How to Prepare for the Financial Adviser Conversation

Aged care specialists charge $400 to $1,200 for a meaningful first session. Here is how to make sure it pays off.

Find a Financial Advice Association of Australia registered aged care specialist. Generic financial advisers rarely understand the program well enough to be useful.

Bring. The latest Centrelink payment summary, the current Support at Home statement, a list of assets including the home and super, and a sense of monthly cash flow.

Questions worth asking. How does my parent's contribution scale with a higher classification? What happens to the family home if they move to residential care? How do I model lifetime cap exposure over the next decade?

Be specific about goals. Stay at home as long as possible. Leave a specific amount to grandchildren. Maintain a particular lifestyle. Vague goals get vague advice.

Get the advice in writing. A statement of advice costs more but gives you something concrete to act on after the meeting.