Basic Function: The personal chief financial officer is accountable for the administrative, financial, and risk management operations of the client to include the development of a financial and operational strategy. The PCFO is responsible for ongoing development and monitoring of advice designed to preserve and grow wealth, along with the accurate reporting of financial results.
Principal accountability's are:
Planning
- Assist in formulating the client's future direction and supporting tactical initiatives
- Monitor and direct the implementation of strategic plans
- Develop and coordinate financial and tax strategies
- Manage the capital request and budgeting processes
- Develop performance measures that support the client's strategic direction
Operations
- Participate in key decisions as a member of the client’s advisory team
- Maintain in-depth relations with all members of the client’s advisory team
- Help manage any third parties to which functions have been outsourced
- Implement best practices with respect to wealth management
- Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package
Risk Management
- Understand and mitigate key elements of the client's risk profile
- Monitor all open legal issues involving the client, and changes to the legal environment that might affect the client
- Construct and monitor reliable control systems through the client’s personal financial website
- Evaluate and Maintain appropriate insurance coverage on the client
Funding & Investing
- Monitor cash balances and cash flow forecasts
- Assist with arranging for debt and equity financing
- Advice on the appropriate allocation of investable funds based on the client’s risk tolerance.
- Help select and monitor investment managers for the client
Third Parties
- Manage and participate in interactions with the outside expertise
- Represent the clients in evaluation of and negotiation with advisors
- Take ownership of the process of engaging other advisors for the client
- Follow up to ensure implementation is occurring with advice provided by third parties
Desired Qualifications
- CFP
- Minimum 5 years working with clients in the financial services industry
- Additional Qualifications:
- Attention to Detail
- Willing to collaborating with those with expertise in certain areas
- Open to helping implement creative ideas
