Last Updated on February 23, 2024 by Heather McDowell
A Project Manager is an individual who uses methodologies, processes, knowledge, skill sets, and professional experience to achieve specific project objectives according to the assigned criteria within agreed parameters. A project manager must attain their final deliverables that are constrained to a finite timescale and budget in order to be successful.
PMs are Akin to QBs
To use an American football analogy, a project manager must serve as the Quarterback (QB). The QB is considered the leader of the offence and is responsible for calling the play in the huddle, touches the ball on almost every offensive play, and is almost always the offensive player who throws forward passes.
A project manager must also call plays in the form of making decisions in real-time to overcome obstacles. Similar to the frequency that the QB touches the ball, a project manager has a hand in every facet of a project. The two roles are also alike in that it’s the project manager’s job to continue to move a project forward, just like the QB throwing forward passes.
They Aren’t Only Managers
A key factor that distinguishes project management from just ‘management’ is that it has a final deliverable, similar to a touchdown, and a finite duration. In contrast, management is an ongoing process, often with dynamic and varied goals.
Because of this, a project management professional needs a wide range of abilities, such as technical skills, people management skills, and good business awareness.
Financial project management is not dissimilar in that the project manager needs to leverage their skills and drive their objectives with a finite amount of resources, but do so all through the specialization of a robust financial acumen.
From Uncharted to the West Coast
Since this may be uncharted territory for some, we reached out to the west coast to our friends at Axiom Advisors Inc. Dwight Martin of Axiom Advisors brings over 25 years of financial management experience involving the implementation of strategic business plans and raising capital for private and public entities. We asked Mr. Martin what tasks financial project management encompasses in the context of daily administration.
Here’s what he had to say,
“The Financial Project Manager or Financial Project Management Team is the person or group of persons who oversee the financial, accounting, audit, financial and computer systems, as well as taxation for the project when dealing with complex financial tools such as mutual fund trusts. On the ground level, a financial project manager deals with the maintenance of the books, records, and accounts of all operations, receipts, and disbursements, including, when applicable, the capital raise and transactions with certain stakeholders like trustees unique to the project. The Financial Project Management team may also be required to do tasks like ensuring compliance with federal or provincial oversight bodies as it relates to the project.”
More on MFTs
A Mutual Fund Trust, or MFT, is a private structure that functions like a Limited Partnership (LP) whereby MFT units are issued to investors in accordance with investment terms offered by the MFT.
Like a General Partner (GP), the Trustee invests the funds on behalf of the unitholders into real estate projects. For a more in-depth read on Mutual Fund Trusts, click to read a previously published Canadian Real Estate Wealth on MFTs.
When asked what financial project management looks like for mutual funds trusts, Dwight explained…
“The Financial Project Manager for the MFT, in our case Axiom, will provide corporate and advisory services to the MFT, which include:
• Coordinate the preparation of the term sheet and/or offering memorandum and subscription agreements
• Engage a Trustee to hold the eligible investment for investors
• Coordinate the preparation of a tax opinion for the eligibility of the MFT
• Assist investors in setting up registered accounts with the Trustee
• Manage the communications with legal counsel”
In Conclusion
Idowu Koyenikan, Entrepreneur and author of Wealth for All: Living a Life of Success at the Edge of Your Ability, is attributed with saying, “Money is always eager and ready to work for anyone who is ready to employ it.” Arguably, no one works harder with money or makes money work harder than a Financial Project Manager.
If your project has financial complexity to it and you’re considering enlisting the expertise of a Financial Project Manager, or you’d like to further explore Mutual Fund Trusts, check out Axiom Advisors Inc.’s website here or email Dwight Martin directly at dwight@axiomadvisors.ca.
Heather McDowell is a mother and a REALTOR®. Heather has spent most of her real estate career selling residential real estate, and its leasing and has dealt with the additional complexities of the cottage, timeshare and rural properties, and condominiums. She has dabbled in new construction and is expanding her portfolio to include commercial sales and leasing. Heather is also a dedicated volunteer for both the local women’s shelter and a national hospice organization and is an emerging playwright.
Heather describes her focus as diversifying real estate content that not only addresses national matters but explores those issues unique to each province and territory.
You can contact Heather at heather@crewmedia.ca or find her on socials at:
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