Just like any thriving business, an accountant plays a very important role in the smooth and transparent operation of a family office. This person oversees a variety of important tasks and serves as a key player on the team, helping to contribute to the office’s growth and long-term success.
While accountants who have worked in large firms or smaller business offices can often be a good fit to work in a family office, it’s important to recognize that family offices are unique. These offices are usually small and require specialized knowledge – whether that’s with taxes, investments, private equity funds, assets, or wealth planning.
It’s crucial that a family office accountant has knowledge in these areas and fits well into the overall culture of the family office.
Key Duties
Here are some of the key duties that a family office accountant can provide:
- Overseeing all bookkeeping and accounting
- Preparing reports related to assets, property, private equity, or other investments
- Reviewing financial statements
- Payroll management
- Drafting and reviewing legal documents
- Cashflow forecasting
- Assistance with tax preparations and audits
- Oversee charitable donations or other philanthropic efforts
Family office accountants may need to have additional training, certifications, or experience, too. For example, depending on the family, the candidate may need to have expertise in working with high-net-worth families or individuals, while also having knowledge in multi-generational wealth planning, estate planning, global investments, and other asset management.
Family office accountants are adept in overseeing financial affairs that often span several generations, too. This requires a deeper understanding of the family’s financial situation, and will go beyond traditional accounting, as they provide comprehensive and personalized solutions for the long term.
What to Look for During the Hiring Process
When you’re looking to hire a family office accountant, expertise and training are critical components of the hiring process. However, it’s also important to look beyond that and focus on the candidate’s values and long-term career goals.
Your family office is likely a smaller and close-knit environment and working in that type of environment can be personal and require a level of trust that traditional offices don’t have. It’s okay to ask what their vision for the future is and determine if it aligns with your family office goals and initiatives.
When you are looking to expand your family office team, your first priority should be to find someone who is communicative, trustworthy, and willing to come alongside the team to think about the big picture. This person will truly become an integral part of the office’s smooth functioning and planning, so finding a strategic thinker who is detailed, organized, and isn’t afraid to contribute ideas is a huge asset.
A family office accountant is also often required to dive into complex financial situations, working as a creative problem solver. The candidate should be flexible and enjoy an ever-changing accounting environment, always willing to support the principal to achieve goals and tackle difficult financial issues that arise.
There are many benefits to hiring an experienced family office accountant. They see beyond just the numbers, but become an invaluable part of your team, helping transform financial data into insights that will help you take your family office to the next level.
In addition, they can help bolster your financial understanding, ensuring your wealth is optimized and positioned for growth – no matter what highs and lows come your way.
The Right Family Office Accountant
Ready to expand your team and hire an accountant who’s willing to create a personalized financial management strategy for your family office?
We have the expertise you can count on to find a highly trained and specialized accountant who will serve your family office with integrity and unparalleled vision.
Our team at Household Staffing works closely with you to develop a comprehensive job listing that includes all roles and responsibilities for your hire. This listing is published to our extensive network of candidate recruitment job boards, ensuring your job attracts the most experienced family office accountants.
Upon application, we personally review each candidate before they are introduced to confirm their capabilities meet or exceed your requirements. Our detailed and personalized process helps us to get to know our clients, as to ensure we have a good understanding of your family office culture.
Contact us today to get started on the hiring and interview process.
