Act as financial manager or guardian for a vulnerable person.

We advise financial managers and guardians on how to manage the financial affairs of a vulnerable person.

A person appointed as financial manager or guardian for a vulnerable person takes on a significant legal responsibility that is subject to ongoing oversight by a tribunal or court. The obligations attached to the role are specific and demanding, and most people who are appointed are not familiar with what they are required to do or how decisions they make will be assessed. We advise financial managers and guardians on their obligations and how to perform their role in a way that satisfies those requirements.

What are the obligations of a financial manager or guardian, and how are those roles performed correctly?

A financial manager is a person appointed by a tribunal or court to manage the financial affairs of someone who lacks the legal capacity to manage those affairs themselves. A guardian is appointed to make personal and lifestyle decisions for a person who lacks capacity in those areas. In South Australia, the Guardianship and Administration Act 1993 (SA) governs the appointment and obligations of guardians and administrators, while in New South Wales the Guardianship Act 1987 (NSW) and the NSW Trustee and Guardian Act 2009 (NSW) set out the relevant framework. Financial managers are required to act in the best interests of the person they manage, to keep accurate accounts of all financial dealings, to obtain tribunal approval before making significant decisions, and to report regularly on their management of the person’s affairs. We advise financial managers and guardians on their obligations under the applicable legislation, assist in preparing accounts and reports, and provide ongoing advice on decisions that require tribunal approval or careful legal assessment.

What decisions does a financial manager need tribunal approval for?

The decisions that require tribunal approval depend on the terms of the financial management order and the legislation applicable in the relevant state. Generally, decisions involving significant capital transactions, gifts from the managed person’s assets, accommodation changes with significant financial implications, or transactions that may benefit the financial manager personally require approval before they are made. Under the Guardianship and Administration Act 1993 (SA) and the NSW Trustee and Guardian Act 2009 (NSW), the financial manager must also provide regular accounts to the relevant authority and seek approval for any significant departure from ordinary management. We advise on which decisions require approval and assist in making the necessary applications.

What records does a financial manager need to keep?

A financial manager is required to keep accurate accounts of all financial dealings involving the managed person, including details of all income received, all expenditure made, and the basis for significant financial decisions. These accounts must be submitted to the relevant authority on a regular basis and must be capable of supporting an audit of the manager’s conduct if one is required. We advise on what records should be kept and in what form, and assist in preparing accounts for submission to the relevant authority.

What happens if a financial manager makes a decision that was not authorised?

A financial manager who makes a decision without the required authority, or who acts in a way that is inconsistent with their obligations, can be required to account for and restore any loss caused by that decision. The relevant tribunal has jurisdiction to review the conduct of a financial manager and make orders requiring the manager to remedy any breach of their obligations. We advise financial managers on the decisions that are within their authority and those that require approval, so that the risk of acting without authority is minimised.

What is the difference between a financial manager and a guardian?

A financial manager is appointed to manage a person’s financial and property affairs, while a guardian is appointed to make personal, health, and lifestyle decisions for the person. The two roles are separate, and in some cases the same person holds both appointments, while in others different people are appointed for financial management and guardianship. Under the relevant legislation in South Australia and New South Wales, the obligations and powers attached to each role are distinct, and we advise on both the financial management and guardianship obligations that apply in the particular circumstances.

Obligations explained so that decisions are made within the scope of the appointment.

Accounts and reports prepared to meet the requirements of the relevant authority.

Applications prepared when tribunal approval is required for a significant decision.

A financial manager or guardian who performs their role correctly protects both the vulnerable person and themselves.

The obligations attached to the roles of financial manager and guardian are specific and demanding, and they are enforced through ongoing oversight by a tribunal or court. Understanding those obligations at the outset of the appointment and obtaining legal advice as decisions arise is the most effective way to perform the role in a way that satisfies its requirements.

Managing another person's affairs is a legal role with obligations that most appointed managers are not familiar with.

You have been appointed as financial manager or guardian for someone who cannot manage their own affairs, and you want to fulfil that responsibility correctly. But the obligations attached to the role, including reporting requirements, approval processes, and record-keeping duties, are specific and often unfamiliar to someone who has not held this kind of appointment before. Performing the role with the best of intentions is not sufficient if the decisions made exceed the authority granted or fail to satisfy the reporting obligations.

We will review the terms of your appointment and advise on the scope of your authority and the obligations that attach to the role.
We will advise on the records that need to be kept and assist in establishing a process for managing and documenting the financial affairs of the person in your care.
We will assist in preparing the accounts and reports that must be submitted to the relevant authority and advise on the timing and form of those submissions.
We will identify decisions that require tribunal approval and prepare the necessary applications.

You are responsible for managing the financial affairs of someone who cannot manage them for themselves.

Managing another person’s financial affairs involves making decisions that affect their life, their assets, and their relationships, in a legal framework that places significant duties on the person doing the managing. A financial manager or guardian who acts without understanding those duties can find that decisions made with the best intentions are later found to have exceeded their authority or breached their obligations. Understanding the framework that governs the role is the first step in performing it correctly.

What's included in your financial manager and guardian advice service

Appointment review and authority scope advice.
Obligations explanation and record-keeping guidance.
Account and report preparation for the relevant authority.
Tribunal approval application preparation.
Ongoing decision-specific legal advice.

What goes wrong when financial managers act without understanding their obligations?

Financial managers who act without understanding their obligations most commonly encounter difficulties when they are required to account for their management of the person’s affairs, either in the course of a routine audit or when a family member raises concerns about specific decisions. At that point, the absence of adequate records, decisions made without the required authority, and transactions that were not properly documented can expose the financial manager to significant personal liability. The difficulty is that these problems are almost always avoidable if the manager understands their obligations from the outset.

Here is how we help you perform your role as financial manager or guardian correctly.

We review the terms of the appointment and advise on the scope of the authority granted and the obligations that attach to the role. We assist in establishing the records and processes that should be maintained throughout the appointment and advise on when decisions require tribunal approval before they are made. We assist in preparing the accounts and reports that must be submitted to the relevant authority and provide ongoing advice as significant decisions arise.

Three steps to performing your role as financial manager or guardian correctly.

Appointment understood, obligations clear, role performed correctly.

Review the appointment.

We review the terms of the appointment and advise on the scope of your authority and the obligations attached to the role.

Establish the process.

We advise on the records that must be kept, the accounts that must be submitted, and the decisions that require tribunal approval before they are made.

Advise as decisions arise.

We provide ongoing legal advice as significant decisions arise and prepare applications for tribunal approval when they are required.

Lawyers experienced in financial management orders, guardianship, and the obligations of court-appointed managers across Australia.

People who are appointed as financial manager or guardian for a family member often accept the appointment because they are the most trusted person available, not because they have experience managing another person’s legal and financial affairs in a formal capacity. We advise financial managers and guardians with the understanding that the goal is to help people perform a role they did not seek out but are committed to performing well.

We understand you want to know the cost, before we get started.

We will map out our process, from beginning to end, so you know what the journey will look like before you get started.

We will provide you with a clear and detailed Work Proposal covering each step along the way.

Our fair fees are all-inclusive. No hidden costs for telephone calls, emails, photocopying, couriers, or coffee.

Our great lawyer guarantee

We want to be part of your team over the long term. We achieve this by adhering to these core principles:

Take the time

We listen carefully to understand what you want to achieve. Then we thoroughly explain our advice and step you through the documents. You can be sure you know the full consequences.

Share our knowledge

We will pass on as much knowledge as we can, so you can make your own informed decisions. We want to make you truly independent.

Stick to our knitting

We only do what we're good at. You can be confident that we know what we're doing and don't pass on the cost of our learning.

Work as one team

Someone will always be available to answer your questions, or point you in the right direction. You will also benefit from a range of perspectives and experience.

Fair pricing

For advice and documents, we provide a fixed or capped quote so you don't take price risk. If you're in a dispute, we map out the process and costs so you know what to expect.

It's your show

We're not in this for our egos. We're in it for a front row seat to witness your success.

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