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Clear direction and expectations
Your direct reports vary depending on the project you are assigned to, you will not get any assigned to you on a permanent basis though.
You are confusing the counselor role with the manager position, you may take the counselor role or not if you want, but it is an extra curricular activity. As a counselor you may have one or more counselees, for which you will be responsible for summarizing their yearly performances (due diligence), guiding them through career options and decisions, and introducing them to others that can help as well.
Some big 4 requires managers to also be counselors like D
Push them to be better professionals and people. Be an advocate for them when they need something. Don’t talk bad about them to anyone else without speaking to them first/giving them growth ops. And more than anything else, be patient
Rising Star
Manage priorities and staffing appropriately
Manager 2's explanation is spot-on. Counselees will show-up as direct reports in an org chart, and you should help guide their careers. Facilitate performance review process for them and advocate for them (if they deserve it).
You may end up with some of your counselees on your client projects, but usually not. Engagement management is much more hands-on - actually managing work, not your administratively assigned reportees.