EP Roles and Responsibilities for non legal advisers leading teams including lawyers.
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Transcript of EP Roles and Responsibilities for non legal advisers leading teams including lawyers.
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EP Roles and Responsibilities for non legal advisers leading teams including lawyers.
Michael Perkins TEP – Special Counsel
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Has a primary professional discipline.
In addition is the lead expert in the situation of the client and is an advocate for the client.
Helps facilitate the client’s management of • Relationship Capital• Property (in a legal sense) Includes Financial Capital• Family, Social and Personal Accountabilities
Facilitates change and improvement in the client’s life
Lead Adviser Role
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What is the priority of the client now?
Who is the client:• the individual or• the family group?
Who owns the client? (the client???)
What is the first deliverable?
Initial contact
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How much can I do myself?
What do I need to outsource?
What can I in-source?
Is a collaborative approach to engagement appropriate?
How do I retain control in the engagement?
Rank priorities and risks
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• Identity – including territory.
• Family.
• Other key people.
• Property by form of ownership and management.
• Client objectives.
Understand the situation
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• What is involved, client led advisory service or service product delivery?
• What internal resources are available to assist the adviser?
• What external skills do I need and where do I find them?
Key Professional risks
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How is your client concerned about:
• Personal and Family Representation and Succession.
• Family Continuity, Governance and Legacy.
• Wealth Preservation, Enhancement and Transfer.
• Business Ownership and Control.
• Financial Security and Compliance
Key estate risks
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Affairs Management• By client• For client
Representation
Wealth Preservation
Wealth Transfer• Management Succession• Ownership Succession
Legacy / Social and Community Contribution
Propose Solutions
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Appropriately qualified professionals e.g. those from the fields or professions of:
• Financial Planning• Law• Accounting• Tax• Trust & Estate Practice• Family and Business Consulting• Family Dynamics• Management and Social science professionals
Who implements the plan?
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• Bind professionals to a common goal.
• Focus on delivering change and results not just service products.
• Are amenable to service level agreements if work volume is sufficient.
• Must be driven by serving the vision and values, of the client.
• Must be built on clear communication and effective management plans for the engagement.
EP Service Teams