Affinity now offering financial advice for retirement village residents and operators

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Affinity Aged Care Financial Services is in demand for its advisory services as potential residents plan their funds for village life and then aged care.

Robert Craven, Senior Aged Care Adviser at Affinity, says the main issue for prospective residents was what would happen to their Age Pension if they went into a retirement village. “99% of village residents are regarded as homeowners by Centrelink so they want to know if they will still receive it?” he says.

Many clients also worry they are being ripped off by villages’ Deferred Management Scheme (DMF) structure. “The way we explain it to clients is ‘you’re paying a much lower fee than you would if you were going into a strata development’,” Robert says. “These profits are the way the village stays viable, leaving people with more money to enjoy their retirement.”

Robert also says the advice also benefits operators, who are much more comfortable when they know an adviser is not going against their client’s wishes. “It’s not a financial adviser or anyone else’s job to tell people a lifestyle choice they’ve made is not correct,” he says.

“The fact is we’re not getting younger and it’s handy to be closer to assistance when you need it. Retirement villages offer comfort, security and more often these days, they offer medical and psychological support that isn’t available if you live alone.”

Affinity is being invited to stage presentations at Open Days and Resident Forums.