At AdvicePeriod, we appreciate the fact that as a wealthy individual, your personal finances are similar to those of a business: substantial and complex. Managing the financial details of multiple projects, real estate investments, and revenue streams can be both stressful and time-consuming. It can also be costly when not performed optimally. And, as your wealth grows, so do the challenges of tracking and reporting your finances.
We’ve noticed that on average wealthy individuals spend 5-10 hours per month on tedious tasks. What if you could outsource these things and save time and money? An outsourced solution may be a novel concept for many high-powered entrepreneurs that are used to taking on everything themselves, but it’s hard to argue with efficiency.
Instead of handling the financial grind yourself, a dedicated team of experts is readily available to handle critical financial management tasks on your behalf with AdvicePeriod’s Core Family Office (CFO) services.
Entrepreneurial hustle is what brought you this far. But as your career and wealth continue to progress, you’ll hit points where it’s time to bring in new teammates to help secure your gains and keep you moving forward. As you continue to build your success, you can focus on your big-picture goals while a team of financial professionals take care of the rest.
Here are the key benefits of outsourcing CFO Services:
A Team Dedicated to Expense Management
An outsourced CFO team takes care of all aspects of outgoing cash flow. These services may include bill payments, 1099 verification and reporting, wire transfers, tax payments, and more.
Placing these aspects of your finances in the hands of dedicated experts protects your assets and frees up your time to concentrate on leading your business and enjoying more of your personal time.
CFO Services Without High Overhead Costs
By outsourcing your CFO needs, you eliminate the substantial overhead associated with doing the work in-house. The resulting savings will be significant enough to reduce your overall expenses. You’re then able to reorganize your spending as needed.
Greater User Control
An outsource CFO team is there to support your mission and your goals. That means that they’ll work within the parameters, restrictions, and permissions you agree to prior to the start of your working relationship.
You can set limits on the decisions that your outsourced team makes for you. This allows you to customize your level of involvement and control over your daily financial operations.
You’ll be fully aware of exactly what actions your CFO team makes independently, and which decisions you’re consulted on.
Expert Financial Reporting and Entity Management
Wealthy individuals typically pay taxes on more items than a typical taxpayer. There’s a level of complexity and scrutiny that brings an intense seriousness to tax filing.
This burden necessitates cumbersome (and high-stakes) obligations like annual filings, liquidity management, and facilitating payments.
A CFO team spends its time ensuring that your financial reports are accurate, current, and helpful. This reporting covers, as needed, all aspects of your finances: bookkeeping, financial audits, cash flow analysis, and maintenance of checking/savings/money markets, etc.
With an outsourced CFO arrangement, this report preparation won’t take away from your daily routine.
Learn More About Outsourced CFO Services
AdvicePeriod is a wealth advisory firm that caters to high-net-worth individuals, assisting with trust/estate planning, insurance reviews, investment management, and more. Our variety of specialties includes outsourced CFO services.
CFO services are a game-changer for daily operations as well as liquidity events. You carefully assembled a team as you built your business. If you’re planning a sale or an exit, you’ll need another great team.
We’re experts on all the tricky stuff so that you don’t need to be. Acting as your personal CFO, we advise on all aspects of financial and estate planning, tax mitigation, and investing – helping you make informed decisions as you progress from entrepreneur to investor.
Contact us today to learn more.
