Elements and Performance Criteria
- Determine client needs and build rapport
- The needs and expectations of the client and relevant details of their estate are discussed and confirmed with the client
- The nature and purpose of trusts and relevant information, taxation and legislative requirements, consequences and requirements are explained to the client
- Benefits and considerations are identified and explained accurately to the client including the types of investments that can be utilised when investing trust assets
- The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client
- Reconcile client concerns and gain confirmation
- Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed is determined
- Associated fee and cost structures are clearly explained to client and their formal agreement is gained
- Process and timeframes for execution are clearly explained and confirmation of understanding gained from client
- Prepare and document trust deed
- A Trust deed is prepared according to client and statutory requirements and the structure checked for legal implications and any complications
- Settlement deed is executed and initial assets are received
- Record keeping and safe storage of the trust deed is undertaken according to organisational and legislative requirements
- Relevant details and information in relation to the beneficiaries are gathered and confirmed
- Provide ongoing service
- Type of reporting service is agreed upon with client
- Needs of beneficiaries for both income and capital are identified and an investment strategy is prepared where appropriate
- Beneficiaries' profiles are established and relevant records obtained
- Ongoing service and management of the trust is provided and reviewed as required