Head of Family Office (Chief Executive Officer, CEO)

The head of the family office is responsible for strategy and overseeing of all operations. In addition to maintaining the trust of his employer and helping to resolve internal family issues, the head of the family office is responsible for investing and growing family wealth, as well as for its distribution and protection.

The Family Office leadership position requires unique strategic, operational and interpersonal competencies.

The head of a family office is an administrative manager who effectively manages various specialists who can help a family cope with the complexities and demands that wealth places on its owners. His task is to effectively manage and increase this wealth. Whether someone needs a family office depends on the extent and complexity of their wealth.

Managing Director of the Family Office (Chief Operating Officer, COO)

The family office manager is responsible for all non-investment related tasks. The Family Office Manager oversees the day-to-day operations of a family office, from hiring staff, including housekeeping, to ensuring proper risk management.

The family office manager handles budget planning and helps family members with private projects. He controls administrative issues related to solving family-related problems, controls work of domestic staff at all existing private real estate facilities located in different countries of the world and interacts with other members of the family office team.

Senior Family Office Advisor

There comes a time in every family office when the principal needs advice on issues such as taxes, asset and portfolio management, wealth and real estate solutions, philanthropic advice, market areas the principal wants to concentrate on.

A consultant (or advisor) is the person with deep knowledge in a particular field who uses his experience and expertise for the benefit of others. He shares his life experience and knowledge to promote short- and long-term success in achieving his clients' goals.

To be a successful consultant one needs to understand the global situation in other markets. Family office owners have global needs, and advisors must be aware of the ground rules and key issues that a principal may face in other markets to find the optimal solution.

External advisors must have specialist knowledge of a wide range of topics. It is also important that the adviser has a wide network of contacts in various fields in order to quickly resolve an issue or receive professional advice.

The adviser is hired if a family regularly needs a specialist who will oversee certain tasks. It is important to have extensive knowledge of financial, legal, tax and other topics, including charity. The advisor must understand that when working in a family office, a focus on long-term cooperation is of the utmost importance.

Senior Operations Manager

The operations manager is a specialist who works with the company's business processes. The job title indicates his area of influence i.e. procedures, thanks to this person in a family office, everything should work like a mechanism in a Swiss watch.

Business process management, also known as operations management, is performed by the Operations manager. His role is to coordinate and control the implementation of algorithms applicable to the successful solution of office tasks.

By coordinating, controlling and optimising business processes, the operations manager strives to bring them closer to maximum efficiency, achieving high results with minimal effort. He plays the role of a conductor in an orchestra who is able to coordinate the actions of the entire team of family office employees.

The director of operations, or senior operations manager, is often hired by a family office to manage the family's private assets. The successful candidate will have good knowledge of various aspects of private asset operation and management.

The tasks of the operations director managing a private jet are liaising with the company managing a business jet as well as resolving issues regarding commercial use of a private jet. The operations manager also controls the readiness of the aircraft for departure, maintenance, financial component of operation and maintenance costs, chartering during downtime to reduce operating costs.
If the duties include operational management of a private yacht, the functionality here is similar: coordination of actions with the company that manages the yacht, with the aim of uninterrupted and efficient operation of the yacht (re-equipment, maintenance, crew hiring, chartering, sales) as well as overseeing all commercial aspects of the operation and maintenance costs, liaising with the shipyard regarding repairs and refurbishments, as required.

Property Management responsibilities include managing an international portfolio of properties, including liaising with contractors and suppliers as well as a family for various requests.

It is very common for a family office to hire the operations manager to oversee its financial assets. Here the manager works closely with the investment team and the CFO to manage investments in a wide range of assets, oversees the performance of these investments and is responsible for working with external counterparties and prepares reports and forecasts.

Chief Financial Officer (CFO in Family Office)

The Family Office CFO is a specialised position traditionally focused on preparing monthly financial statements, supporting audits, working with banks - completing KYC, managing current and investment accounts, overseeing forecasts and budgets, including coordinating the preparation and filing of required tax reports.

A Family Office CFO is responsible for supporting investment projects (DD, legal, financial and tax planning, budgeting, controlling and reporting), risk assessment, attracting new investments, preparing specialised reports and presentations to attract external financing.

Chief Investment Officer (CIO in a Family Office)

The responsibilities of the chief investment officer vary widely from family office to family office depending on the size, complexity and investment objectives of a family.

Whether a family office outsources its investment services or manages its assets in-house, the chief investment officer will focus his time and efforts on developing the investment strategy, its execution and performance evaluation.

The Chief Investment Officer is responsible for managing investment strategies and portfolios, developing and implementing investment policies, analyzing markets in different countries, investing in private and venture capital companies, managing Family Office assets, preparing consolidated reports on performance, preparing analytical reports with proposals for forecasting future needs in liquidity.

The Chief Investment Officer coordinates with a team of both external and internal consultants in the areas of investment management, real estate and tax planning, legal, compliance, risk management and banking.

Family Office Accountant

The family office accountant is responsible for organising accounting, tax and management accounting and is responsible for the interaction with government agencies and banks. Settlements with suppliers, acts, reconciliations, payroll and tax calculations, preparation and submission of tax and accounting reports, interaction with tax and other inspection authorities - all of the above are included in the functions of the Family Office accountant. If a family office has projects and assets in international jurisdictions, the accountant must understand the tax laws of these countries, be able to open accounts and interact with foreign banks.

Family Office Payroll Specialist

This specialist is responsible for calculating employee wages, bonuses, benefits, deductions, taxes, insurance premiums, issuing sick leave certificates and maternity leave. In addition, the payroll specialist interacts with banks for salary projects, generates and regularly submits salary reports and interacts with regulatory authorities.

The payroll specialist also coordinates the process of hiring and employees’ dismissal, checks the correctness of the formation and accounting of reserves for upcoming expenses for holiday pay and other wages related reserves.

Family Office Tax Manager

The tax manager is responsible for support of the application of tax legislation and international taxation, analyses tax risks, conducts tax support for M&A transactions, interacts with tax consultants, supports personal tax issues of the principal, interacts with tax authorities during tax audits and pre-audit analysis.

As part of the taxation of individuals the tax manager is responsible for reporting (3-NDFL, CFC, reporting on foreign accounts), provides advice on taxes and currency legislation, prepares summaries on tax issues and project reports.

In today’s world individuals are increasingly using investment funds, individual and family trusts and unincorporated partnerships as an effective tool for structuring the ownership of their assets. It is important to note that many countries provide tax incentives and special tax rates for such structures.

Turning to international mechanisms for building a business is in most cases associated with achieving a fairly narrow goals range. Mostly it is the confidentiality of ownership of assets, their protection from creditors claims, while maintaining possibility of management as well as possibility of tax optimisation. With a significant volume of invested assets the range of tasks expands and includes interests related to issues of property inheritance without possible negative consequences in the form of inheritance tax, forced inheritance and allocation of compulsory shares in the inheritance as well as a long period acquiring inheritance rights.

A significant difference between a fund and a trust fund is the taxation procedure due to the fact that the fund is a separate subject of taxation, being a legal entity. In some countries the fund is required to pay a one-time stamp duty upon registration and subsequently pay annual capital. Since a trust fund is not a legal entity, it has no obligation to pay any taxes. This is however compensated by the requirements for taxation of personal income of trust fund beneficiaries.

The tax manager must have a good understanding of the tax laws of different countries, as well as tax risks associated with multiple jurisdictions.

Some of the tasks are of course related to family support and inheritance issues (preparation of a prenuptial agreement, agreement on the division of property, divorce counsel, etc.). CLO structuralises the protection of assets and the implementation of inheritance strategy and succession, including those abroad, creates trusts and trust funds, supports procedures for recognition and validity of a will and acceptance of inheritance abroad. In addition the CLO interacts with government agencies, regulators and notaries and deals with pre-trial settlement of family disputes.

Family Office Chief of Staff (COS in a Family Office)

At the heart of a family office is the head of human resources, the key person responsible for the smooth organisation of the family's wealth management and lifestyle.

Things to consider when hiring Family Office Chief of staff:

• Cultural Fit: Like any other employee, the director will be closely integrated into the life of a family and finding a candidate who fits the family's values, culture and goals is critical.
• Relevant experience: a candidate should be from the financial industry or better yet have family office experience.
• Professional connections: he must have good connections and be able to use them for the benefit of a family, be it investment advice, legal support or lifestyle services.

The COS is a multi-faceted and indispensable person who must maintain the trust and confidentiality that is vital in the world of family offices. This means that a thorough recruitment process must be conducted to find the right candidate who can handle the tasks at hand. With qualified leadership family offices can provide high-net-worth families they serve with comprehensive and personalised support they need.

Things to consider when hiring Family Office Chief of Staff

Family offices require candidates with a unique combination of skills and characteristics. These include:

• deep understanding of finance, investments and tax planning;
• organisational skills;
• communication skills;
• problem solving skills;
• strong interpersonal skills;
• ability to think strategically and conceptually;
• purposefulness, resourcefulness and practicality;
• strong work ethic;
• following high standards and being results-oriented;
• maintaining high level of discretion and ethical standards.

Therefore, it is very important that the HR Director of the Family Office can professionally assess the candidates' availability of such skills during the recruitment process.

Family Office Executive Assistant

The executive assistant (EA) is a professional who provides high-level administrative support to top managers in an organization. Located at the forefront of the corporate hierarchy, the EA is the right hand to senior management often working closely with CEOs, presidents or other senior executives.

The primary function of the executive assistant is to optimize the executive's workflow, improve organisational efficiency and manage complex details of their professional life. The primary responsibilities of the executive assistant typically include managing calendars, coordinating meetings and appointments, arranging travel and handling sensitive information with the utmost care.

EAs are adept at anticipating executives' needs, proactively solving problems and ensuring smooth communication between different departments. In addition, the executive assistant serves as a liaison between the manager and other team members promoting effective collaboration and maintaining open lines of communication.

Exceptional organisational skills, keen attention to detail and ability to thrive in a fast-paced environment are essential traits of the successful executive assistant. Essentially this position requires a strategic thinker and multi-tasking maestro, playing the key role in supporting the leadership team and contributing to the overall success of the organisation.

Family Office PA

The personal assistant (PA) is a professional who provides comprehensive support to individuals typically focusing on personal tasks and responsibilities. Unlike the executive assistant (EA) who works in the corporate world, the personal assistant works closely with people in a private capacity to meet their personal and professional needs.
Finding a personal assistant for a specific manager is a very complicated task.

One of the main tasks of a personal assistant's job is the solution of all administrative and organisational issues of manager’s activities. The personal assistant should make the boss's work process as comfortable as possible. There is a significant number of unspoken and specific requirements for the position – they are the determining factors in the selection of candidates.

During a personal meeting with the employer notes are taken in the margins – a long list of requirements not published in a vacancy, which determine the search strategy for a PA vacancy candidate. Usual requirements: pitch (timbre) of voice, height, weight, clothing size, knowledge of languages, etc. An executive also puts forward an additional list of requirements for personal qualities of a PA, which is perhaps the most extensive. At the same time official requirements for professional skills and experience do not become less important.

As it turns out there are only a few ideal candidates on the market and it is therefore very difficult to select a PA for an executive. Each employer has its own idea of the ideal assistant, but there is a constant: everyone needs a reliable, dedicated and responsible assistant capable of taking on all organisational and information tasks, freeing the manager from wasting valuable time and skillfully solving standard and non-standard problems.

The PA plays a critical role in managing the day-to-day life of their employer ensuring smooth coordination and balancing demands of both personal and professional commitments. Personal assistant's responsibilities cover a wide range of tasks including scheduling meetings, managing personal calendars, processing correspondence and arranging travel for both business and leisure. The PA often takes on a variety of roles, such as managing household chores, coordinating family schedules, and overseeing personal projects.

Family Assistant

Personal assistants with extensive experience in lifestyle support are in great demand. Lifestyle support is the provision of lifestyle management services, that is, everything related to ensuring comfort, employer’s usual lifestyle or personal concierge service:

• organising flights and chartering private jets for flights for any destination;
• drawing up fitness/yoga/sport programs to maintain an active lifestyle;
• creating a menu to maintain healthy lifestyle together with dietitians, chefs, nutritionists and Ayurvedic therapists;
• taking care of children’s education and selecting personnel for a child;
  caring for elderly family members and recruiting care staff;
  concierge services (personal shopping and organisation of fittings; children's concierge; real estate rental; booking restaurants, hotels, events; information search; tickets for events);
• wealth care (program for the development of each family member);
• buying gifts and flowers;
• services for pets;
• organisation of leisure activities;
• search for educational programs and assistance with schools and universities enrollment;
• travel services;
• search and selection of nannies, tutors, drivers, cooks and other household staff;
• medical and spa services (search for a medical specialist, medical check-up, organisation of a doctor's home visit, treatment abroad, booking beauty salons, spa and detox clinics, selection of private clinics around the world).

Private Travel Coordinator

The travel coordinator is a person who provides corporate support to company employees during a business trip. This is a universal profession that includes not only full support, but also the management and distribution of finances, budget planning for the entire corporate trip, guests' and company partners' visits. The travel manager predicts and effectively prevents the occurrence of force majeure situations.

The travel manager is often needed for an executive who travels a lot and prefers extreme and adventure tourism.

The travel coordinator will find a supplier for each destination, coordinate multiple routes with a large number of flights, negotiate favourable prices, plan time and a list of unique and exciting entertainment, book hotels and flight tickets, organise guides and transport, take responsibility for preparing documents and visas, carry out control and coordination of the movement of all family members and service personnel, will prepare all permits and will control costs.

Family Office travel support role requires attention to detail, exemplary personalised service and skilled approach. Wealthy individuals and their families want the highest level of luxury, comfort and convenience, unique experiences, satisfaction of their unique needs and preferences, security and privacy during their travels.