Considered decisions for our clients
Generally, decision making is a process that requires weighing up conflicting views, reviewing the results of previous decisions, and foreseeing the consequences of new decisions. Many decision makers start from the basis of neutrality and consider the arguments much like a judge. This is not the case at State Trustees.
The decision making process for our clients is so integral to the role of State Trustees that great care has been taken to ensure that our Personal Financial Consultants and other key staff are trained to make decisions in a way that delivers the right outcome to our clients. Tim Wilkinson, Client Concerns Manager for State Trustees, explains how we go about making decisions.
State Trustees’ Personal Financial Consultants start the decision making process with a firm, first thought.
“That thought is ‘Yes’,” explains Tim. “Our role, which is supported in legislation, is to make decisions in the client’s best interests. These decisions have the same effect as if they had been made by the client. So when a client requests funds, we start the decision making process with the intention of granting their request – again, if it is in their best interests.”
Of course, this does not mean that every request is granted in full, or in some instances, in part.
While the Personal Financial Consultants start with a ‘Yes’, they then have to work backwards and consider several issues, including:
- whether the request is in the best interest of the client;
- whether the client can afford the request;
- the client’s particular circumstances (e.g. age); and
- whether there appears to be any coercion from outside parties.
Age can be important because a request for a large sum of money may be granted to an older client but not to a young client who will need access to their funds for many years to come. In cases such as this, alternatives will be discussed. For example, a request for $20,000 to buy a car may result in the eventual purchase of a much cheaper car that provides the client with transport while preserving the majority of their funds.
Tim stresses that, “We teach our staff that one of their best allies in decision making is common sense. Above all, we aim for a sense of fairness.
A client makes a request for access to their funds and we always try to make decisions in line with their wishes, wherever possible.”
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