Nick Bruining: Don’t blame advisers thriving on an ever-changing welfare system that can’t communicate

Once again, changes designed to improve the long-term sustainability of the aged-care system present a Pandora’s box of new opportunities for financial planners. New complicated rules designed to shut down failings and loopholes in the existing system are quickly pulled apart to reveal fresh strategies and tricks that anyone can apply — all designed to either thwart or minimise the impact of the new rules. There’s a compelling argument that says people — let’s face it, the boomers — shouldn’t be told by people like me how to “rort” the system. Only those who can afford to receive professional financial advice get the benefits. But it’s true; baby boomers are the generation that least need their pension boosted or their aged-care fees reduced because they have the means to pay for it. Fair enough, but that’s countered by the fact that when the boomers started in the workforce 50 years ago or more, the same system existed then. They diligently paid their taxes, went without, worked hard — and then the bloody rules changed. And they haven’t stopped changing since. And this point should be made — they can’t and won’t tell you how to do something that’s illegal. Planners simply unravel and apply the complicated rules. While constant change provides fertile ground for financial advisers, accountants and many others that earn a living off change, it surely highlights a much broader problem. The people who are forced to deal with these big changes are often those least equipped to do so. It starts with the fact that as we age, many people just aren’t as sharp as they were two decades ago. While back then they could quickly grasp new concepts and ideas, now change can quickly become overwhelming. They also face the fact that, whereas before, they could sit down and have something explained to them by a fellow human being, they’re now forced into communication with the system via a glaring white screen, a keyboard and a mouse. Typing is done using the “biblical method” — seek and you shall find. In this case, each letter on the keyboard one-by-one. All this to ask a simple question or provide a demanded response. Forced to tap away while being petrified of being scammed, infecting their computer with a virus and having no idea how to scan, drag and drop or otherwise, “upload a PDF copy”. In the race to cut cost and boost efficiency, the heads of departments and IT teams pat each other on the back, pointing to the take-up statistics as proof that the old-farts have embraced the new technology. Utter bulls**t. While, without question, there are plenty that are fully across the new age, don’t be fooled by statistics. I can provide hundreds of examples where kids, grandkids or friends of the “client” are the ones logging in to myGov, My Aged Care, the bank, the superannuation fund or even the smart TV on behalf of someone else. The Privacy Act becomes a joke and an evil impediment designed to stop someone else just trying to help an older person survive in this digital age. Even a daughter can’t call a provider to pay Mum’s outstanding account without encountering the Privacy Act. There’s no simple solution. We’re not about to do a complete system upgrade and reboot to Australia 2.0, where simplification is the objective. At the very least, for big business and government departments alike? Make your systems accessible to those who need assistance. That way you can be assured your clients are not having to pay me, and my financial planning colleagues, ridiculous fees to navigate your systems on their behalf. Nick Bruining is an independent financial adviser and a member of the Certified Independent Financial Advisers Association