50 State LLC is a single family office (SFO) located in Central New York serving three generations of a family members that withstood a major liquidity event in September 2015.  The SFO has transitioned from an office embedded within an operating company focused on estate planning, trust administration and tax compliance and oversight to a standalone office highly interested in expanding its competency in investment oversight and management. 

Position Summary:  This position will serve as an integral part of the 50 State Office by assisting in the development of an in-house investment reporting and analysis function that provides insights and actionable analysis to individual family members and the investment committee.  This role is not empowered to independently direct or select investments but will have a strong emphasis on coordinating activity between family members and outside investors.

Duties & Responsibilities:

·         Coordinate and participate in the annual review of each family member’s discretionary portfolio mandate with each major institution.

o   Periodically survey family members to confirm their investment goals and risk tolerance is in alignment with the resulting strategic allocation across all investments and institutions. 

o   Ensure predicted yield is sufficient to meet short term cash flow needs and excess yield has a plan for active reinvestment or redeployment.

o   Isolate and quantify the overall fee structure, including management fees, manager fees and custodial fees. 

o   Calculate the overall net investment return (net of fees) in a comparable manner to properly benchmark.

·         Proactively manage the relationship between investment advisors and family members as appropriate.

o   Maximize the value add of outside investment advisors by mitigating fees where possible, especially with passive investment vehicles.

o   Ensure quarterly reporting is complete, accurate, understandable and comparable across each institution and for each family member. 

o   Serve as the liaison for rebalancing or fund reassignment decisions to make certain family members are making an informed and timely decision.

·         Develop and maintain a standardized reporting tool that can be utilized across multiple investment platforms to summarize asset allocations for an individual or grouping of family members.  Then,

o   Consolidate reporting to confirm the family’s overall purchasing power is being fully leveraged. 

o   Monitor cash flow projections against actuals to ensure adjustments are made when needed.

o   Monitor returns against benchmark and report. 

·         Education

o   Develop relevant materials for each generation and a forum for delivering. 

o   Coordinate presentation slide decks with active outside investment advisors to endure materials are understandable and actionable. 

o   Proactively summarize relevant market data either provided from the investment advisors or current events and distribute. 

·         Debt Management

o   Identify, negotiate and recommend debt orientated solutions to family members when appropriate.  Monitor and propose debt repayments when warranted.

Qualifications

•         5+ years’ experience in private banking / wealth management industry.

•         Experience with data aggregation software and reporting tools.

•         Capable of identifying investment objectives in conflict with strategic asset allocations.

•         Ability to analyze cash flow and account statements

•         Ability to research, analyze and summarize investment opportunities.

•         Firm understanding of the cost-benefit structure within retail and institutional banks, including understanding the trade-offs between passive versus active investments.

•         Excellent interpersonal and relationship management skills, as well as a strong work ethic.

•         Ability to research complex investment issues.

·         Preferred

•         Experience working with ultra-high net worth individuals and families.

•         Bachelor’s degree in Finance or Economics preferred

•         Willing to relocate to Central New York State and travel domestically approx. 20% of year.