As a financial adviser with over 22 years’ experience, it was a family tragedy that reshaped Bill Savellis’ approach to financial planning. His decision to focus on aged care advice has been vindicated, with Bill’s business — Olive Grove Financial Advice — recognised as a finalist in the 2023 Aged Care Advice Program of the Year Award.
It was one of those freak accidents — a car swerves, hits a person, and the lives of all involved are changed irrevocably. This is precisely what happened to Bill Savellis’ father, who at the age of 65, was hit by a car two decades ago.
Although he didn’t know it at the time, this accident was also a catalyst for change in how Bill would come to approach his work as a financial adviser.
“As a result of the accident, dad received serious head injuries. My family rallied around dad and provided him with the support he needed. We all took an active role in caring for him, which progressively became 24-hour care,” says Bill.
“By caring for dad, we all needed to become very familiar with home care and government support for people in that type of situation. Even back then, when the accident happened, it was a minefield navigating aged care.”
This was an emotionally difficult time for the Savellis family, as they juggled managing the financial side of their father’s disability, while having to deal with the medical and care requirements of their dad. However, sadly, Bill’s father passed away in 2014.
“One thing I learnt from caring for dad is when you’re dealing with aged care advice, it’s not just about the people going into aged care who need support, but it’s also the carers themselves — the family. Carers are often ignored and their mental health is impacted. They put their lives on hold to make sure their loved one is looked after.”
Bill also credits his speech pathologist partner (later becoming his wife) for also inspiring him to make the move into aged care advice. At the time of caring for his dad, he recalls his partner carrying a bag with the phrase — ‘I’m a speech pathologist. What’s your superpower?’ —emblazoned on the side. It had a profound effect on him, as he realised that aged care was his superpower.
“These two factors — caring for my dad and identifying my own superpower — were the motivations I needed to reappraise my role as a financial adviser. In 2015, this inspired me to pivot my role from being a generalist financial planner and focus purely on aged care advice. I believed that by focusing exclusively on aged care, I could look after my clients more effectively. It’s a decision I’ve never regretted making.”
Solutions to Problems
Drawing upon his own experience caring for his dad, Bill encourages anybody seeking advice on aged care to “get ahead of the problem before it becomes a problem”. Bill says a typical aged care-related enquiry is the result of a family member being thrown into the deep end as a result of something happening to a loved one needing to go into care. These family members are completely out of their depth and don’t know what to do.
“So, if it’s possible, start planning for this type of scenario before you reach that point,” he says. “Importantly, ensure the whole family — not just one or two individuals — are part of that whole decision-making process. You need to make sure siblings are all on the same page, so as to avoid family disagreements, particularly at a time when you need to move quickly for your loved one. The key here is to get ahead of the situation by start planning early.”
However, he acknowledges that most people know little to nothing about aged care. Typically, they ask three types of questions:
How much is aged care going to cost my mum or dad?
How will aged care impact their Age Pension?
How will aged care affect their assets (such as the family home)?
“Mum and dad have worked their whole lives to build a nest egg for themselves, so the last thing the family wants is to see all their money disappear with fees,” says Bill. “So, my job is to provide them with quality aged care advice.
“At Olive Grove Financial Advice, we explore all the options available to them — like selling, not selling or renting the family home. Whatever their situation, we’ll explore every scenario. With the help of Aged Care Steps’ resources, we compare all these scenarios against each other, so families have a very clear understanding about which option provides the best financial and care outcome for mum or dad.”
As part of its comprehensive aged care service, Olive Grove will also deal directly with Centrelink, My Aged Care, and the aged care facility. Bill acknowledges that dealing with government agencies can be a very time-consuming process. However, by doing so, he is able to ensure the right solution is found for clients, and the advice prepared is properly executed for all stakeholders.
Different services, different clients
Olive Grove provides clients with three different service offerings based on their advice needs. The first service, with a lower price point, is designed for people who just want to have a chat about aged care, with no financial advice provided. Bill puts aside 1-1.5 hours to guide clients through the aged care process, including the steps involved and potential outcomes. He believes this service is ideal for clients who want to manage the aged care process themselves.
The second offering includes financial advice. This involves developing a holistic plan for the client that details every aspect of the financial advice, including costs, financial options, budgeting, Centrelink and Age Pension considerations, and financial forecasting.
The third offering — commonly referred to as the ‘concierge service’ — is where the plan is fully implemented by Olive Grove. “This is where we personally deal with Centrelink, My Aged Care, and the aged care facility on behalf of the client. Effectively, we manage the whole aged care process for the client.”
Relieving the Burden
According to Bill, most clients opt for both the second and third service offering, where financial advice is fully implemented. “That’s because clients realise quite quickly that there is a lot of work involved when dealing with Centrelink and care facilities, which only adds to their burden. Instead, they’d rather just delegate all that to me.”
He adds: “When I talk to people about aged care advice, I know that the people I am serving are not just the parents, but it’s their children as well. They are also going through a hard time. They’ve got their hands full making sure mum or dad are okay, and often their own mental health is impacted. So, my focus as an aged care specialist is to remove that weight off their shoulders, so they feel comfortable knowing that their loved one is being looked after and is receiving the best possible advice for their needs.”
And based on client feedback, it appears Bill has hit the sweet spot with his service offerings. “Clients value the fact that the whole aged care process for their loved one is being managed correctly,” he says. “There’s a sense of relief in delegating aged care advice to someone who is working in their best interests. I explain to clients that the whole aged care process can take up to six months to complete, so by entrusting Centrelink and financial advice to me, it allows them to concentrate on other matters, like selling the family home and focusing on mum or dad’s care.”
“I’m very passionate about aged care because of the experience I’ve had caring for my dad. So, for me, aged care advice is my superpower. That’s how I choose to contribute to my community — by providing the best service I can from an aged care perspective.”
Awards validate specialist work
It’s only fitting that Bill’s approach and commitment to aged care advice has been recognised by his peers. In congratulating Olive Grove Financial Advice for being named a finalist in the 2023 Aged Care Advice Program of the Year Award, Louise Biti — Director of Aged Care Steps — says these 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 Bill and Olive Grove Financial Advice on their achievements and for being an outstanding finalist of these awards.”
This recognition is not lost on Bill, who decided almost 10 years ago to focus exclusively on aged care advice. He is justifiably proud of the work that has gone into developing the aged care advice offerings at Olive Grove.
“Being a finalist in these awards is confirmation that I’m on the right track with my advice,” says Bill. “I’m very passionate about aged care because of the experience I’ve had caring for my dad. So, for me, aged care advice is my superpower. That’s how I choose to contribute to my community — by providing the best service I can from an aged care perspective.”
About the Aged Care Adviser of the Year Award
The 2023 Aged Care Adviser of the Year award celebrates the outstanding achievements of financial advisers providing aged care advice. This category recognises an individual adviser who is deemed to have demonstrated outstanding professional commitment in providing aged care advice to older Australians and their families.
The winner and finalists of this award were judged by industry peers to have best demonstrated outstanding professional commitment to the provision of aged care advice to older Australians and their families.
The 2023 Aged Care Advice Program of the Year award recognises an Australian adviser or advice business working in financial services that has actively advocated the promotion of aged care advice amongst their client base, referral networks, peers or local community. The adviser/business must demonstrate how initiatives have impacted the understanding and importance of aged care advice amongst these groups.
The Aged Care Awards are sponsored by Aged Care Steps — a market leader in the provision of aged care resources and tools for financial advisers.
This article was originally published by Aged Care Steps.
Comments