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RIA Builds Financial Admin Arm For UHNW, Single-Family Office Clients

Editorial Staff February 23, 2024

RIA Builds Financial Admin Arm For UHNW, Single-Family Office Clients

The development speaks to how the unglamorous but vital task of financial administration is so important for family offices and their ability to achieve what their members want.

Callan Family Office, a US RIA which oversees almost $5 billion in assets, has expanded its financial administration division.

The firm is making bill pay, cash management, reconciliation, and customized reporting available to ultra-high net worth clients and single-family offices. 

“Ultra-high net worth clients have complex finances that can make it difficult for them to get a clear picture of what they have, how their assets have performed, and how money was spent,” Jack Ginter, chief executive at Callan, said. “We created the financial administration division to bring all the puzzle pieces together, so clients can understand inflows and outflows and how best to manage all the moving parts to allow them to reach both their immediate and long-term goals.”

Amy Jucoski, head of family office services, explained the rationale for Callan’s move.

“Many of our clients run multiple real estate projects, for example, using different LLC business structures to manage each property,” Jucoski said. “Imagine the work that goes into paying bills, categorizing expenses, reconciling bank accounts, as well as recording assets and liabilities for each LLC business. Now layer in the client’s personal assets and day-to-day activities – it’s a lot for them to manage. That’s what we do for our clients and now, in support of other single-family offices.”

As part of the build-out of the service, Cindy Chase, who has worked at Wells Fargo’s UHNW business for more than 13 years, has joined Callan Family Office as director of financial administration.

This is a young firm, being launched in 2023, and it has 23 partners, who are its owners. 

This news service has examined why the crucial role of such financial administration is also ripe for automation, and spoke to the US firm Eton Solutions – part of a family office itself – about the opportunities.

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