What are the responsibilities and job description for the Director of Family Office position at Busey?
WHAT YOU’LL DO
As an Executive within Busey Wealth Management’s Family Office, you will work with high-net-worth clients to provide ongoing strategy development and monitoring towards these objectives. This includes data-gathering, analysis, planning, assessment, reporting, administration, and other services as needed for Busey’s future and existing Family Office clients. With service excellence at the forefront, the Associate will also partner in providing tax minimization and cash flow strategies. This position will report to the President for Busey Wealth Management.
Additional Duties:
- Management and assistance for Busey Bank's centralized Family Office business model, which is regionally implemented.
- Development of income statements for multi-generational families and in conjunction with the Tax team, the development of income tax strategies.
- Efficiently manage and streamline various responsibilities and data pertaining to Family Office operations, encompassing areas like investment management, taxation, philanthropic endeavors, insurance, real estate, trust administration, and more.
- Assisting in the creation of personal financial statements for multiple entities.
- Assisting with and optimizing annual charitable donations.
- Building, updating and presenting cash projections.
- Monitoring and executing ongoing financial planning tasks; overseeing and managing tax records for multiple entities.
- Oversight and responsibility for implementing the Busey Family office strategic initiative.
- Overseeing and cultivating relationships with clients in the Family Office sector.
- Support for the regionalized Family Office Relationship Managers in delivering the Family Office service model including:
- Creating, developing, and sustaining personalized Family Balance Sheets and Cash Flow Statements that encompass various asset types and income sources, empowering informed family and investment decisions.
- Development of unified reporting tools for multi-generational families.
- Defining Family Asset Allocations
- Collaborating with the Investment Team to establish suitable asset allocation strategies.
- Partnering with the Resources Team to decide on advanced estate planning strategies.
WHAT YOU’LL BRING
Knowledge of:
- Accounting methodologies.
- Excellent written and verbal communication skills with strong interpersonal skills.
- Strong analytical skills and the ability to make decisions with minimal direction.
- The life cycle, transactions, tax reporting and nature of private investments.
- Financial planning and wealth management; high-net-worth individuals and multi-generational families; broad personal financial background that ranges from estate planning to investments.
- Family and generational dynamics to facilitate effective communication with clients.
Ability to:
- Bring a growth mindset to the position.
- Cash Optimization and Management.
- Be detail-oriented with excellent organizational skills.
- Read and understand legal documents and technical material.
- Create, implement, and review customized financial plans for clients.
- Responsiveness and a sense of urgency on advancing the family office client experience is a must.
- Scheduling meetings and coordinating with outside advisors (legal, tax, insurance).
- Provide periodic monthly updates on investments, cash flow, etc.
- Work within a strong team to manage projects, meet deadlines and bring results.
- Lead family members and fellow teammates through change.
EDUCATION, TRAINING & STANDARDS OF PERFORMANCE
- Bachelor’s degree in Finance, Accounting or related field required; CFP, CFA designation, or CPA preferred.
- A minimum of 5 years’ experience in finance with direct experience in personal finance.
- Highly skilled in Excel and portfolio reporting software.
Busey values a diverse and inclusive workplace and strives to recruit, develop and retain individuals with exceptional talent. A team with diverse talent, working together, is essential to Busey’s commitment of delivering service excellence.
Busey is an Equal Opportunity Employer including Disability/Vets. Visit Busey.com/Careers to learn more about Busey’s Equal Opportunity Employment.
