Chief Operating Officer, Single Family Office – Boston, MA - PLACED (2024)

An exclusive opportunity has arisen within an established Boston-based single family office that is seeking a successor COO to manage the personal, financial, and business affairs of the Principal (who serves as Chairman of the family office), his children, and their related entities. Reporting to directly to the Principal, the COO will provide high-touch service to the Principal and his family.

Leading by example, the COO will oversee the day-to-day operations of the family office and will serve as the quarterback of the external advisors and service providers, ensuring that all their services are provided in a high-quality and cost- effective manner. The COO will possess strong leadership and communication skills, a strong work ethic with a “roll up your sleeves” style, coupled with high emotional intelligence, the utmost integrity, and a client-service focus. By attentively listening, exercising discretion, and maintaining confidences, the COO will instill confidence over time, allowing them to become a trusted advisor to the Principal and his family.

Family Office Overview:

The family office manages the financial/accounting, tax, investment, wealth transfer, fiduciary, risk management, philanthropic and administrative functions associated with the family and their related entities, which include a charitable foundation, multiple trusts and LLCs, and closely held companies. With the support of an investment advisory firm, the family office manages a large investment portfolio. The family office also oversees the Principal’s commercial real estate investments, direct investments in operating businesses, as well as the Principal’s personal properties, aircraft, and other collections.

Key Responsibilities:

Leadership/Management

• Promote a positive image by adhering to the highest level of professional standards and ethics and by maintaining professionalism and technical knowledge.
• Adhere to strict confidentiality regarding all aspects of the family, their affairs, and their family office, and promote a culture of discretion and privacy within the family office and in all external exchanges.
• Provide vision, direction and leadership to current family office staff including staff related to the Principal’s personal property and assets, as well as any future staff.
• Create a high-performance, collaborative environment focused on providing exceptional client service and a high-quality work product to achieve goals.

Accounting, Tax, Financial Planning & Technology

• Maintain processes, procedures, controls, technology, and systems to promote operational efficiency, regulatory compliance, safeguarding of assets, and safekeeping of documents and records, including annual LLC filings and compliance.
• Manage all accounting/finance and tax functions, including family office budgeting and cash management for all entities maintaining sufficient liquidity to pay expenses and cover capital calls.
• Work closely with external tax firm to organize and coordinate the preparation and filing of all tax returns required for the family and their related entities, quarterly. Ensure completion of annual tax filings for all family members and entities. Interface with tax advisor on tax planning and strategy.
• Provide monthly accounting of expenses for all entities and review and approve AP/AR for all entities.
• Prepare quarterly balance sheet and review with Principal.

Investments and Cash Management

• Partner with Principal and investment advisory firm to monitor the investment policy guidelines and asset allocation/rebalancing to be certain that all investments are consistent with family office investment policies and the family’s objectives and risk tolerance.
• Organize and attend quarterly meetings and monthly updates with investment advisory firm, providing the Principal with written summaries, if he is unable to participate in the meetings. The summaries will analyze the advisor’s recommendations and provide independent and objective counsel and recommendations to promote sound decision making protecting the family’s interests.

Estate, Legal, Insurance & Philanthropy

• Manage relationships with trust and estate counsel, investment advisory firm, trustees and update estate plans as needed proactively transferring assets when advantageous from a planning and tax perspective.
• Advance the transferring of the Principal’s personal properties and collectibles to the next generation, along with operating agreements and a plan to maintain properties, in accordance with the family’s mission statement, to continue the family’s legacy and support family cohesion and harmony.
• Oversee legal counsel engaged to draft and negotiate contracts, investment agreements or create/modify entities. Ensure the Principal’s interests are protected, a quality work product and that services are delivered in a cost-effective manner.

Lifestyle Management & Special Projects

• Manage concierge services including the management of personal property, travel, personal asset acquisitions and bill paying.
• Oversee aviation related employees and ensure that air travel and aircraft management comply with all FAA and IRS regulations.
• Oversee ad-hoc projects as they arise.

The Ideal Candidate:

The successful candidate will have a strong background in the family office and wealth management industries. The candidate will possess compelling financial and business acumen and an entrepreneurial mindset, and will be well versed in the disciplines of wealth management and integration. The individual must have sound judgment, high emotional intelligence and exemplify the highest levels of honesty, integrity, and loyalty. Demonstrating professionalism, discretion, confidentiality and a client-service orientation, the successful individual will become a trusted advisor to the Principal and his family members. Representing the family, the COO must be diplomatic, objective, tactful, respectful, collaborative, and pragmatic in all interactions.

Experience and Skills Required:

• Minimum of 15 years of experience in the family office/wealth management industry and knowledgeable about industry best practices for family offices.
• Undergraduate degree required; advanced degree preferred e.g., MBA; relevant certifications desirable, e.g., CPA, CFP.
• Prior experience working with and advising family office clients; understands and relates well to ultra-high net worth clients and proactively and selflessly serves clients, addressing needs and issues.
• Knowledgeable in all the disciplines of wealth management: financial management and reporting, tax compliance, trust and estates, investment management and administration, charitable foundation administration, and risk management.
• Experienced with wealth management education and mentoring the next generation.
• Clear, concise written and verbal communication skills with the ability to distill complex concepts into terms in an understandable manner.
• Experienced management and collaboration of external advisors and acting as the family’s advocate.
• Familiarity with sophisticated estate planning including dynasty trusts and GRATs and LLCs with multiple series.
• Experienced with closely held operating businesses and knowledgeable in the areas of corporate governance/board of director roles and shareholder rights and responsibilities.
• Familiarity with commercial real estate and direct investing highly desirable.
• Solid foundation in accounting principles for trusts and partnerships to properly account for expenses and manage cash flow at the entity level.
• Understanding of charitable foundation oversight and administration.
• Experienced overseeing multiple personal real estate properties and personal effects.
• Familiarity with aircraft ownership and pilots and monitoring compliance with the associated FAA and IRS regulations.

Qualities Required:

• Highly intelligent, creative, and strategic thinker who anticipates needs, issues and opportunities and effects solutions and solves problems on a proactive basis; listens and clearly thinks through all sides of an issue before presenting opportunities and solutions to the Principal.
• Strong analytical skills, with a detail and process orientation and inquisitive nature to challenge advisors and maximize the benefit of their expertise; conducts comprehensive research and analysis and makes appropriate recommendations and decisions.
• Exceptional interpersonal skills, high emotional intelligence, and attentive listener with a strong client-service orientation; dedication to serving a single family with the utmost integrity and discretion, honesty, and transparency with the highest level of loyalty; approachable with the ability to instill confidence to serve as a trusted advisor.
• Multi-tasker with strong organizational and project management skills, adept at prioritizing; flexible leader approach and mentality.
• Strong leadership, management, and mentoring skills; ability to develop, motivate and effectively lead a culture of quality and excellence.
• Highly motivated, results-oriented individual with a demonstrated ability to work collaboratively with multiple constituencies to accomplish objectives.
• Self-confident individual with sound judgment, conviction, and common sense.
• Exhibits polish, professionalism, and self-confidence, yet is humble.

Compensation:Basic salary of up to $350k plus structured and discretionary bonus. Family Health Cover is provided. Relocation assistance also available.

Please note that this is a full time in-office position (8am-6pm, Monday – Friday)

If you would like to find out more about the role, please send your CV and a cover letter to Kay Shah (kays@agreusgroup.com). Thank you.

REF: AGR2804