Angela Alvig, CPA

What is a Personal CFO?

Recently Published5 minute readInsights from Angela Alvig

Imagine having a trusted advisor who is intimately familiar with your financial situation, your values and your priorities. She’s got her eye on the big picture AND the details. She’s uniquely suited to filtering and integrating all the valuable input from your professional advisors, and telling you with confidence: “Here’s what this means to you.”

That’s the role of a Personal CFO.

Most successful people act as the CEO of their family, making the big picture decisions in harmony with their family’s values – much like the CEO of a business. The CEO role is a huge responsibility demanding its own skill set, so most CEOs delegate the financial realm to a CFO.

We think that’s a smart strategy on a personal level, not just in business.

A Personal CFO Helps Handle the Important Details

Your life is complicated, maybe even hectic. You don’t have the time or the expertise to be your family’s CFO as well. Truly successful people know that they need a partner to handle the details.

That’s where your Personal CFO comes in: Someone who will advocate for your objectives, be a catalyst for action, and coordinate your team of professional advisors. As the CEO of your life, you can dedicate time and energy into what is most important, while letting a trusted partner handle the details.

By working with a Personal CFO, anyone can take control of their life and reclaim the one thing money can't buy: TIME.

Personal CFOs Help Simplify Complicated Lives

In your 20's and early 30's, life is pretty simple: Go to work, save some money, pay your bills. But as you get into your 40's and beyond, your career progresses, your family grows, and your assets increase. Your financial situation gets pretty complex, pretty fast.

You may own a business which entails managing multiple legal entities and bank accounts. You have estate planning considerations and risk management issues. You may be taking care of school age children while also looking after your parents. It’s easy to end up stressed and wondering how to manage it all.

Even with a great team of professional advisors, no matter how qualified, someone needs to be the “quarterback” of that team. Without a Personal CFO, that ends up being you.

Your Personal CFO is a true partner to your team of professional advisors, cultivating collaboration, genuine coordination and teamwork.

What Skills Should You Look for in a Personal CFO

The ideal Personal CFO is not a deep expert in a single area, but rather has a broad understanding of multiple financial areas. A Personal CFO simplifies your life by helping you make better financial decisions and IMPLEMENT them. They wrestle down every important detail, ensuring every “i” is dotted and “t” is crossed. A qualified Personal CFO is not governed by ego and doesn’t have to be “right”. They know their job is complementary to your professional advisors, who are each masters of their areas of expertise.

Your Personal CFO is someone with boots on the ground, who says, “I’ll go ahead and talk to all of these people and handle this for you.” The more you delegate to them, the more of your financial life they can understand in detail, and the more proactive they can be for you. Your Personal CFO knows what you want to get done and enlists the best possible resources to get them done for you.

Simplify Wealth Provides Personal Wealth CFO and Wealth Concierge Services

Simplify Wealth provides Personal Wealth CFO and Wealth Concierge services. Our sophisticated concierge-level services simplify the complicated lives of our clients, so they can live the life THEY choose to live.

No two Personal CFO relationships of our firm are alike. Our clients have a menu of services to choose from, including:

• Private Investment Coordination and Tracking

• Bookkeeping and Bill Pay

• Cash Flow Management and Planning

• Tax Return Coordination

• Coordination of Professional Advisors

• Estate Planning Coordination

• Risk Management and Insurance Coordination

• Private Foundation Administration

• Family Education and Legacy Planning

• State Residency Documentation Tracking

• Trust Administration and Accounting

• Management of Valuable Assets

• Estate and Trust Settlement

Personal Wealth CFO Services

Bill Pay and Cash Management

• Tax Document Organization

• Mail and Paperwork Organization

• Vendor Management

• Household Payroll Management

• Financial Record Keeping

• Aging Services and Health Care Coordination

• Charitable Gift Coordination

• Personal Shopping and Errands

• Home Downsizing and Moving Coordination

If you would like to learn more about what it would look like to work with our team, give us a call at 612-203-2718.