CLIENT

Our client family (“Family”) is located in the Northwest and has a well-established single-family office that has been serving the Family for more than forty years, providing operational support and oversight for the wealth management affairs and personal assets of the Family.

The Family has created significant wealth, a result of a highly successful business enterprise (ongoing), as well as a significant diverse portfolio of passive investments.

The Family spans more than five generations and has had – and continues to have – active and collaborative involvement by Family members in both the business enterprise in operating and Board roles and the family office oversight in advisory roles.

The family office manages a comprehensive, complex, and dynamic estate planning process/discipline, and benefits from a well-established governance structure for the family’s decision making and oversight.

In addition to the family office leadership experience needed for this role, the Family is seeking an individual who aligns with its core values and can help to support and maintain these values. These core values include respect, integrity, honesty, loyalty, continuous learning, and hard work.

OPPORTUNITY

Reporting to two Family Managers, the incoming President will work collaboratively with the existing team to continue to solidify the vision for the family office; improve the service delivery level to the clients and strive to instill a “best practices” philosophy in all functional areas in order to improve workflow, simplify reporting procedures and enhance service delivery outcomes.

The President is responsible as an “expert generalist” for improving upon and overseeing core operational and cash management functions; trust administration; tax, estate planning and risk management processes; administering the passive investment portfolio with support of outside investment advisors; supporting sound internal financial decision-making; and providing Family clients with outstanding support.

Another key initiative will be to provide ongoing management oversight and/or strategic leadership to the benefit of the team collectively. While the current team has functioned well historically, this leadership change will provide the opportunity for assessing and improving upon the human capital performance, structure, and initiatives of the family office, including organizational restructuring, additional hiring, culture enrichment, and compensation benchmarking.

Equally important will be the collegial role that this individual will cultivate with the current President (who is retiring), so as to assure a comprehensive and effective transfer of knowledge relative to the family office operations, investment reporting oversight, trust and estate reporting and oversight, legal structures, and data and systems integrity. The critical imperative here is to effect a smooth and orderly transition of leadership for the family.

Finally, much of this role is about strategic leadership, mentoring, and educating as this individual will work collaboratively with the Family and family office team to continue to improve and professionalize the service delivery model of the family office structure and to ensure the core values of the Family office are strengthened.

POSITION SUMMARY

Key areas of responsibility and/or leadership oversight will include, but not be limited to, the following:

• Family Office Management
  • Oversee the day-to-day operations of the family office including accounting and financial reporting, trust administration, estate planning, treasury, budgeting, audit, tax, real estate, long range forecasting, risk management and human resources.
  • Analyze operational issues and provide oversight and recommendations for improvement as needed.
  • Provide strategic financial input and leadership decision making on issues and/or initiatives impacting the organization.
  • Hire, manage and mentor staff as needed.
  • Plan and facilitate periodic meetings with Family members and appropriate advisors, including preparation of meeting materials.

• Trust Accounting, Reporting and Oversight
  • Oversee the administration, management, and reporting of the trust structures to ensure proper accounting and financial reporting.
  • Ensure legal and compliance with all regulatory requirements and adherence to all policies and procedures and governance requirements.

• Estate & Tax Reporting, Planning and Oversight
  • Serve as the liaison with external financial planners, trust and estate tax attorneys, tax advisors, insurance professionals, valuations specialists and other outside professionals.
  • Discuss and develop estate planning ideas on an ongoing basis with external advisors and work with estate planning attorneys to execute approved suggestions.
  • Work with external tax advisors on an ongoing basis regarding tax planning strategies integrated through multiple jurisdictions in which the Family is active.
  • Oversee the administration, management, and reporting of the trust structures to ensure proper accounting and financial reporting.
  • Provide ongoing support for tax reporting and compliance for Family members, trusts and other legal entities as needed.
  • Provide ongoing support for resources to ensure the review for all corporate, partnership, individual, trust, foundation, gift tax returns and other returns as needed.

• Financial Planning & Analysis
  • Manage monthly and annual cash forecasting processes for the investment portfolio.
  • Support financial and strategic decision-making within the organization with practical and rigorous analytics and modelling..

• Treasury & Cash Management
  • Oversee financial systems, processes, tools and control systems, and ensure maintenance of appropriate internal controls and financial procedures.
  • Ensure timeliness, accuracy, and usefulness of investment reporting.
  • Ensure legal and regulatory compliance regarding all financial functions and credit facilities.
  • Review all investment portfolio month-end closing activities.

• Investment Strategy & Stewardship, & Risk Management
  • Support efficient and effective income and estate tax planning by partnering with accountants, tax advisors and estate attorneys.
  • Work with the investment team, including outside advisors, on the execution of the Family’s overall portfolio strategy.
  • Work closely with outside investment advisors to help support the execution of investment initiatives, particularly by providing information and data, and through relevant questioning.
  • Support liquidity planning and cash management incorporating anticipated capital calls and distributions and Family member needs.

• Entity Standards Oversight
  • Ensure effective financial planning and management, including budget preparation, cash flow management and re-forecasting.
  • Ensure appropriate, timely financial compliance and reporting.
  • Ensure compliance with relevant legal requirements, regulations, and minimum standards.

• Legal and Risk Management
  • In coordination with appropriate outside counsel, oversee legal affairs of the family office, family members, and related entities.
  • Work with legal counsel on structures, transactions, and planning 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 crucial functions including, but not limited to, financial management, investment, and cash.
  • Evaluate and periodically review insurance providers and policies to assure that appropriate types and levels of coverage are in place.

• Technology and Information Systems
  • Support the efforts of the IT service provider to oversee the day-to-day technology and systems operations of the family office.
  • Support managing the inventory life cycle of hardware, software, firmware, etc., including budgeting and strategic planning.
  • Support the research, development, and implementation of best practices as they related to technology and systems infrastructures supporting the family office operations and controls.
  • Develop and maintain effective and secure business systems, and work with IT service provider to provide safe, secure, and effective information technology systems. Ensure that cyber security efforts are being well managed by outside service providers.

• Human Resources Responsibilities
  • Work in collaboration with the Family Office Managers to oversee the following:
    • Employment practices, policies and procedures.
    • Employment contracts, compensation, and employee benefits.
    • Recruiting functions, new hire set up, on-boarding, and performance review process.

• General
  • Manage relationships with, and oversee the activities of, outside professionals as appropriate.
  • Support the education, mentoring, and development initiatives of the “next gen” as needed.
  • Consult with managers of other entities as agreed upon with Family Managers.

DESIRED CANDIDATE

The successful candidate will be a discreet, self-driven family office executive with strong financial and business management experience including strong strategic, financial, analytical, operational, leadership skills. The ideal candidate will possess the following qualifications/characteristics:

• Formal training in accounting and tax strongly preferred.
• Significant relevant experience working with high-net-worth individuals in family office leadership roles and/or complex family-owned businesses coupled with the ability to play a key role in the financial, operational, and strategic leadership as the direction and vision of the family office service delivery model continues to evolve over time.
• Experience working with and supporting a family through a generational transition of wealth and/or business interest, and/or working with a complex, multi-generational family office model.
• Must bring strong accounting, financial management, and technical reporting skills, and be able to aggregate, translate, and report on financial information and develop meaningful and effective financial reporting and forecasting processes, reports, and systems.
• This role will be heavily involved with trust administration management and oversight and estate planning – as these areas are all critical to the family office structure and underlying business model. The ideal candidate will have strong, relevant experience in these areas.
• Must have a solid tax background with knowledge of flow-through entities, various trust structures, and transaction structuring.
• Ideally, this person will bring a strong investment acumen and have the ability to navigate wealth management and estate planning issues and work collaboratively with team members and advisors to support the same.
• Strong project management skills and the ability to manage and efficiently advance multiple projects and processes both internally and with third-party service providers.
• Well-honed analytical and organizational skills and proactive approach to serving family clients within a multi-disciplinary environment.
• Must be a strong decision maker with a track record of taking ownership of and driving key initiatives.
• Must thrive in a “check your ego at the door” culture where everyone’s mission is to collaborate and provide exceptional service to the family; and must be willing at times to provide hands on support.
• Must have good judgement on what is being said and know how to respond appropriately…from listening to agreeing to deferring to disagreeing.
• Must be a self-starter, self-regulating, and self-motivated, and must be able to work well with little direction or oversight, and not require feedback to be effective.
• Excellent facilitation and communication skills, both oral and written, including the ability to manage family clients, third party advisors, and employees in the family business.
• Practical experience in recruitment, selection, supervision, and development of professional and support staff is essential.
• While the IT systems are outsourced through an embedded model with the operating company, this individual needs a solid understanding of – and appreciation for – how technology can be used effectively to improve operational efficiency.
• Must have a professional service mindset, an uncompromising commitment to service excellence, a strong internal confidence, and possess a collaborative working style.
• Must have exceptional emotional intelligence, profound integrity, discretion, and patience.

LOCATION

Seattle.

WORK MODEL

Hybrid with flex…in office several days a week.

REPORTS TO
This position will report to Family Managers.

COMPENSATION
An excellent compensation package will be designed to attract an outstanding individual.