Support for private financial managers
We’re here to help you support the person whose financial affairs you are managing.
When you are appointed as a private financial manager, we will send you a welcome pack, which includes the following induction information, documents and resources:
-
Induction – we will have a phone or video call with you to take you through the first steps
-
Private Financial Manager Handbook – a guide to your role and what is expected of you
-
Directions and Authorities – the legal document that outlines your decision-making powers, including your authority to manage the person’s income and pay day-to-day expenses, plus a list of directions from us
-
Private Financial Manager Plan form – a form for you to complete with the person’s finances, including forecast income and expenditure.
What is NSW Trustee and Guardian responsible for?
We cannot make financial decisions for you, but we are responsible for:
-
issuing the Directions and Authorities to give you authority to manage the person’s financial affairs.
-
helping you in your role and ensuring you perform your duties as required
-
authorising implementation of the Private Financial Manager’s Plan
-
reviewing and checking the person’s financial accounts
-
seeking reports from an independent professional about the person’s needs, where required
-
approving the release of funds to meet the person’s needs
-
authorising the sale or purchase of property, and decisions about major assets that you make for the person.
Definitions
- assets
All of a person’s property including real and personal e.g. bank accounts, realty, shares in companies, cash etc.
- independent
Free from outside influence or control.
- Private Financial Manager’s Plan
A plan that documents the full financial affairs of a person with a financial management order, including their forecast income and expenditure. Private financial managers must complete the plan as one of their first responsibilities in the role.