Work to a defined standard
Some time ago I asked professional trustees what they saw as the challenges of trusteeship. A common issue concern expressed was the lack of practical information on trustee best practice.
Digging deeper, it became clearer that professional trustees were looking to something they could point to as best practice. Something to show co-trustees, trust creators and beneficiaries - something to benchmark from.
That led to the development of a complimentary guide for non-professional trustees setting out good practices in 21 areas of trust management (you can grab a copy here).
Standards of practice are particularly important for professional trustees.
When you offer services professionally, you’re generally held to a higher standard of care. That’s because you're expected to hold special knowledge or experience.
That being the case, when you take responsibility for other people’s property (say, as trustee), you want things to be running right. It’s about being prudent professionally.
Similarly, when you’re being held to a higher standard of care professionally, you know that the commercial risks can be greater if things go wrong.
Clearly defined and documented standards of practice can help mitigate that risk.
The starting point is how you position your professional services in the marketplace. Positioning is like putting a stake in the ground for what you stand for professionally.
For professional trustees, a documented set of practices and policy will help reinforce your positioning. They become a reference point for:
How to work consistently to an agreed standard
Communicating value and setting expectations
Measuring and reporting on performance
Inducting and developing staff
Educating co-trustees and beneficiaries
I’ve found very few professional trustees have defined standards of practice. As the old saying goes “If you don’t stand for something, you’ll fall for anything”.
What stake will you put in the ground for best practice?
Defining what you stand for (or won’t stand for), is a good place to think from. Clear standards of care and practice provide a point of distinction for professional firms.
They not only raise the bar for the way services are delivered, they improve the delivery of outcomes to clients. When you're unlocking commercial value, that’s a win/win.
Trust good practice.
Lindsay