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Dec 7, 2016

What is a ‘‘personal CFO,’’ and how would it benefit me to have one?

Whether you’ve built your wealth as a business owner or successful corporate executive, or are the inheritor and overseer of a family fortune, you lead a busy life nurturing and expanding the engine of your prosperity. That leaves you little time in the day to manage your family’s finances, and as you well know, managing expenses with a complete grasp of your monetary assets is no easy task.

So, to help you accomplish this task, you have most likely assembled a team of experts, attorneys, accountants and financial and investment planners. Perhaps the latter include estate planners; perhaps you have a trustee to manage trusts and maybe someone who sees that your philanthropic wishes are fulfilled.

But as happens with every team, someone has to manage your team of experts, and quarterback it, too, if you will. And guess who that ends up being? Yes, you.

THIS IS WHERE “A PERSONAL CFO” COMES IN.

At our firm, what began as a simple bookkeeping service for Smolin’s wealthiest clients evolved into an offering that we call “Premier Lifestyle Services,” which quite simply is a personal CFO amenity developed specifically with the needs of high net worth clients in mind.

Having a personal CFO means that whatever it is you need taken care of, from home to business to personal matters, our team gets it done.

SO, YOU MAY BE WONDERING, “HOW DOES A ‘PERSONAL CFO’ SERVICE BENEFIT ME?”

To continue the football analogy, with a personal CFO to assist you, you still “own” the team, but you have hired a top-flight individual to manage it. In the case of our Premier Lifestyle Services, you have further engaged a group of individuals to be your team.

For example, through our concierge approach, having a personal CFO means you have access to a full suite of services, which our accountants provide, and which include bookkeeping, fund-raising, budgeting, reporting and planning. Specifically:

  • You now have a bookkeeping system that efficiently maintains your books and records so you don’t have to oversee it.
  • To maximize tax savings and adhere to government regulations, our team, not you, can establish an individualized solution for your charitable efforts.
  • Our team also budgets to help you plan for large expenditures and set savings goals.
  • Regular monthly reporting prepared by our team shows all activity, transactions and performance over that time period.
  • Our qualified wealth advisors can develop an asset allocation plan based on the particulars of your situation.
  • To ensure comprehensive asset protection, our team reviews all of your insurance policies, from life insurance to long-term care insurance, and will provide a course of action for increasing insurance levels, if needed.

Having a personal CFO means that whatever it is you need taken care of, from home to business to personal matters, our team gets it done. And we manage the team, not you. Plus, we take service to the next level.

You need a new cell phone but don’t want to deal with salespeople? Give us a call. You need assistance surprising a loved one on Thanksgiving Day? We make it happen. In short, our Premier Lifestyle Services personal CFO team is equipped to handle any situations a client can think of, and especially those they can’t.

In sum, we believe that a personal CFO should become a trusted friend, who not only keeps clients’ best interests in mind, but also gives them the gift of time so they can actually enjoy what they have worked so hard to build.

This article was originally published in the December 2016/January 2017 issue of Worth.

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