What is a Private CFO
Chief Financial Officer (CFO) is defined as:
The senior executive responsible for the financial management of a corporation.
Their duties include (i) overseeing important financial transactions, (ii) devising long-term financial plans and budgets, (iii) managing treasury and capital raising activities, (iv) analysing and reviewing financial data, (v) monitoring liquidity and risk management activities, and (vi) consolidating reporting on corporate performance. The CFO is required to present this information to the board of directors and shareholders at regular intervals.
For wealthy individuals, it is common for many of these activities to be managed by disparate specialists ranging from accountants, lawyers, investment bankers, private bankers, financial advisors and custodians. Often this requires the individual to spend significant time managing the relationships between these specialists with the risk that there is a dislocation in understanding of the clients overall objectives. The ability to take advantage of financial opportunities as well as reducing overall financial risk is often harder to achieve. Additionally, many of these specialists have inherent conflicts of interest in delivering a transparent and independent solution to meet the clients needs.
The Candor Financial Management Approach
Wealthy individual or family clients have strong parallels with institutional or corporate clients. For this reason Candor Financial Management provides advice and services in a similar manner to that received by institutional or corporate clients. We also see our clients as the CEO and our advisers as CFOs hence the reason for our advisers holding the position of Private Chief Financial Officer.
Candor Financial Management provides this unique service for wealthy individuals and their families by coordinating their entire financial affairs with the help of trusted external specialists. These specialists may be your existing specialists or in the absence of having quality trusted specialists, Candor Financial Management will source and shortlist relevant specialists for your consideration and appointment.
The outcome of this approach is that clients can outsource their financial management to an independent and completely aligned advocate. This allows them to focus on what is important across their business, personal and family interests.