Coming in for your
expensive staff accountant…the outsourced CFO!!

Meet “M” and “R,” both in their mid-20’s; two UHNW clients I serve through my firm Tandem Wealth Consultants of Jupiter, Florida.

Through a virtual family office, their businesses run from PDF financials via Tandem. DocuSign enables real estate closings, handles bill pay, Dropbox is our filing cabinet, and Zoom hosts calls with investment advisors, attorneys, doctors, and IT experts – a network of seasoned professionals assembled and maintained by Tandem.

I am their outsourced CFO, a CPA with over 30 years’ experience serving UHNW clients. We talk every Friday; they often call me “grandma.” And though I’ve yet to reach that point in life, I’m not offended. On the contrary.

“Grandma” means that I’m doing my job; managing details and deadlines, pressing them for decisions, and delving into difficult but vital topics like year-end tax planning, state tax residency (day count), liability exposure, and business actions during the pandemic. If they are late to any call by more than three minutes, I fine them $50.

Hey, don’t mess with grandma. (Actually, it was their idea. And their consistent punctuality shows that it works like a charm.)

Also Working Like a Charm: The Outsourced CFO

The outsourced CFO model we have perfected at Tandem also works like a charm. After all, why commit to a full-time, salaried, on-site accountant when you can engage a more experienced CPA on an hourly basis; one who will meet the demands of the first half of each month – handle month-end close, issue financials, meet tax deadlines, make payments, collect rents, and pay bills – while saving you fees.

And freeing up office space, and eliminating the need for benefits, and sparing you the aggravation of employees abruptly quitting, or coming in late, or perhaps complicating your life in a myriad of other ways.

Outsourcing CFO, tax, and back-office services hold special appeal for family offices and UHNW individuals who, by virtue of an inheritance or liquidity event, are just starting out.

It also appeals to a family office where the loss of a key employee creates an urgent need for a proven veteran who can come off the bench and “score” immediately. How? By streamlining finances and reporting to produce critical information required to make the right decisions.

So, what should you look for in an outsourced CFO? A top-notch CPA with a touch of Jamal Crawford, the LA Clippers’ unstoppable sixth man.

A professional with deep expertise and energy to spare.

Tandem Wealth Consultants is an Asset Vantage customer.

Speak to us and let us show you how AV can help you make better-informed decisions