Older Australians and their families are being warned to be careful about seeking the help of unlicensed and unregulated advisers and consultants when planning how to structure their finances to afford aged care.

Advisers and consultants are not required to have qualifications or professional association membership, leaving those receiving advice potentially liable to advice that is not in their best interest.

Advice on aged care financial decisions would be more reliable if the licensing net was expanded.

Families often do not have the luxury of time to check the credentials of an adviser or consultant to be better assured the guidance will be in their best interests, says Louise Biti, co-founder of Aged Care Steps, an education and training provider to financial planners who give aged care advice.

These decisions are often made by adult children, on their parents’ behalf, under an enduring power of attorney or financial management order.

She says aged care advice is often sought quickly, at a time when emotions of the person seeking aged care and their family are raw.

“Very often, it happens quickly, and there can be conflicting views within the family [on the course of action] – with factors, such as a sense of grief and guilt,” she says. “They are normal emotions to have, but can be destructive if you don’t have good, objective advice to keep you focused on what’s important.”

When emotions are running high, the danger is the family goes with the first adviser who says they can help. Biti says there probably should be some regulatory oversight of all those providing advice on aged care financial decisions.

There is a view by some aged care advisers and consultants that, as they are only giving “information” regarding the refundable accommodation deposit or daily accommodation payment, they do not need to be regulated.

The federal government has a website for those looking at options for aged care and information on associated costs. The website allows users to select a pool of aged care homes that can be ranked according to a government endorsed “star rating”, with the search limited to a particular area.