Private financial managers are responsible for managing the financial and legal affairs of someone who is not capable of managing their own affairs. A financial manager does not make lifestyle decisions; this is the role of a guardian. Appointed guardians can make decisions such as what health care and services a person receives, their medical or dental treatment they have, where the person resides and more.
All private financial managers have a client service team at NSW Trustee to provide them with information and support in their role. This can be particularly important when you first start as a private financial manager so that you can understand what obligations you have in your role. For example, as a requirement of your role as a financial manager you must submit a plan to the NSW Trustee on how you will manage the person’s finances you are appointed for. You are also required to annually lodge accounts to the NSW Trustee show what you have done to manage the person’s finances throughout the year.
If you require some support and assistance, your assigned client service team at the NSW Trustee can provide you with information to help you. In your role as a financial manager, you also need to consult with the NSW Trustee on major financial decisions, which may require their approval. However, this is not the case with private or enduring guardians.
As a Private Guardian, you are appointed to make health and lifestyle decisions for the person, and the guardianship order specifics the types of decisions you can make.
Private and enduring guardians can access support from the Guardians Support Unit within the Public Guardian. The team is here to help you with information about your role and support you in your guardianship practice through our guardian support services. However, we do not supervise your actions or decisions as a guardian or provide individual advocacy.
Financial management and guardianship are different and separate decision-making roles. It is important to understand the difference so that you can carry out your legal role effectively. If you are appointed as both a guardian and financial manager, you will need to exercise these two distinct authorities in different ways. There are some key differences for you to keep in mind:
Guardians
- Guardians can only make health and lifestyle decisions, and only relating to the functions in an order or those outlined in the enduring guardianship appointment.
- Guardianship orders made by the Guardianship Division of the NSW Civil and Administrative Tribunal (NCAT) usually require you to participate in a review hearing because orders are time-limited.
- The Public Guardian does not have oversight of Private and Enduring Guardians and guardians do not report to the Public Guardian.
- Guardians can seek information and support about their role from the Guardian Support Unit within the Public Guardian.
Financial Managers
- Financial managers can only make financial and legal decisions which relate to a person’s estate (financial affairs).
- Financial management orders will usually only require you to participate in a review hearing if someone requests a review, because most orders are not time-limited.
- Financial managers are required to be authorised by NSW Trustee, especially for major decisions.
- Financial managers are supported by and accountable to the NSW Trustee. If you are appointed through a Power of Attorney, you can seek advice about your role from a private solicitor or financial advisor.