Personal Client Financial Officer (PCFO)

A Tartan PCFO is a reliable advisor that combines asset management with comprehensive financial planning and continuous stewardship of a client’s overall financial portfolio. (S)he coordinates with client’s other financial professionals to ensure that all parties are operating in sync toward fulfillment of your financial goals.

A financial advisor who works as your PCFO will potentially uncover opportunities that may be overlooked by other professionals who are not working in concert to execute your financial plan. (S)he can coordinate all of your financial professionals and keep your plan on track. Tartan Wealth Management’s advisors are qualified to be your personal financial officer. They can provide tax planning, investment management, insurance services, estate planning services and be a source for any general financial advice. Alternatively, if you already have trusted professionals, TWM advisors can coordinate and help optimize these relationships. This can help manage your costs and streamline your financial life objectively while maintaining these relationships.

Why would you need a PCFO?

First, a PCFO can see the big picture of your financial life—from tax returns and insurance policies to investment plans and estate documents. They should have perspective on all aspects of your financial plan.

Second, a PCFO asks questions that others may not. Whether you want to retire early, buy that dream vacation home, or travel the world, (s)he takes into consideration the details that can provide insight into how best to coordinate your personal financial efforts.

Third, a PCFO can build a team of financial professionals that can be called upon to fill in the missing pieces of a financial plan.

The most important aspect of having a PCFO is to ensure that all of your financial initiatives are being met in a coordinated fashion by all of your financial professionals. This can potentially save you money by reducing wasted efforts or resolving conflicting advice given by individual advisors.

What does a Tartan Wealth Mgmt PCFO do?

TAX PLANNING

  • Review prior year tax returns to determine if there are potential opportunities to reduce future tax liabilities.
  • Review proposed securities transactions to determine tax impact.
  • Ongoing discussion with your tax preparer to coordinate tax reduction opportunities.
  • Ongoing consultation with client to determine opportunities in their financial picture to maximize tax reduction opportunities.
  • Consultation with specialized tax professionals as needed.

INVESTMENT PLANNING

  • Prepare a comprehensive, customized financial plan unique to individual needs.
  • Create Investment Policy Statement to help ensure risk tolerance objectives are being met.
  • Consult with investment professional (if not TWM) on an ongoing basis to discuss portfolio strategies utilized.
  • Monitor portfolio performance on a regular basis.
  • Monitor investment fees paid to help ensure they are in line with the industry.

INSURANCE

  • Review type and amount of insurance coverage to determine if appropriate.
  • Perform insurance audits on universal or variable insurance policies to compare actual vs. projected performance.
  • Analyze purpose and structure of policies to determine if ownership and beneficiary designations are appropriate.
  • Provide comparison shopping to search for opportunities to reduce cost and increase coverage as needed.
  • Review all home, auto, and liability coverages for opportunities to reduce costs and potentially improve coverages as needed.

ESTATE PLANNING

  • Review existing wills, trusts and powers of attorney documents to help ensure compliance with current laws.
  • Summarize provisions of all existing estate documents to help ensure consistency with changes in personal objectives.
  • Project costs of estate administration and tax implications.

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