CLIENT

Our client family (“Family”) is headquartered in the Silicon Valley and is in the process of setting up their first family office to provide management, support, and oversight for the wealth management affairs and personal assets of the Family.

The Family spans three generations – (G1) husband and wife, hereinafter “Principals”, (G2) their two adult children, and (G3) grandchildren.

The Family’s wealth is significant, first generation wealth and is the result of a highly successful technology business – now a public company - built by a visionary founder/entrepreneur over a twenty-year period who is actively involved in the company’s operations, as well as a significant diverse portfolio of investment and real estate holdings.

The mission of the family office is to achieve the financial and personal objectives set by the Principals.  This will include working actively with G2 in developing initiatives around education, wealth management, investments, philanthropy, and lifestyle operations.

The family office will handle the day-to-day aspects of the Family’s life and through its gradual evolution will support – both directly and/or indirectly - a full array of family office services including strategic wealth management; investment planning, oversight and compliance; financial and tax planning and reporting; trust and estate management; philanthropy; concierge services; and operations including residential properties, wine country acreage, aviation, automobiles, and marine.

OPPORTUNITY

Reporting to the Principals, the COO will have primary responsibility for developing and building the family office platform, infrastructure, and service delivery model, and then managing and executing on the same for the benefit of the Family.  G2 has significant wealth in their own right and the expectation is that the family office activities will include assisting G2 with their specific financial and asset management activities.

Critical will be the COO’s ability to help the Principals to better understand the service delivery options and structures of various family office models, as well as the corresponding financial and tax implications of each.  During the initial phase, probably the first couple of years, this role will be very hands on and highly entrepreneurial as the service delivery model is developed, implemented, and refined.  Like most family office leadership roles, the COO will serve as the classic “expert generalist” with responsibilities spanning from direct involvement to collaborative support to quarterbacking and oversight.  It is expected that over time, the COO will hire, build, and manage an internal team, as well as oversee and manage outside advisors.

The COO will work closely with the Principals to articulate the values, vision and mission of the family office, and then tailor a personal service delivery approach that supports an effective and productive working relationship that best serves the Principals’ information, operational, and decision-making needs.  This will be a dynamic, iterative process where flexibility and thoughtful, attentive creativity will be the norm, and “service excellence” will be the required outcome.

Equally important will be the “trusted advisor” role that this individual will cultivate with the Principals, with a goal of serving as a key “go to” resource; sounding board; confidant; risk manager; and in many ways…a “co-pilot” to make sure that the family office runs smoothly and effectively for the benefit of the Family.

Over time, much of this role will be about executive leadership and working collaboratively with the Family, the eventual family office team, and the outside advisors to continually improve and professionalize the service delivery level that the family office is providing to the Family.

POSITION SUMMARY

The COO will work collaboratively with the Principals to:

• Develop and evolve the operational infrastructure for the family office and affiliated entities;

• Provide critical operational and management support for the activities and initiatives of the Principals;

• Serve as the liaison for a group of trusted and proven external resources/consultants including CPAs, attorneys, and investment advisors currently supporting the Family.

Areas of responsibility and/or involvement will include:

Family Office Management 

• Execute the build-out of the family office service platform including assessing outsourced functions, with the aim of maintaining a lean, efficient staff.  Hire, manage, and mentor staff as needed and develop a plan for ongoing professional development.

• Oversee the day-to-day operations of the family office and related service entities, property management, aviation and marine.  This will include supporting the Principals with project management oversight for any development or construction projects at the properties.

• Provide strategic financial input and supervisory decision making on issues and/or initiatives impacting the organization.

• Manage and/or support the external advisors and vendors to ensure the Principals are receiving sound advice and high-quality deliverables for an appropriate fee.  This will include planning and facilitating periodic meetings with the Principals and appropriate advisors, including preparation of meeting materials.

• Promote a positive image of the family and family office, by adhering to a high level of professional standards and ethics, demonstrated by professionalism and technical knowledge.

• Develop and maintain effective and secure business systems, and work with IT service provider to provide safe, secure, and effective information technology systems.

• Provide education and guidance for G2.

Financial Management and Reporting 

• Work collaboratively with the outsourced CPA Firm and investment advisors to assess the accounting and financial reporting structure, articulate current and anticipated reporting needs, make recommendations for improvement, and oversee the implementation of the same.

• Provide financial analysis, modelling, and/or projections for initiatives of the Principals.

• Provide periodic financial reporting including income, expense and cash reports, analysis and forecasts for the residences, investments, and/or special projects as needed. 

• Assist the Principals and manage staff for personal property management, acquisition, and maintenance.

Tax/Estate Planning and Compliance 

• Provide support for and act as liaison with external tax advisors on an ongoing basis regarding tax reporting and compliance for the Principals, trusts, and other legal entities.

• Provide support for estate planning matters and trust administration, as well as serve as liaison with estate planning attorney to execute estate planning transactions.

• Plan and report on philanthropic giving to maximize tax efficiency and comply with pledges.

Investment Management 

• While this role will not directly oversee the internal investment management function, it will serve actively as a collaborative interface with the Principals and outside managers on these matters.

• The COO will also provide oversight and compliance support on an ongoing basis as needed.

• Work with the Principals to obtain relevant information that will be used in providing the Family with an integrated comprehensive overview of their financial affairs and in keeping them apprised of potential current and future impacts to investments, cash flow and the needs of Family members.

• Participate in periodic investment meetings with the Principals and outside advisors as needed.

Human Resources Responsibilities 

• Work collaboratively with the Principals to insure effective managerial oversight of Human Resources including employment practices; policies and procedures; compensation and employee benefits; and recruiting and staffing.

Legal and Risk Management 

• In coordination with appropriate outside legal counsel, oversee the legal affairs of the family office, Family members, and related entities as needed.

• Work with legal counsel on contracts, structures, transactions, and planning on various issues as needed. 

• Evaluate, strengthen, and periodically review the internal control environment to ensure appropriate processes and procedures are in place to safeguard the integrity and security of all critical functions including financial management, investments, and cash. 

• Evaluate and periodically review property and liability insurance policies to assure that appropriate types and levels of coverage are in place for all family personal and real property, business entities and affiliates. 

Philanthropy 

• Provide compliance and oversight for the private foundation and work collaboratively with the Principals to support and advise on philanthropic initiatives.

Aviation & Marine

• Provide management oversight and support of the aviation and marine assets and initiatives.