With wealth comes a host of issues for families to consider such as finances and taxes, investments, insurance, philanthropic plans, and wealth generation and preservation. Because of the complexity of these issues, many high wealth families rely on trusted advisors to play an integral role in important decisions.
With so many moving parts and stakeholders to consider, it is critical to treat the family somewhat like a company while recognizing the value of ensuring transparency and the security of future generations.
A Family CFO is an essential component of a family business. As a fair and impartial advocate, the Family CFO will maintain the family’s financial health as well as their relationships with trusted advisors (attorneys, CPAs, bankers, money managers, etc.).
The professionals at CFO Systems provide strategic expertise to families by understanding family expectations and looking beyond the finances to understand where families are, where they want to go, and how to get there. As stewards, they act as strategists, custodians, educators, and advisors to ensure perspective and order to the family’s financial life.
CFO Systems can:
- Relay complex financial issues in a manner that all constituents can understand
- Strengthen cash flow through effective management and accurate forecasting
- Identify, manage, and mitigate risk
- Provide objective and historical reporting of true investment performance
- Integrate estate planning, taxes, investments, philanthropy and the family’s goals
- Evaluate insurance programs to ensure proper levels of coverage
- Provide access to creative collaboration with attorneys, bankers, CPAs, and other trusted advisors