Managing Relationships with Multiple Advisors
By Dr. Laurie Heinz
Superintendent
Palatine Community Consolidated School District 15
Elizabeth Hennessy
Managing Director
Raymond James & Associates
Diana McCluskey
Chief School Business Official
Palatine Community Consolidated School District 15
Joe Papanicholas
Vice President
Nicholas & Associates
School leaders in charge of facilities, financing and investments often manage multiple outside professionals, including construction managers, architects, engineers, financial and investment banking experts and investment advisors. Effective communication is the key to ensuring there is no overlap or misunderstanding regarding the scope of services that each advisor is providing. When managing a large school district, with many buildings and multiple facilities projects occurring at the same time, the job may be too large for one architect and one construction manager. Similarly, when a funding plan involves multiple bond issues, the services of multiple professionals are generally needed, including financial advisors, underwriters, investment advisors, auditors, bond counsel, underwriters’ or disclosure counsel, dissemination agent, rating agency, registrar and paying agent, funds custodian or trustee and local counsel. These services must be coordinated so that everyone knows the plan and the schedule, with particular emphasis on critical path event dates.