FAMILY OFFICE CONTROLLER

SCOPE OF JOB

The Family Office Controller ("FOC") position carries multiple responsibilities of both a financial and non-financial nature for the employers, a married couple with no children or pets. They have a home base near Philadelphia and a vacation home out of state.

The scope of work ranges from managing their regular domestic accounts payable and receivable to handling matters related to insurance, home contents inventory supervision, travel arrangements, financial problem-solving, payroll tax records preparation, investment oversight, financial record keeping and reporting, and some HR–related work. The work is highly detailed, demands meticulous and thorough attention to detail, and comprehensive hard-copy and digital record-keeping. 

The FOC is based in a one-person private Center City Philadelphia office adjacent to the husband’s business office, and may on occasion meet with his wife at or outside the office. The FOC will meet at least weekly with one or both principals to address and resolve financial issues and problems and to obtain their approval and/or signature for contracts, payments and/or other documents.

SPECIFIC  RESPONSIBILITIES

Contracts

Organize, record and summarize all contracts by category; and update and track all payments and related data relative to each individual contract in real time

Ensure that all such records are clearly and easily identifiable and accessible at all times

Payables and Receivables

Track, monitor, critique, reconcile and recommend all payables invoices presented for payment.

 Verify that all payment requests are reasonable and compare favorably to past invoicing

Use QuickBooks to capture all key payables and receivables data, prepare and print reports.

Ensure all credits are properly recorded in statements received.

Ensure that all credit slips received are tracked and that principals are aware of same.

Organize detailed spreadsheets, records and digital/hard copy files of payables and receivables as needed.

Automate payments, reports and other financial processes as much as possible.

Budgets

Prepare monthly, annual and periodic long term budgets; monitor payments and variances relative to those budgets; and report variances to principals at least monthly. To include: regular outgoing payments; and vacation home construction and maintenance budget, along with tracking of progress payments to a wide range of assorted vendor and subcontractors

Insurance

Research best possible insurance coverages and premiums and recommend same to principals 

Serve as principal contact with insurance broker(s) for home, auto, special items and life insurance. Prepare (or have prepared) schedules of insured items, based on periodic inventories of items at both homes and any items in storage.

Monitor and record periodic inventory taking  of principals’ personal effects by third party inventory-taking providers

Recordkeeping

Create and maintain accurate, precise and easily accessible written and digital records

Use scanner to digitize all documents

Maintain only necessary hard copy records

Travel

Assist with planning and execution of principals’ domestic and international travel, including assisting in negotiating air travel packages with air charter providers.  

Interface directly with travel brokers or operators to obtain optimum travel arrangements

Financial Problem-Solving

Handle a diverse range of domestic and international financial problems related mainly to travel, home furnishing and related providers/vendors/builder/subcontractors.

Tackle issues related to payables and receivables

Taxes

Interface with principals’ accountant and investment manager as needed

Gather, sort and submit tax data for outside accountant to prepare taxes.

Complete tax  forms for signature by principals for assorted tax jurisdictions

Investments

Attend regular (quarterly) meetings between both principals and their tax and investment advisor

Prepare monthly summaries and charts of investments, including variances to past performance, to assist principals’ assessment of their third party investment portfolio management

Arrange for funding of multiple accounts as needed to meet principals’ current and anticipated financial obligations

Reconcile all investment accounts and statements from investment manager and related providers

Banking

Oversee and reconcile all bank accounts at least monthly

Ensure all check books and deposit slips are available as needed

Obtain petty cash from bank as needed by principals

Convert principals’ cumulative coinage to notes, periodically, as needed

Payroll

Provide and track principals’ domestic payroll  (housekeepers, driver, personal assistant, cook) including histories of employment/birthdates/anniversaries/salary and other compensation adjustments, as well as maintain individual personnel files as instructed by labor counsel

Oversee the withholding of various taxes and other withholdings from payroll by outside payroll service and payment of same to various state and local authorities.

Oversee tracking of all domestic employee vacation time off.

Interface as needed with third party payroll service

Other

May perform other financial and practical tasks as needed. May include interfacing with legal counsel, assorted vendors, and other third parties. 

DESIRED CANDIDATE

The ideal candidate will be a discreet, self-driven family office executive with broad business management. The ideal candidate will possess the following qualifications/characteristics:

Skills and Experience:

Bachelor’s degree with a minimum of 15-20 years’ of relevant experience.

CPA designation highly preferred.

Strong leadership experience in working with high net worth individuals including experience working with and supporting a family through a generational transition of wealth.

Exceptional technical accounting and financial reporting skills including the ability to aggregate, translate, and report on financial information; and to develop meaningful and effective financial reporting and forecasting processes, reports and systems.

Essential Characteristics:

Must embrace continuous learning and demonstrate ongoing self-improvement.

Ability and willingness to be “hands-on” in the day-to-day family office operations.

Must have exceptional emotional intelligence and be a highly skilled communicator and facilitator

Must be self-confident, knowledgeable and able to exercise sound judgment in conducting research, analysis and decision making.

Must be highly organized and able to effectively manage multiple priorities simultaneously.

Must have integrity and be approachable, respectful and instill confidence and trust in their ability to handle complex and sensitive financial and personal information both internally and externally.

COMPENSATION

An excellent compensation package will be designed to attract an outstanding individual, including relocation as needed.