CFO-Led Financial Planning for Families

August 9th 2024,

Every successful business has a CFO, why shouldn’t every successful family? In corporate entities, the CFO is responsible for ensuring that a business remains in a favorable financial position. This is the person who ensures that income exceeds expenditure, operations stay within budget, and profit is maximized. While other leaders focus on operations and other essential factors, the CFO concentrates on the numbers, providing crucial financial information for the CEO. The CFO is the corporation’s chief financial planner. Companies are not the only entities that need someone to carry out this essential function. Someone needs to take control of financial planning for families too. Using the services of a dedicated CFO will help to preserve your family’s wealth and optimize its investments.

What does a family CFO do? The ideal person to take on this role is someone who is a seasoned professional in the financial services industry, and who understands the ins and outs of investments and wealth building. A family CFO is a qualified and experienced, professional wealth management advisor who offers this knowledge and skillset specifically for the benefit of families. Working with a family CFO provides several key benefits:

• Complete oversight of your family’s financial affairs: The family CFO acts as a central point of contact for all your family’s finances. Investment management, estate planning, and more are all combined within a single portfolio, which is expertly managed by your family CFO.
• Customized wealth management strategies: Every family, particularly every high-net-worth family, has unique financial goals and challenges. Families of Life Sciences and BioTech professionals have an even more specialized set of financial demands. Your family CFO will devise a set of customized strategies to preserve and grow your family’s wealth, taking your unique financial position and aspirations into account.
• Accurate and up-to-date financial reporting: You must always be informed about your financial health and the current state of your money and investments. Your family CFO will always have comprehensive financial reports on hand to tell you whatever you need to know and act as a guide for your short-term and long-term financial decisions.
• Tax optimization advice: One of the most important parts of managing your wealth is tax optimization. Your family CFO will integrate tax planning strategies into your financial plan, seeking out the best opportunities for tax savings, helping you to find the best available ways to reduce tax liabilities wherever possible, and maximizing after-tax returns.

• Strategies for intergenerational wealth transfer: No doubt, one of your main concerns is the preservation of your wealth and its smooth transfer to your heirs. Family CFOs provide well-developed expertise in wealth transfer planning.

LRVS Advisory is a team of experienced family CFOs geared specifically for the families of professionals in the BioTech, Life Sciences, and Pharma industries. In addition to holding a wealth of collective experience and qualifications in family financial planning, we also have a thorough understanding of the specific financial circumstances and challenges faced by these professionals. Our financial planning framework incorporates every aspect of your life – personal, professional, and financial – into a holistic, customized financial plan that suits your profession, your personal needs, and your family. With our help, your family will accumulate wealth, manage risk, control your taxes, and plan for retirement. We will also look for the best ways to assist you in ensuring the establishment and transfer of multigenerational wealth.

Why is family financial planning important in the first place? Families cannot afford to leave their financial welfare to chance. This is especially true where there are considerable assets involved, and the transfer of multi-generational wealth is a central concern. Professional financial guidance from a seasoned CFO will help your family preserve its wealth through the unpredictable twists and turns of the economy. With our professional guidance, you can define your financial priorities, then monitor and track your finances. We will help you manage and reduce your debt, prepare for emergencies, and grow your investments. We can also help you manage and optimize your taxes. You can secure your family’s wealth, plan for a more comfortable retirement, and ensure the smooth management of your estate.

Families and households face considerable expenses, and these need to be managed in proportion to their income and assets. A professional family CFO must get involved to help families manage their spending, savings and investments.

You can realize the benefits of financial planning for families by working with a professional family CFO from LRVS Advisory. If you are a professional in the BioTech, Life Sciences and Pharma industries, or are looking to preserve and grow your family’s multigenerational wealth, contact us today and start working with a family CFO who understands your family’s financial needs.

Any references made regarding the taxable nature of your investments should not be construed as tax advice. McAdam LLC is not a tax advisory firm; therefore, any tax decisions or assumptions should be made/verified with your tax professional.

This information is accurate for most states, please check with your tax professional to verify your specific eligibility.