The Financial Planning Association of Australia (FPA) has taken a significant step to bolster the expertise of financial professionals in a critical and growing sector. Recognizing the increasing need for specialized advice for Australians navigating the complexities of aged care, the FPA has launched the prestigious FPA Aged Care Specialist designation. This initiative is powered by a collaboration with the well-regarded Accredited Aged Care Professional program from Aged Care Steps, marking a new era in financial planning for senior Australians.
In an era where retirement transitions are becoming increasingly intricate, the FPA is proactively equipping its members and the broader financial planning community with the essential tools and knowledge. This ensures they can effectively address the unique financial landscapes faced by individuals as they enter the later stages of life. According to FPA CEO Dante De Gori CFP®, aged care advice stands out as a specialized domain within financial planning, necessitating a distinct skillset and a dedication to continuous professional development.
“While not every financial planner will specialize in Aged Care Advice, it is imperative that all practitioners have a fundamental understanding of aged care and the pivotal role our profession plays in guiding Australians through these crucial life decisions,” Mr. De Gori emphasized. He further added, “As we and our clients age, confronting frailty becomes a shared reality. The FPA Aged Care Specialist designation empowers financial planners to offer indispensable support and informed advice to those exploring their aged care options.”
This specialized designation from the FPA is meticulously crafted for financial planners who are committed to achieving mastery and enhancing their service offerings through focused expertise in aged care advice. It serves as a formal recognition of the advanced skills and knowledge required in this nuanced field. Louise Biti, Director of Aged Care Steps, a seasoned expert with six years of experience running the Accredited Aged Care Professional Program, highlights the program’s extensive reach and impact. “Aged care advice has firmly established itself as a mainstream component of financial planning and an indispensable service for Australians navigating the transition into retirement,” Ms. Biti stated. She also noted the program’s significant contribution to the sector, “Over 2,000 financial planners have already completed the Accredited Aged Care Professional program, demonstrating the industry’s commitment to this specialization.”
While the number of financial planners specializing exclusively in aged care advice remains relatively small, with only a couple of hundred in Australia, a substantial portion of program graduates have successfully integrated aged care advice as a vital component of their service portfolio. This underscores the growing recognition of aged care financial planning as an essential service. Ms. Biti further elaborated on the sensitive nature of these decisions, “The move to aged care is often laden with emotional considerations for clients. Financial planners, with their objective and expert perspective, are uniquely positioned to deliver unbiased guidance and advice, navigating clients through these emotionally charged transitions.”
For FPA members holding CFP® professional or Financial Planner AFP® designations, the pathway to becoming an FPA Aged Care Specialist is streamlined into two key steps:
- Complete the Accredited Aged Care Professional program offered by Aged Care Steps. The FPA values continuous learning and offers a special incentive: members who register for and attend this program before January 31, 2021, were eligible for a 10% discount upon providing their FPA membership number during registration.
- Upon successful completion of the accreditation program, formally apply to become an FPA Aged Care Specialist by submitting the FPA application form.
Maintaining the FPA Aged Care Specialist designation requires a commitment to ongoing professional development. Successful applicants are required to complete 9 Continuing Professional Development (CPD) hours specifically focused on aged care each year. This ensures that designated specialists remain at the forefront of knowledge and best practices in this evolving field. For FPA members who completed the Accredited Aged Care Professional program prior to January 1, 2019, a refresher pathway is available. These members are required to complete the Aged Care Steps Accreditation Refresh workshop and assessment before applying for the FPA specialist designation, ensuring their knowledge base is current and aligned with the latest industry standards.
The introduction of the FPA Aged Care Specialist designation is part of a broader FPA initiative to develop a suite of specialist designation programs. This strategic approach is designed to empower FPA members to achieve in-depth education and continuous development across various specialized areas of financial advice, further enhancing the quality and scope of financial planning services available to Australians. For comprehensive details about the FPA Aged Care Specialist designation and the Accredited Aged Care Professional program, please visit the FPA website.
