State Trustees Limited Fact Sheet ‐ 2014
About State Trustees
State Trustees is the Public Trustee for Victoria, Australia. Our organisation has been serving the Victorian community for 75 years administering deceased estates and managing the financial and legal affairs of people who are unable to do so due to disability, mental illness or other circumstance.
State Trustees was a Victorian Government department until it become a state‐owned company in 1994; State Trustees operates as a commercialised entity generating the bulk of its income from trusts and deceased estate administration.
Our corporate head office has been based in Melbourne’s central business district; however to get closer to our clients we are relocating to the inner western suburb of Footscray in mid‐2014. We also opened a ‘Service Centre’ located in the south‐eastern Melbourne suburb of Dandenong four years ago and a regional office two years ago in the City of Greater Bendigo.
Our Purpose ‐ To help Victorians with their financial needs so they can make the most of their opportunities.
Our Vision ‐ To be relevant, accessible and valued in the hearts and minds of Victorians.
Our Values Wholehearted – committed, caring and united Acting as one business with a clear purpose, ensuring our clients’ interests and those of the broader Victorian community are at the heart of everything we do.
Understanding – empathetic and compassionate Understanding client needs and demonstrating this by delivering empathy and compassion into every relationship.
Commercial – professional, expert and client driven Recognising that we operate in a commercial world. Being client focused, delivering expert and professional advice in all areas of the business, ensuring sustainable profitability and growth.
Integrity – ethical and trusted Always applying an ethical approach and creating relationships with all clients, colleagues and stakeholders built on trust and honesty.
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State Trustees Limited Fact Sheet ‐ 2014
Our Services State Trustees offers the following products and services to Victorians:
Deceased Estate Administration including intestacy and administrators of last resort Financial administration (voluntary and tribunal appointed) Will preparation and secure storage of Will and Power of Attorney documents Enduring Power of Attorney preparation for financial, medical treatment and guardianship Trust preparation and administration including the State Trustees Australia Foundation Charitable Trust; and Provision of a comprehensive range of ancillary services for clients including: o funds management o maximising Australian and overseas pension entitlements o funeral funds o taxation services o financial planning o client legal representation and litigation o property management, including sale, leasing, maintenance, cleaning and property related asset management o genealogical searches.
Statistics at a glance
425 employees across 3 locations Financial & legal administrators for approximately 10,000 Victorians Manage nearly $2 billion in client assets Administer more than 1200 deceased estates per annum ‐ more than any other organisation in Victoria Prepare 2500 Wills annually – more than any other organisation in Victoria Administer more than 2500 Trusts with over 7000 beneficiaries Receive 360,000 telephone calls through our contact centre per annum Process 1.2 million invoices and 320,000 client payments per annum; and Prepare /review 6000 financial plans per annum.
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State Trustees Limited Fact Sheet ‐ 2014
Community Engagement State Trustees engages with the community via a program of educational activities, sponsorships, seminars and media events across Victoria each year.
Our organisation operates the State Trustees Australia Foundation, a public charitable Trust which provides grants to community organisations. The most recent grants program provided more than $230,000 for 26 projects across Victoria, bringing the total to more than $2 million in grants for 250 projects since the foundation was established 20 years ago.
We also conduct an annual Art Exhibition, CONNECTED, which showcases the artistic talents of artists with a disability or an experience of mental illness.
State Trustees is also a key sponsor of the Victorian Seniors Festival and hosts the successful I Will Week, promoting the importance of estate planning through Will preparation.
Community Services Agreement A Community Service Agreement has been in place between State Trustees and the State Minister Human Services since 1994. The Agreement provides a reimbursement for some of the costs of administering the legal and financial affairs for those clients who would otherwise not have the funds to access these services, including Victorians who die intestate.
The Community Service Agreement applies only to those services which are statutorily nominated, including tribunal appointed financial administration and deceased estate administration as well as some funding for vulnerable Victorians to access attorneyship and trust administration services.
@statetrustees www.statetrustees.com.au StateTrustees
State Trustees Limited Fact Sheet ‐ 2014
Governance
State Trustees is a state government owned company and operates as a constitutional corporation, registered with the Australian Securities & Investments Commission (ASIC). As a registered State government business and the holder of an Australian Financial Services License, the company is required to comply with several key pieces of legislation:
The State Owned Enterprises Act 1992 The State Trustees (State Owned Company) Act 1994 The Guardianship & Administration Act 1986; and The Corporations Act 2001.
The Victorian State Treasurer is the sole shareholder of the company; State Trustees reports through to the Treasurer of Victoria, via the Victorian Department of Treasury and Finance.
Board State Trustees is governed by a Board of Directors, appointed by the Victorian Treasurer on behalf of the State of Victoria. The Board’s role is to provide strategic guidance to the company within a framework of prudent and effective controls that enables risk to be assessed and managed.
The Board has delegated responsibility for operating and administering State Trustees to the Chief Executive Officer (CEO) and Executive Team. The CEO and Executive team authority to act is described in a formal instrument of delegated authority. www.statetrustees.com.au/our‐people/board‐of‐directors
Executive The Executive Team consists of the Chief Executive Officer and six General Managers covering the following Divisions:
Client Services Finance and Risk Management Information Services Operations People and Culture; and Strategy, Innovation and Transformation.
Craig Dent was appointed as Chief Executive Officer to State Trustees in December 2013. www.statetrustees.com.au/our‐people/executive‐team
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State Trustees Limited Fact Sheet ‐ 2014
Our Business Transformation
Faced with rising costs and flat revenues, the Executive team embarked on a program of major reform to the State Trustees business in 2012.
Gathering a range of data, including external reviews of the organisation, audit reports, client and employee feedback and performance data, a business case was prepared and presented to the State Trustees Board in March 2012. The approved business case launched 26 transformational corporate projects across the following seven streams:
1. Executor Services 2. Professional Services 3. Statutory Services 4. Ancillary Services 5. People 6. Procurement; and 7. Technology.
That program expanded to more than 50 projects over a two year period, which has unlocked more than $15 million in benefit to the organisation, mostly through cost and efficiency delivery, but also including the unlocking of new revenue opportunities.
Key achievements of the program:
Workforce productivity benefits of more than 25% have been delivered Average time to administer deceased estates has reduced by more than 50% Improved corporate procurement practice, which realised savings of $750,000 per annum Statutorily appointed clients are now taking more control of their own affairs including the elimination of all cash dispensing by moving all clients to traditional banking services All front line service teams had full service and resource model reviews, ensuring service boundaries are clear, eliminating under and over servicing Client contact has been simplified – a single published phone number, standardised client letters and statements, web traffic capturing enquiries for new business opportunities Service Level Agreements are now in place for all work that is passed between teams Control Frameworks are in place which ensure plans of management for clients are set, checklists are worked through by consultants and managers to ensure all activities are delivered in accordance with external standards; and Introduction of two new products, a national online Will Kit and a Will Bank.
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State Trustees Limited Fact Sheet ‐ 2014
People achievements that were implemented to ensure program success:
Leadership development programs are in place for all existing and emerging leaders Internal and external executive coaching is available for all leaders A program of culture change is in place, which describes in detail the desired constructive culture and signature behaviours required from all employees Annual culture surveys map the transition from defensive to constructive culture All position descriptions have been re‐written to improve role clarity and describe the required competencies for success in every role Salaries have been benchmarked to ensure internal consistency and external market competitiveness Clear outcome focused KPIs are in place for every employee, aligned throughout the business, cascading down from the CEO to front line employees; and A new corporate head office will open in 2014, relocating more than 200 employees, offering industry best accommodation standards. All State Trustees offices will be sector best standards.
Two years on, client satisfaction has improved, clients are more empowered and the business has returned to a healthy level of profitability.
State Trustees is now a sustainable organisation with efficient processes, competitive fees, prudent financial management measures and greater empowerment of clients in financial management decisions. Importantly, State Trustees continues to meet, and to improve service provision and delivery.
The next generation of business transformation will focus on digital services, including more client self‐service options, greater transparency through client on‐line access to information about their own affairs and improved e‐commerce options.
@statetrustees www.statetrustees.com.au StateTrustees
State Trustees Limited Fact Sheet ‐ 2014
Looking ahead
Becoming the World’s Best Trustee In December 2013, Craig Dent became State Trustees’ first new Chief Executive Officer in 10 years. He provided a clear internal call to action to employees to become the World’s Best Trustee. That challenge focuses on commercial growth, client centricity and employee engagement.
State Trustees is committed to creating a commercially successful business that is the natural partner for Victorians who are considering their estate planning and financial management options.
A new five‐year strategic plan Following a successful 24 month business transformation State Trustees is now focused on realising an internal vision of world’s best by 2019.
Our vision is to be relevant, accessible and valued in the hearts and minds of Victorians. The internal challenge that we have set ourselves is to be the World’s Best Trustee. We firmly believe that this challenge is a rallying point for all State Trustees people and unlocks the potential for each person in the organisation to become great at what they do.
The new five‐year strategy has three key strategic themes: Pride, Trust and Partnerships. These themes will be central to everything we undertake over the next five years.
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