“CFOs of family offices tend to be more of a confidant than a numbers-cruncher,” he adds. Gigani notes that in those families where a younger generation is intent on creating new enterprises, having access to finance experience and perspective within the family office can be valuable. Silverman says, “in which it is becoming more formalized, with internal career paths being created that allow a person to enter at a junior level and be developed into a CFO or CEO.” “The family office space is going through an evolution,” Mr. That depends largely on the level of trust between the CFO and the family, which perhaps makes it different than a corporate environment.” “As CFOs of family offices become empowered by the family to help guide the direction of the family office investments and other areas of business, they often gain the ability to move into the catalyst and strategist roles. “Your comfort zone may originate in the operator and steward roles,” says Ms.
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“You may come into it as a specialist, in investments, law, tax or some other discipline, but you quickly become a generalist and a quarterback, and can become regarded as a critical advisor.”Īnd, just as private sector CFOs may find the Four Faces of the CFO™ framework valuable in determining how to allocate their time and define their career trajectories, so too might a family office CFO. “It’s not an easy job, because it carries a lot of responsibilities and the level of ‘palace intrigue’ may surpass what you typically encounter in a corporate role, but it can be an interesting, fulfilling job,” says John Silverman, principal, Deloitte Tax LLP. But ultimately, she says, “the family members are the clients, and a CFO or other senior executive will work with the family to determine how to most effectively deliver the services needed.”įor executives who want a broad set of responsibilities, the family office environment can offer a unique set of rewards.
Sometimes that may require the family office executive to be explicit about the fact that the office doesn’t provide the kinds of concierge services that are better left to a personal assistant or household manager. Given the varying scope of responsibilities family offices undertake, it can be helpful when the CFO or a senior executive “clearly articulates which services the family office will provide and which it won’t,” Ms. “Often family members will look to the family office to help prepare the younger generation to eventually work in the office or the family business, and learn about key aspects, such as investing and taxes.” Educating the next generation may sound like an issue for family members to address without the involvement of a family-office CFO or senior leader, but, in fact, “A CFO at a family office may very well get involved with family issues, such as assisting or motivating the younger generation to become successful,” says Eric Johnson, partner, Deloitte Tax LLP.
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