CFO Family Reporting

  When I first heard that some executive assistants in family offices are earning nearly $200,000 a year, I'll admit, I was floored. But as the founder and CEO of CFO Family, a company deeply embedded in the family office ecosystem, I quickly realized this wasn't just a fluke. It's a sign of a seismic shift in our industry. Let's break this down. The Numbers Don't Lie According to a recent survey by Botoff Consulting, the median base salary for executive assistants at family offices is now $100,048. But here's where it gets really interesting: the top 10% of administrative assistants are raking in $188,800, with a 20% bonus on top of that. Now, I've been in this game for a while. I've seen trends come and go. But this? This is different. More Than Just a Number These salary figures aren't just numbers on a page. They're telling us a story about the evolving nature of family offices and the people who make them tick. Executive assistants in family...

 I remember the day I first encountered AI in our family office operations. It was like stepping into a brave new world, one where numbers danced and insights materialized out of thin air. As the CEO of CFO Family, I've seen my fair share of technological advancements, but nothing quite prepared me for the AI revolution that's quietly reshaping the landscape of wealth management. Now, before you roll your eyes and think, "Oh great, another tech evangelist," let me assure you - I'm not here to sell you on AI. I'm here to share what I've learned, the good and the bad, and let you draw your own conclusions. Because let's face it, in the world of family offices and ultra-high net worth individuals, we can't afford to be swayed by hype. We need real, tangible results. The AI Awakening in Wealth Management So, what's the big deal about AI in wealth management? Well, imagine having a tireless assistant who never sleeps, never makes calculation erro...

  As I review the technological advances of 2024, I'm struck by how profoundly they're reshaping the financial industry landscape. After two decades in financial operations and technology, I've never seen such rapid transformation. Let's be clear: artificial intelligence isn't just another trend – it's fundamentally changing how we handle complex financial data. In my work with family offices, I've watched AI transform from a buzzword into an essential tool for financial analysis and reporting. The developments at OpenAI and Google this year have particular significance for those of us working with ultra-high-net-worth families. We're seeing AI systems that can analyze complex investment portfolios and identify patterns that would take human analysts weeks to uncover. But here's what many miss: the real value isn't in replacing human judgment – it's in augmenting it. This brings me to cybersecurity, which has taken on new dimensions in 2024. ...

  Last week, I watched a client nearly lose access to their entire investment portfolio. The cause? A password they'd been recycling across multiple platforms for years. It was a wake-up call that prompted me to share some hard-earned wisdom about protecting your financial future in our increasingly digital world. After spending over two decades in the financial industry, I've witnessed the evolution of cyber threats from simple password guessing to sophisticated AI-powered attacks. The landscape has changed dramatically, but our habits haven't kept pace. Let me be clear: Your wealth is only as secure as your weakest password. I've identified four critical security resolutions that every high-net-worth individual needs to implement immediately. These aren't just theoretical best practices – they're battle-tested strategies I've developed after seeing countless close calls in our family office operations. First, let's address the elephant in the room: pas...

I've witnessed countless shifts in how wealthy families manage their assets. But nothing compares to the transformation we're seeing now. As we look toward 2025, I'm convinced that family offices are facing their most significant evolution yet. The traditional family office model is dying. There, I said it. And it needs to. I founded CFO Family because I saw firsthand how the old approach wasn't serving modern families anymore. The future demands something different, something more agile, more transparent, and ironically, more human. The numbers tell an interesting story. Nearly 40% of family offices now consider private equity a core portfolio component. But here's what fascinates me: behind that statistic lies a deeper truth about how family offices are fundamentally changing their approach to wealth preservation and growth. Virtual family offices are no longer just a trend – they're becoming the new normal. I remember when suggesting a virtual setup would rai...

  I've spent years working with ultra-high-net-worth families, and if there's one thing that keeps me up at night, it's cybersecurity. Not just the technical aspects, but the human element that makes us all vulnerable. As we head into 2025, I want to share some critical security resolutions that I'm not just recommending – I'm implementing them myself. Let me start with a confession: I used to be that person who used the same password everywhere. You know the one – your kid's name plus your birthday, maybe with an exclamation point if you were feeling fancy. We all did it. But in today's world, that's like leaving your front door wide open with a sign saying "Welcome, Criminals!" Here's what I've learned matters most. First, let's talk about passwords. The days of using "Password123!" across all your accounts are over. Every time I hear about another data breach (and there were over 2,000 confirmed breaches in 2023 alone),...