Elements and Performance Criteria
- Initiate the appropriate processes
- Preliminary reading of attorneyship document, financial administration order or court order is undertaken to establish parameters of role and instructions previously taken
- Interactions with client and or relevant advisers are undertaken and special needs acknowledged and potential conflicts identified and strategies for appropriate action clearly communicated where required
- Identify the client's assets and liabilities
- Client's assets are ascertained promptly and relevant information and documents obtained and checked with steps taken to ensure that property is adequately insured and secured
- Confirmation of liabilities is sought and an accurate valuation of assets obtained and assets weighed against liabilities
- Statement of assets and liabilities is prepared and any contingencies identified
- Manage administration requirements
- Client's financial needs for both income and capital are identified and a financial plan and investment strategy is prepared
- Regular and periodic payments are established
- Taxation file is established with the Australian Taxation Office or liaison is established with the client's accountant
- Ongoing communication channels are established with client and or relevant advisers and liaison is maintained
- Regular statements of accounts and tax returns prepared
- Continuously evaluate and review strategies
- Ongoing review processes for financial plan are established and implemented
- Assets and the investment strategy are reviewed periodically and appropriate changes made
- Ongoing management of the client's assets is provided using procedures in accordance with relevant legal, statutory and organisational requirements, and ensuring that the client is treated in an ethical and sensitive manner with respect for confidentiality