Why having a Personal CFO will change your life
Over many years, you may have been busy expanding your career and empire as a corporate executive or entrepreneur. Often times, this focus in building your wealth can leave you with little time to manage your overall family’s finances.
Working alongside family members can be tough. It can be tedious and tiresome to liaise and work with all the different members in your family.
However, what if there is a one-stop solution that can help you coordinate and manage everything, while providing you with timely updates and advice? Sounds too good to be true?
Enter, the Personal CFO.
What is a Personal CFO
We all know what a Chief Financial Officer (CFO) is. But what exactly is a Personal CFO?
Personal CFOs plan and coordinate your personal financial affairs just as corporate CFOs do for their organisations. Like how businesses require customised and conflict-free advice and solutions to achieve their goals, you too need the same thing.
Why you need a Personal CFO
Find a trustworthy Personal CFO that you can depend on.
Having a Personal CFO means that you have someone dependable to count on whenever you need something to be taken care of.
Need advice on ensuring that your family can maintain their standard of living when you are gone? Want to know if you are financially ready to go on a 6 month sabbatical? Is your family ready for a home upgrade as your children head off to university? Whatever it is, your Personal CFO is there to give you advice so you can focus on living life to the fullest.
Choosing a Personal CFO is like choosing a partner for your journey in life.
The Personal CFO tailors advice based on you and your family’s unique dynamics and goals so that you need not worry about taxes, insurances, investments, philanthropic pursuits, estate planning or wealth preservation. His job is to not just look at finances, but understand where you want to bring yourself and your family to, and guide everyone there safely and on time.
What to look out for in a Personal CFO
Your Personal CFO needs to be someone who listens and understands what you and your family want. As such, you need to find a professional that you can connect with and feel comfortable talking to. He needs to know what motivates you, and what values you hold dear to.
After all, over time, you may want to bring in your family members to discuss family finances together. In this scenario, your Personal CFO may need to build relationships across different generations in your family to give sound financial advice. He needs to be able to shift his perspective and understand how your spouse or children feel.
Over time, you may want to bring in family members to discuss family finances together.
Beyond communication skills and emotional intelligence, your Personal CFO needs to be able to guide you on what to do in the short and long run. To do so, he needs to be a seasoned expert in your areas of focus. After all, your Personal CFO is not an expert in every single finance matter - anyone who claims otherwise is probably lying.
Here at Life First Advisory, we have a strong network of financial advisors and an extended network of specialists targeting various advanced planning matters such as lawyers, certified public accountants (CPAs), and more to help you make informed decisions.
Leave the organisation, coordination, and planning to us. All you need to know is that you have access to a one-stop finance solution through your Personal CFO. If you have your own preferred lawyer, let us know and we will manage the rest. If you don’t, we can advise on the most suitable lawyer that fits your needs.
A financial advisor may tell you the best savings plan with the highest return. Your Personal CFO, on the other hand, has an overarching view of how everything comes together, and can advise on whether you even need a savings plan in the first place.
The Personal CFO has your short-term and long-term goals in mind, and will guide you how to get there.
Do you run family businesses in a variety of fields? Do you have estates in various geographical locations? Have your children migrated abroad? Are you equipped to retire at your preferred age? Are you trying to minimise wasteful spending habits, and redirect that into certain investment types that suit your risk profile and time horizon? Regardless of your situation, the Personal CFO is there for you.
A Personal CFO is the captain of your financial ship.
Your Personal CFO will help steer your finance ship safely and smoothly.
As the captain, he needs to be capable enough to navigate the treacherous terrains of the financial markets. You need to feel safe enough that he can guide you and your family through all the waves and tides to ensure a smooth sailing journey.
Speak to us
At Life First Advisory, several of our team members act as Personal CFOs for our clients, advising them on their overall financial well being and helping them leverage their wealth to support their values and achieve their financial goals.
If you would like to know more about how Personal CFOs can help you, or if you have any doubts about what Personal CFOs do, reach out to us. We are always here to listen and answer any query.
Psst! You can also learn more by speaking to Seng Bingyang, founder of Life First Advisory, or approach any of our team members.