Chief Financial Officer, Genspring Family Offices Subsidiary
Genspring - Suntrust Private Wealth
GenSprings Family Offices is a private wealth management advisory firm serving high net worth clients from 12 offices located in 8 states. Reported to COO and served on Senior Management Team, Risk Committee, Valuation Committee, and Technology Committee. At the time I was promoted to this position I faced three principal challenges: 1) division profitability, 2) legal risks due to inadequate disclosures and controls, and 3) inadequate forecasting and budgeting processes and lack of a serviceable CRM capability.To address the profitability challenge: • Reconfigured compensation plans including changes to commission rates, tying bonuses to profitability targets, and clawing back calculated but unearned commissions.• Repriced “legacy” accounts to current pricing levels resulting in $3.6 million additional revenue.• Leveraged fixed costs by adding $23 billion in assets through four acquisitions and organic growth. Managed financial due diligence and integration of accounting and finance functions for each acquisition.• Installed expense management controls and reporting system, resulting in 16% reduction in T&E expenses. • Maintained Finance organization’s headcount (7 finance analysts, controllers, and tax associates) while firm’s assets grew by 140% to $23 billion in assets.To address legal risks, required disclosures, and controls:• Identified 20+ risk-related issues. Prioritized actions based on severity of risk and monetary exposure. To address financial forecasting and CRM challenges:• Automated core reporting and forecasting process, providing detailed P&L’s, forecasts, and YOY comparisons. Developed process to adjust top-line accruals when anticipated revenue accruals exceeded 5%.• Selected, implemented and rolled out Salesforce.com as company’s CRM system.