High Performance UHNW Client Service Professional for Boutique Multi-Family Office

Job Title:
High Performance UHNW Client Service Professional for Boutique Multi Family Office

Job Overview:
Passionately provide comprehensive client service and financial advice to ultra-high net worth (UHNW) individuals and founder/CEO clients, to enhance all aspects of their financial lives, other than investment management functions (i.e., this is not an investment manager role). Ideal candidates will have a deep and broad understanding of the unique financial needs of UHNW individuals (>$50MM net worth) and founder/CEO clients, and a strong track record of delivering exceptional client service and expert advice/planning/implementation that creates/protects economic value for clients. Reports to CEO of Salem Partners Wealth Management.

Job Responsibilities (including but not limited to):
Serve as a trusted and proactive advisor to UHNW individuals (>$50MM net worth) and founder/CEO clients, providing expert guidance and highly responsive service on complex financial matters and anticipating their needs.

Act as the primary point of contact for a book of clients, building and maintaining strong relationships through frequent personal communications including phone calls, in-person meetings, business lunches, etc.

Ensure all clients’ financial and non-financial requests and inquiries are handled promptly and accurately.
Work together with operations team and investment management team to ensure seamless service across all aspects of clients’ relationships.

Lead quarterly client meetings (Zoom/phone/in-office) and pre-planning meetings, manage presentation/preparation of materials, including meeting agendas, to review clients’ financial needs, financial plans, financial activities/projects, family/personal updates, and investment portfolios updates along with other members of multi-family office team, including investments team and operations team.

Anticipate (through diagnostic discussions quarterly/monthly/weekly) the need and urgency for client actions including, but not limited to: financial / cash flow planning, estate planning, insurance needs, risk management, liabilities management / capital efficiency (loans, etc.) and other non-investment issues.

Build and maintain useful/insightful financial plans for clients using industry standard software (e.g., eMoney, NaviPlan, etc.) and custom spreadsheets to keep clients up to date on their progress towards achieving their financial goals and objectives. Review with clients regularly.

Review, evaluate, and recommend key trusts & estates planning strategies and actions that should be suggested to clients and their trusts & estates attorneys. Calculate approximate potential tax savings available to clients based on specific trusts and estate planning recommendations.

Liabilities management: monitor existing loans and recommend mortgage refinancing timing and terms to lower rates across all residential real estate properties, paying down margin loan balances if/when appropriate, consolidating and/or refinancing other loans and liabilities (other mortgages, leases, personal lines, business loans, commercial real estate loans, etc.), risk management strategies, changes in insurance coverages, changes to cash management strategies, etc. Act as project manager to ensure timely completion and high client satisfaction with the refinancing processes.

Upon special request from clients, build and maintain clients’ balance sheets including non-investment assets by line items, including (pre-tax) book values vs. (after-tax) liquidation values, and their various personal, real estate, and business loans and liabilities by line items including interest rates, maturity dates, swaps/caps/hedges, fixed to floating reset dates, etc. Review with clients regularly.

Specific tasks that could be relevant include, but not limited to:
• Calculate and present financial scenarios for clients looking to sell their business (and invest the after-tax proceeds) vs. continuing to own/operate on a pro forma after-tax basis. Review with clients regularly.
• Review clients' 1040 tax returns to ensure we properly understand all the clients' financial activities. Ensure key tax deductions (such as margin interest deduction, etc.) are being taken by their tax preparers.
• Review clients' life insurance policies coverage to ensure it is fit for purpose and properly located in irrevocable life insurance trusts, as appropriate.
• Evaluate feasibility of additional life insurance for clients for tax efficient inter-generational transfers.
• Evaluate feasibility of private placement life insurance for clients for tax-efficient wealth accumulation and tax-efficient inter-generational transfers.
• Evaluate existing inter-generational gifting strategies, including the impact of upcoming 12/31/2025 sunset of >$12MM per spouse lifetime gift tax exclusions, and develop recommendations and action plans and schedules for completion for all clients.
• Communicate proactively and lead the coordination of all clients’ external professionals (including CPAs, trust & estate attorneys, business managers, mortgage lenders/brokers, real estate professionals, financial advisors, insurance professionals, family business treasurers/CFOs, etc.) to ensure timely and accurate delivery of services.
• Guide clients through the legal and financial processes of navigating a divorce, or creating a prenuptial agreement, or dealing with the passing of a spouse.
• Identify, evaluate, interview, and engage various third party professionals, on behalf of our clients, including: CPAs, trust & estate planning attorneys, family law attorneys, entertainment attorneys, intellectual property attorneys, aircraft lease/purchase attorneys, residential real estate attorneys, life insurance agents, property insurance agents, residential real estate agents, commercial real estate agents, residential mortgage lenders, commercial mortgage lenders, business managers, book keepers, bill payers, healthcare specialists, caregivers for family members, etc.
• Identify and drive processes for responding to and satisfying clients’ outside-the-box requests, for example: U.S. citizens obtaining E.U. passports, purchasing physical gold and other real assets, legally transferring investment assets from U.S. into offshore trusts, changing citizenships from U.S. to foreign domiciles, etc.
• Screen for feasibility or merit of private business deals pitched to clients by third parties and recommend next steps.

Qualifications:
Bachelor's degree in accounting, economics, business administration, finance, or related fields.

Relevant professional degrees/certifications such as JD, CPA, or CFP are highly desirable.

Minimum of 10 years of experience in multi-family office, single family office, business management, UHNW/HNW accounting, trusts & estates planning, UHNW/HNW financial planning, UHNW wealth management, UHNW trust company, UHNW insurance brokerage, or related fields, with a demonstrated track record of success in delivering exceptional client service and expert advice to UHNW individuals and founder/CEO clients.

Strong knowledge of financial planning techniques and implementation, trusts and estates planning, tax-efficient long-term investment philosophies, tax-efficient strategies for inter-generational wealth transfers, risk management, asset/liability management, 10b5-1 share sales plans, pre-IPO equity-based compensation, employee stock options, stock-based compensation, and other relevant financial topics.

Excellent communication, interpersonal, and organizational skills.

Ability to work independently and as part of a team, with a strong sense of ownership and accountability.

Proficiency in MS Office Suite and financial planning software

Ability/willingness to study for and obtain FINRA Series 63 and/or Series 7 licenses (we will reimburse)

Attributes:
Highly proactive.
Passionate people-pleaser.
Loves helping wealthy clients fulfill their goals.
Creative solution finder.
Highly organized.
Self-starter.
Team player.
Good communicator.
Great attitude.
Low ego.
Friendly.
Honest and ethical.
Fiduciary mindset.
Keeps everyone else on the team informed of what is going on with all the clients.
Attentive and receptive to outside-the-box client requests.
Naturally makes checklists so nothing slips through the cracks. Enjoys accomplishing tasks and closing out checklist items. Likes to calendarize “to do” lists and reminders for open action items for themselves.
Can summarize/simplify complex topics onto 1-pagers to help clients understand and approve our recommendations.
Believes in the investment philosophy of optimizing for long-term after-tax total returns, net of fees.

Compensation and Benefits:
If you meet these qualifications and are passionate about proactively delivering exceptional client service and expert financial advice, we encourage you to apply for this career opportunity. The salary can range from $120,000 to $150,000 per year, depending on experience and other factors. In addition, the successful candidate will be eligible for an annual performance-based bonus, and employee benefits including Medical, Dental, and 401(k) Plan.