Jayson Forrest reports.
The key to delivering good aged care advice is exploring options, and providing clients with peace of mind and reassurance in the decisions they make, says Sophie Doyle — a finalist in the 2023 Aged Care Adviser of the Year Awards.
It's a familiar story behind Sophie Doyle's decision to first dip her toe in the highly specialised area of aged care advice. Drawing on her own experience watching family members — first her grandparents and then, during the COVID pandemic, her father-in-law — navigate the aged care system, was the catalyst behind her decision to master aged care advice back in 2018.
"My grandfather almost lived to be 100-years-old, but he spent the last five years of his life in residential aged care. Looking back, it was difficult to see how confusing the aged care system was for mum to navigate, so I wanted to use my skills as a financial adviser to help simplify the process for other families trying to navigate aged care," says Sophie.
However, there's more to Sophie than first meets the eye. Wind back the clock 12 years to 2012, and she was working as a Triple Zero emergency services telephone operator for NSW Police. In this role, Sophie took calls from members of the public requiring police assistance, often in distressing circumstances. So, when she left this role in 2013, it was a natural decision for her to make a career change and transition across to financial advice.
Having previously worked in a bank when she left school, Sophie undertook further studies and training to combine her financial skills and Triple Zero experience, whilst drawing on her empathy, to help people in difficulty.
Sophie subsequently joined Morgans Financial, with the goal to specialise in aged care advice. After having successfully completed her specialist aged care accreditation in 2018, it's a decision she hasn't regretted making.
"Whilst I'm no longer dealing with police emergencies, there are still many situations where I'm helping families in a 'fight or flight' scenario. For example, they may have a parent in hospital who can't return home and suddenly, they only have one week to find a bed in a residential care facility for their mum or dad," says Sophie. "So, I'm still working with people in high adrenaline situations."
A beacon for advice
To describe her work as an aged care specialist, Sophie uses the analogy of a lighthouse, where she draws on her expertise to light the way for clients, enabling them to avoid any pitfalls, whilst providing them with reassurance and support along the way.
"No one client is the same in their circumstances or aged care needs, which means there is no templated approach to delivering aged care advice," she says. "Aged care is an incredibly complex and specialised area of financial advice. Advice for self-funded retirees is different to those receiving the Age Pension.
"Clients who are self-funded retirees probably have not dealt with Services Australia before, or had to provide all their personal financial information, which they can find invasive. Clients receiving the Age Pension are dealing with two sets of legislation — social security and aged care legislation. In both situations, clients are dealing with legislation they might find difficult to understand."
As an example, she refers to the way a refundable accommodation deposit (RAD) is treated by Centrelink, compared to how it's treated in relation to a means-tested fee for aged care, which is different.
"You wouldn't ask just anyone to perform surgery on your foot, so seeking advice on aged care from someone unqualified can lead to trouble," says Sophie. "Aged care is a complex field that many people don't fully grasp. It's crucial to get professional advice to avoid making costly mistakes in the future."
Providing peace of mind
When working with clients, Sophie says clients want the reassurance they are doing what's right for their loved one — whether that's a parent, a spouse, or even an adult child. That's because the responsibility of having to make decisions about aged care, and paying for it, is overwhelming for many clients.
"Clients want support and peace of mind knowing they have explored all the available options, and understand the implications and consequences of what they're doing," she says.
"And sometimes there is a need for family mediation, because family members may have different priorities, agendas or expectations for the aged care of their loved one. Under such circumstances, this makes it absolutely essential for me to ensure I'm looking after the best interests of the person going into care."
For people seeking Sophie's help, the process begins with an initial discovery meeting, where she explains the basics of aged care, whilst gaining a better understanding of their particular situation, and ascertaining the urgency of their aged care needs.
"Depending on what the client's needs are, we will move forward to an aged care strategy, which explores all the available options for the client — like keeping, selling or renting the family home — and their respective costs," she says. "Alternatively, if they just need help with the Centrelink paperwork, we can also help them with that. So, whether it's full implementation of a strategy or just help with the basics, it really depends on the specific needs of the client. I take a customised approach with every client I work with."
She also conducts a post-implementation review with clients of their aged care strategy, which Sophie believes is important to ensure clients' expectations, needs and objectives have all been met.
Sophie believes her empathetic approach to aged care advice is valued by clients, as it provides them with the peace of mind they're looking for. In addition, clients also appreciate the clarity she brings to the table by breaking down the jargon and complexity of aged care into a more digestible format for them to better understand.
"My clients feel comfortable sitting down and asking questions, and not feeling embarrassed by doing so," she says. "Again, it's the lighthouse analogy. I'm showing clients how to navigate their way through a complex area of rules and regulations. By holding my clients' hands on this journey — from beginning to end — I'm able to help them better understand the whole aged care process, while assisting them implement their strategy. "
Awards recognise aged care advice
It's fitting that Sophie's approach and commitment to aged care advice has been recognised by being named a finalist in the 2023 Aged Care Adviser of the Year Award. In congratulating Sophie, Louise Biti — Director of Aged Care Steps — says the Aged Care Awards are aimed at raising awareness of the highly valued and expert services that aged care advisers provide.
"It is promising to see more and more advisers upskilling in aged care advice to help meet the increasing need for advice by clients. The high calibre of all this year's submissions is not only testament to the excellence being demonstrated by advisers, but also highlights the importance of seeking advice from an accredited aged care professional who is registered as a financial adviser. We see these advisers making a difference to their clients every day," says Louise.
"We congratulate Sophie on her achievements and for being an outstanding finalist of these awards."
The recognition is not lost on Sophie, who is justifiably proud of her commitment and dedication in delivering aged care solutions to her clients.
"To be a finalist in these awards means so much to me," she says. "These awards are recognition by my peers that aged care advice is valued within the advice industry."
"As the cohort of ageing Australians grows, aged care advice becomes increasingly essential. It's incredibly positive to see these awards acknowledge financial advisers, like myself, who have a passion for supporting families and helping vulnerable people through their aged care journey."
Sophie Doyle (AR#000470612) is a Retirement and Aged Care Specialist at Morgans Financial Limited Gosford (Morgans AFSL 235410 / ABN49 010 669 726); with a passion for assisting families make informed financial decisions, as they navigate their way through retirement and aged care.
