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A family office can be a smart move for business owners

July 21, 2021

A family office can be a smart move for business owners

4 Minute Read

Chief financial officers play a key role in stewarding a business. What if you had a CFO for your family?

Partner, Family Office Services

As a business owner, you value the role of a chief financial officer – especially for keeping the health of your business on course during this turbulent pandemic. For many entrepreneurs and company leaders, your CFO has been helping to adapt financial strategy, protect the bottom line, and prepare the organization for what’s ahead.

So, have you considered whether your family could also benefit from the knowledgeable, steady hand of a CFO?

If you have significant or complex personal wealth and assets, you likely have requirements that are similar to those of your business. While the challenges of COVID-19 have you focused on your company, you may have less time and attention to address the financial needs of yourself and your family.

Meanwhile, with volatile markets, a disrupted economy, family stress, and a lack of time for informed decision making, you may lie awake at night worrying about how to protect your family’s financial wellbeing.

This is why more and more families are entrusting their personal financial affairs to a family office. Like a CFO, a family office carries out similar tasks for personal financial matters. A family office may comprise a team of advisors and specialists including professionals whose expertise spans the entire spectrum of your family’s financial needs – from wealth management to technology solutions; risk management; tax, succession, retirement, and estate planning; administration; bookkeeping and accounting; and governance.

By leveraging and integrating this expertise and support, a family office provides structure, direction, transparency, and objectivity to support your decision making in the following ways.

  • Understand your short and long-terms goals for your business and your family, define a clear direction and develop a roadmap
  • Ensure your wealth is managed according to your vision and values by establishing governance and oversight processes
  • Harmonize planning among businesses, investments, personal assets, philanthropic interests, and family members and help you understand the risks, opportunities, and complexities of related decisions
  • Assist in implementing decisions while managing compliance and documentation requirements
  • Consolidate assets and provide an objective, professional assessment of progress
  • Advise on and implement strategies for retirement, succession, and estate planning to maximize personal financial security
  • Prepare the next generation to be capable financial stewards and future business leaders

As a business owner, you appreciate the importance of a CFO’s forward-looking, big-picture thinking, and attention to detail. By working with a family office, you can access the same strengths to safeguard your family’s financial security through the ups and downs of life.

To learn more about how a family office can support your family, contact Tina Di Vito, CPA, CA, CFP, TEP, FEA, Partner, Family Office Services, at 416.515.5071 or [email protected]


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