Family Office and Concierge Services

Transcription

1 Family Office and Concierge Services

2 our service promise... listening, communicating and responding

3 Table of Contents Why Outsource? Finance Management and Accounting Services About Us Additional Grassi & Co. Services

4 Why Outsource? The term family office has come to mean different things. For example, independent investment advisors often call themselves a family office. However, a traditional family office manages a family s investments, assets, taxes, philanthropic activities, trusts, legal and estate matters, and household staff. This generally requires a family Chief Financial Officer (CFO), Chief Investment Officer (CIO), Tax Manager, and professional staff, the cost of which may be in excess of $1.5 million per year. Benefits of Outsourcing Outsourcing many of the family office services allows the family entrepreneurs to focus on their business objectives. Family members, or wealth managers of the family, that oversee the family s investments can focus their efforts analyzing the investments without the administrative burden of compiling specific sources of income and expenses. Other benefits include: Strategic Guidance Outsourced Finance Management and Accounting Services provides a company with high, mid and lower-level guidance promoting peak performance. Decreased expenses The cost benefit analysis of outsourced resources vs. in-house personnel can result in significant savings. Efficiency and Innovative Solutions Leveraging an external financial services professional frees up internal staff s time from planning meetings, rolling forecasts, monthly budgeting, etc., giving them the time needed to complete day-to-day activities. In addition, an external finance manager could bring a new perspective to your operations that could identify deficiencies and increase productivity. Reduce risk of fraud By outsourcing strategic financial and accounting services, families can gain access to high level professionals and leverage their experience to identify signs of fraudulent activity and develop methods for proper controls. Estate or succession plan implementation Families usually develop an estate or succession plan with their lawyer, but sometimes do not complete implementation. Working with a family s lawyer, the outsourced accounting operation ensures the family is implementing the plan as designed. Access to resources Family members often have questions that fall outside the general family investments. Outsourcing provides access to conflict-free tax and accounting advice. Knowledge of Emerging Technologies In order to serve their clients effectively, accounting professionals have become just as knowledgeable about emerging technologies as they are about federal and state tax codes. As such, outsourcing accounting services will provide organizations with a team of experts that will ensure the utilization of the most up-to-date and efficient technologies.

5 Why Outsource? Cloud Accounting Many organizations and government agencies around the world are already leveraging the cloud to manage their financial data. Outsourcing accounting services to a provider that has experienced professionals that leverage cloud technology can provide a variety of benefits, including: tt tt tt Reduction of costs Ease of access to financial information Business performance improvement and operational efficiency Outsourced family office and concierge services... the right fit for efficient financial management

6 Finance Management and Accounting Services Our Service Approach Understanding the Family s Needs Each family has its own unique needs when it comes to managing their assets. At Grassi & Co., our goal is to lead a collaborative effort with the family leader, investment professionals, and lawyers to provide meaningful information and advice about the family s assets and cash flow. Drawing on our experiences with other families allows us to provide new views on family wealth, reporting needs, and family spending our goal as a service provider is to exceed the family s expectations and provide service that is second to none. Services Designed for Growth In addition to the traditional accounting work we perform, our Family Office and Concierge Services professionals have the capabilities to pay bills directly for the family, enabling them to be proactive in identifying cash needs and tax planning opportunities that are in line with the family s financial objectives. We take a holistic approach to service delivery and work with families to ensure that they are prepared to make sound decisions. As such, our services include the preparation of workpapers of the following financial statements: Assets Cash Investments Real Estate Artwork and collectibles Furnishings Assets in trust Expenses Tax-deductible Personal living and entertainment Gifts Taxes Household employees Property costs Equity Net worth Changes in investment value Changes in trust value Liabilities Short term debt Long term debt Accrued expenses Notes payable Lines of credit Permanent File Wills Trust documents Real Estate closing statements Loan documents Estate plans Buy-Sell agreements Investment documents Revenue Compensation Investment income Capital gains and losses Other income Grassi & Co. s Family Office and Concierge Services Practice understands the various wealth preservation and financial management goals of high-net-worth individuals and families. With extensive service experience and a commitment to open communication and proper planning, our professionals work closely with our clients to assist them in achieving their strategies to protect their assets for future generations.

7 Finance Management and Accounting Services Trust Administration Foundation & Charity Administration Estate Planning Wealth Transfer Family Governance Succession Planning Grassi & Co. Family Office Only ONE point of contact You (Your Family) Tax Services Financial Organization Tax Planning Tax Preparation Bill paying & banking Document & Record Management Cash Flow & Budgeting

8 About Us Grassi & Co. has considerable expertise, providing exceptional service and proactive advice to help you achieve your business objectives. You will be served by a team of experts who work with organizations within your industry. The Grassi & Co. Team has deep experience and you can be confident that the services performed will be completed efficiently, accurately, and precisely. Our practical approach provides you with enhanced value and a greater sense of comfort. Grassi & Co. has built a strong reputation across the financial community for providing timely and accurate service. Clients rely on our services and advice to make decisions regarding their business needs. Because of our reputation, choosing Grassi & Co. provides them with the comfort level they need. Managed by CEO and Managing Partner, Louis C. Grassi, and an Executive Committee consisting of four additional senior Partners, Grassi & Co. has been serving the New York region for more than 30 years. With steady growth and an unwavering approach, our firm has developed into a team of more than 200 professionals; each specifically trained to focus on your business. The firm has grown as our clients have grown, allowing us to become one of the Top 75 largest firms in the US according to Accounting Today and INSIDE Public Accounting, a Top 25 firm in the NY Metro area according to Crain s NY Business and among the Top 10 firms in Long Island by Long Island Business News. In addition, INSIDE Public Accounting has ranked Grassi & Co. as one of the Nation s Fastest Growing Firms as well as one of the country s Best of the Best Firms. Grassi & Co. has also been ranked among the Top 25 Best Places to Work in New York City by Crain s NY Business and among the Top 10 Best Companies to Work for in New York State by Best Companies Group. With a strong growth record over the past decade, Grassi & Co. offers its clients a multidisciplinary range of services, including: Audit and Attest Tax Compliance and Consulting CFO Advisory and Managed Accounting Corporate Restructuring and Insolvency Business Advisory Technology Consulting Forensic, Litigation Support and Valuation Healthcare Management Consulting Our dedicated team of professionals deeply cares about what they do. Day after day, they work intimately with clients to maximize their success, find strategic solutions to business challenges, and maximize their company s and personal potential. Grassi & Co. wants you to be a part of our client family. Let us help you reach the next level of success. Client-Centric Service Approach Grassi & Co. is built around a client-centered, practice-focused approach, providing clients with expertise based around their specific needs. Each practice group studies the dynamics of their industry, gathering the necessary information to make positive business improvements for clients. Our professionals meet with dozens of industry thought leaders and influential individuals within the industry clients, prospects, and advisors (insurance consultants, bankers, attorneys, etc.) to learn about key points and developments related to the industry.

9 Additional Grassi & Co. Services Our dedicated team of professionals deeply cares about what they do. Day after day, they work intimately with clients to maximize their success and find strategic solutions to business and financial challenges, helping them reach their next level of success. Some of the professional services we provide includes: Audit and Attest Services PCAOB Audits Initial Public Offerings (IPOs) Financial Statement Audits, Reviews and Compilations International Financial Reporting SSAE 16 Employee Benefit Plan Audits Tax Compliance and Consulting Services International Taxation Income Tax Planning and Projections Tax Credits and Incentives Tax Controversy and Compliance Preparation and Filing of Tax Returns M&A Advisory and Transaction Structuring Bankruptcy & Insolvency Financial Administration Succession and Estate Planning Tax Provision CFO Advisory and Accounting Management Services Executive Management Business Analysis Operational and Functional Management Budgeting, Forecasting and Projections Cash Flow Monitoring Fixed Asset Management Bookkeeping and Bill Paying Accounts Payable/Receivable General Ledger Accounting Cloud-based Accounting Software Solutions Financial Statement Preparation Month-end Closing Corporate Restructuring and Insolvency Services Independent Company Reviews and Valuation Turnaround Judicial Management Forensic Accounting Exit Strategy Planning

10 Additional Grassi & Co. Services Business Advisory Services Sarbanes-Oxley Consulting Initial Public Offering (IPO) Readiness Internal Audit Outsourcing Cash Flow and Budget Analysis Internal Controls Analysis Enterprise Risk Management Corporate Governance Financial Modeling and Business Structuring M&A Consulting Compliance Acquisition Due Diligence Management Advisory and Business Optimization Strategic Planning Technology Consulting Services (Services provided through Grassi Technology Consultants, LLC) Assessments Project Management Business Process Analysis Sarbanes Oxley Compliance Regulatory Compliance (HIPAA) System Design and Configuration Forensic, Litigation Support & Valuation Services Investigative Accounting Fraud Deterrence & Detection Litigation Support & Dispute Expert Testimony Economic Analysis Investment Decisions Controversy Services Valuations Estate and Gift Taxes/Succession Planning Business Sale, Purchase or Merger Buy/Sell Agreements Corporate Financing Litigation, Disputes and Arbitration Bankruptcy/Reorganization Healthcare Management Consulting Services Clinical Operations Practice, Physician and HR Management Financial and Risk Management Compliance and Operational Efficiency Business Process Improvement and Leading Practice Recommendations Testing and Quality Assurance Production Support and Process Scheduling Project and Full Time Staffing Functional and Technical Expertise

11 Designing plans that build... roots for growth

12 ACCOUNTANTS & SUCCESS CONSULTANTS 488 Madison Avenue New York, NY (212) Jericho Quadrangle, Suite 200 Jericho, NY (516) Esquire Road, Suite 4 New City, NY (845)