Controller
- Overview
The Role of a Controller
A Controller is someone who oversees the accounting operations of a family office, develops an accurate reporting system for financial statements and reports, and maintains compliance with all internal and external regulations and standards.
Primary responsibilities include directing and coordinating all accounting activities on behalf of the family office, such as accounts payable/receivable, payroll, general ledger and treasury functions. A Controller also prepares and analyzes financial statements and reports, monitors and evaluates internal controls and manages the relationship with external auditors and tax authorities. A Controller for a Family Office may also participate in strategic planning and decision making, and provide financial advice and support to executives and other departments.
To become a Controller for a Family Office, one needs to have a bachelor’s degree in accounting or finance, and preferably a CPA license. A Controller should have several years of experience in accounting or finance, preferably as a controller at a corporation or in a family office or wealth management setting.
- The Role Defined
Job Description
EDUCATION / EXPERIENCE
This position requires a Bachelor’s degree in accounting or a related field, as well as a solid knowledge of accounting principles, standards and practices.
Employers may prefer or require candidates who have a Master’s degree, such as a Masters of Business Administration (MBA) or a professional certification such as Certified Public Accountant (described below).
A Controller should have 5 – 7 years’ experience in accounting, finance or management, as well as experience working closely with and leading others on a finance team. This experience should include planning and directing the financial activities of an organization, preparing and analyzing financial statements and budgets, and ensuring the financial stability and compliance of a family office, business or organization.
SKILLS
- Ability to plan and direct financial activity and strategy, ensuring the stability and compliance of a family office, business or an organization
- Experience overseeing the creation and presentation of financial statements
- Ability to create, monitor and adhere to a pre-planned budget
- Strong knowledge of accounting principles, standards, and procedures in accordance with generally accepted accounting principles (GAAP), as well as comprehensive understanding of tax laws, rules and regulations
- Ability to manage others on a finance team, providing consistent feedback and systematically evaluating performance, as well as training and developing junior accounting/finance staff
- Ability to work with senior management, auditors and other stakeholders, as well as communicating effectively and professionally with principals, other staff and vendors
- Strong knowledge of Excel, QuickBooks and other accounting/bill pay software
CERTIFICATIONS / TRAINING
A Controller will most likely possess a CPA (Certified Public Accountant), which is a credential for accounting professionals who provide a range of services such as auditing, tax preparation, financial reporting, and consulting. Candidates must meet an education requirement (varies by state, but generally involves 150 hours of college education, including a minimum number of accounting and business courses), an exam (passing the Uniform CPA Examination, which consists of Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation), an experience requirement (varies by state, but generally involves completing one to two years of supervised work experience in accounting or a related field), and an ethics requirement (passing an ethics exam and adhering to the code of professional conduct of the state board of accountancy).
Other certifications that may be relevant include:
- Certified Management Accountant (CMA): a credential for accounting professionals who have expertise in management accounting, such as financial planning, analysis, control, and decision support. Candidates must have a bachelor’s degree in any discipline, pass a two-part exam, have two years of relevant work experience, and agree to follow ethical standards and continuing education requirements.
- Chartered Financial Analyst (CFA): a globally recognized credential for investment professionals who demonstrate competence and integrity in financial analysis, portfolio management, and ethical standards. Candidates must pass three levels of exams, have four years of relevant work experience, and adhere to a code of ethics and professional conduct.
RESPONSIBILITIES
A Controller’s responsibilities depend on the family office’s assets under management (AUM), as well as the family’s personal spending activity and the frequency of the family office’s inbound and outbound transactions. Common duties of a Controller include:
- Developing and implementing accounting policies and procedures for the family office, such as financial reporting, budgeting, cash flow management and internal controls
- Ensuring that the family office complies with all relevant accounting standards, laws, regulations and ethical principles, and that the family’s interests and assets are protected
- Managing other accounting staff or vendors and overseeing the daily operations and workflows of the accounting department
- Providing strategic advice to the executive team or family members on matters such as financial performance, tax planning and risk management
- Coordinating and overseeing external accounting advisors such as auditors, tax preparers or bookkeepers, and ensuring that the family office receives high-quality and cost-effective service
- Preparing and reviewing financial statements, reports and analyses for the family office and family members, as well as budgets and forecasts
- Reconciling the family office’s bank accounts, investment accounts and intercompany accounts
- Monitoring and evaluating the effectiveness and efficiency of the accounting policies and procedures, and making recommendations for improvement and innovation
- Keeping abreast of the latest accounting developments and trends that may affect the family office or the family’s activities, and providing timely and proactive accounting updates and insights to the family office’s executive team and board of directors
- Educating and training the family office’s staff and family members on relevant accounting topics and skills, and creating a culture of accounting awareness and compliance within the family office
- Supporting the family office’s strategic planning and decision-making, and providing accounting input and analysis on various business opportunities and initiatives
ATTRIBUTES
Detail-oriented
One of the most important attributes in a Controller for a family office is being detail-oriented. That means someone who can ensure the accuracy and completeness of the family office’s financial records and reports, such as balance sheets, income statements, cash flow statements, and tax filings. A detail-oriented Controller can oversee and manage the accounting processes and systems, such as general ledger, accounts payable, accounts receivable, payroll, and inventory. A detail-oriented Controller can also monitor and maintain the internal controls and compliance standards, such as GAAP, IFRS, and SOX.
Analytical
The best Controllers are analytical and understand the family office’s financial performance and position, as well as the drivers and trends behind them. As Peter Drucker said, “What gets measured gets improved.” An analytical Controller can analyze and interpret the financial data and metrics, such as revenues, expenses, margins, ratios and variances. An analytical Controller can also provide financial insights and recommendations to the family office’s management and principals, such as budgeting, forecasting, profitability, cash flow, and risk management.
Strategic
Principals and family office teams value their Controller as a strategic partner who can support the family office’s strategic planning and decision-making. A strategic Controller can align the financial function with the family office’s vision, mission, and goals, and provide financial information and solutions that enable the family office to achieve them. A strategic Controller can also evaluate the financial impact and feasibility of various strategic initiatives and projects, such as investments, acquisitions, divestitures, and restructurings. As Michael Porter said, “Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.”
Collaborative
Principals expect the Controller to be collaborative and work well with other family office leaders and professionals, such as the CFO, Tax Director, General Counsel, Investment Managers, as well as other accounting staff. A collaborative Controller can build trust and rapport with these stakeholders and foster a culture of teamwork and cooperation. A collaborative Controller can also manage and develop the accounting team and provide them with guidance, feedback and support.
COMPENSATION
Total compensation for a Controller at a family office is between $115,000 – 250,000. Factors that command a higher salary include specific education/certification requirements, industry experience, size of the finance team and scope of work. Components of a Controller’s compensation may include:
Base salary
A fixed annual amount received for performing duties as agreed upon at the time of hiring. A Controller’s base salary varies depending on a principal’s AUM, type of investing activity, family office staff present, as well as the overall experience and qualifications of the employee.
Discretionary Bonus
Discretionary bonuses are variable amounts that are paid annually, based on an individual’s performance. The percentage of compensation paid as a salary versus a bonus is entirely up to the employer, but for a Controller, a discretionary bonus will most likely account for 10 – 20% of total compensation. The most common reason for a higher bonus percentage (relative to salary) is to tie an employee’s compensation to their overall performance. It also allows an employer to set strategic goals during the employee’s annual performance evaluation, with the pay out of their bonus linked to the completion of stated goals.
Equity
With equity compensation, a portion of the employee’s compensation is paid in options, restricted stock or performance shares, which represents ownership in a business or fund owned or managed by the principal. Options can have a vesting period and/or expiration date, which affects their overall value. Equity compensation strongly incentivizes long-term employment and can be a great tool for building a team that is dedicated, loyal and aligned with the overall vision of the principal/family office.
STANDARD BENEFITS
A Controller will typically have access to the following corporate-style benefits:
Medical, dental and vision
Standard health benefits help employees stay healthy, reduce absenteeism and ultimately increase productivity.
Retirement savings account
401k, thrift savings plan or simple IRA, especially with employer matched contributions, shows your employees your commitment to their future.
Paid time off
PTO allows your employees to take time off from work for various reasons, such as vacation, sickness, personal matters or holidays.
Travel/miscellaneous expenses
Expenses incurred when travelling or conducting business on behalf of the principal(s). Expenses may include transportation, accommodations, meals and other costs related to business travel and may be reimbursed or covered by an allowance or budget.
OTHER BENEFITS / "PERKS"
Additional benefits are often included to enhance the attractiveness of an employment offer, as well as encouraging long-term employment. Such benefits include:
Education
- Tuition reimbursement, scholarships/savings plans for those with college-aged children
Professional development
- Encouraging and covering an employee’s participation in training courses, workshops, seminars, conferences or professional certifications
Health and wellness
- Healthy food, beverages or snacks offered at the office
- Paid or discounted gym memberships or fitness classes
- Access to wellness programs with counseling services, health screenings, substance abuse treatment, etc.
- Life and disability insurance
Employee assistance
- Financial counseling
- Legal advice
- Transportation reimbursement or allowance
Charity
- Volunteer opportunities
- PTO days for community service
- Charitable match program
Family benefits
- On-site childcare or childcare reimbursements
- Parental and family medical leave
Workplace
- Remote work/flexible hours
- Casual work attire
- Employee recognition programs, awards or rewards
REPORT STRUCTURE
A Controller in a family office most often reports to:
- To a Chief Accounting Officer (CAO) or Chief Financial Officer (CFO)
- A designated individual within a family office (Director of Administration/Operations, Chief of Staff or Managing Director)
If this role is managerial in nature, this person may also be responsible for managing subordinate accounting staff.
Comprehensive Financial Oversight
A Controller ensures your family office and/or household finances are organized, transparent, and running smoothly. From overseeing accounting operations to managing budgets, they provide financial leadership and clarity. Their expertise allows you to make confident, informed decisions with your wealth management.
Let us find the perfect Controller who can bring order and precision to your family’s financial operations.
Adam Cook
Managing Director, Old State Staffing
- Expert Financial Management
A Foundation of Financial Stability
Why You Should Consider a Controller
A Controller is essential for managing your household or family office’s finances with precision and foresight. They handle everything from budgeting and reporting to strategic financial planning. A Controller can help:
- Oversee daily financial operations, including accounts payable and receivable
- Develop and manage budgets for the household or family office
- Monitor and manage cash flow, investments, and taxes
- Provide strategic financial insights to optimize wealth management
- Ensure compliance with legal and tax requirements
Hiring a Controller means gaining a financial expert who ensures your wealth is managed efficiently, providing you with clarity and control over your finances.
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