Your Family Office is usually headed by a Director who spearheads all financial issues for your family, up to and including budgets, substantial financial transactions, wealth management oversight, tax planning, estate planning and all insurance matters for all of your properties. This entails working hands-on with outside professionals, including wealth and financial advisors, accountants, bookkeepers, lawyers, and so on.
Additionally, the Director serves a managerial role, handing Human Resources issues for your domestic staff and personnel and, if applicable, for your family foundation. The ideal candidate should be trustworthy and discreet and must have at least a bachelor’s degree in business administration, or preferably, an MBA. He or she should also have a background in financial management, such as investment or private banking, wealth management, accounting, private equity or previous experience working as a family office professional. If you do have a family foundation, experience working in the non profit arena, including event planning, is also recommended.
If you have a family foundation, in addition to the Director you may also have a coordinator or assistant. This position would do all that is necessary to support the Director in planning and executing tasks, initiatives and, if appropriate, events. The ideal candidate should share the same attributes as the Director — trustworthy, discreet, professional — and have education and/or experience related to finances (i.e. bookkeeping, accounting), human resources, non profit and general business administration.
- Manage and facilitate budgets
- Oversee professional and fiscal vendors (i.e. advisors, accountants, bookkeepers, wealth managers, lawyers, etc.)
- Tax & estate planning
- Oversight of all insurance policies (i.e. property, auto, liability, umbrella, etc.)
- Human resources for domestic staff/personnel
- Manage all aspects of family foundation (if applicable)