry fund advisers were looking at ways to service their members in the post-retirement space rather than the accumulation phase.

"Hence, we're finding that there are an increasing number of advisers from retail and industry super side, accounting side, that are looking at seeking some kind of support, whether it is accreditation training, marketing tools, financial planning software that they would use to help them implement aged care advice to clients," she said.

David pointed to an Association of Superannuation Funds of Australia (ASFA) survey that found close to half of respondents thought super funds could play a greater role in organising and paying for aged care, and that there was considerable demand for financial advice and education tools offered by super funds.

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"The survey showed a lot of super fund industry members are expecting to turn to their industry super funds and give support having to do with aged care either for themselves or their family members," she said.

"Industry super funds need to be equipped to meet the demand for members and increasingly there are more and more industry funds that are taking on aged care as a core service as well to members. "It also gives them the ability to retain members rather than form a relationship with external, perhaps retail, advisers and being able to also just expand the level of services provided to members more broadly."