The Chief Operating Officer (COO) oversees the firm’s administrative and support functions and works with the President to implement effective, firm-wide operational policies, objectives and initiatives. The COO will be responsible for the design, enhancement, implementation, reporting and oversight of the firm’s financials, operations, technology and human resources. He/she will take a leadership role in building, implementing and overseeing all of the ProVise systems and workflows in accordance with ProVise goals and objectives. The position is typically a member of the firm’s Executive Committee and participates in all aspects of budgeting, business planning and strategic planning. The COO manages the team who are engaged in supporting the firm’s client service professionals and administrative functions.
- Develops and manages the business plan that implements the vision and strategic directions of the firm
- Develops the organization, including recruiting, employee development, performance planning, especially in the functional areas of support and administration
- Implements performance management processes
- Oversees firm policies and procedures for accounting, human resources and financial controls.
Accounting and Financial Reporting
- Maintains the firm’s financial records and statements and prepares any necessary schedules for the preparation of the firm’s tax return
- Creates the operating budget with a focus on expense control
- Negotiates vendor contracts
- Reports operating results
- Oversees cash management, payroll, accounts payable, accounts receivable and client billing.
- Researches, selects and maintains all systems
- Coordinates hardware and software acquisitions and ensures proper functioning and training
- Manages technology vendors, consultant relationships and related contracts and licenses
- Manages business interruption/disaster recovery and security programs
- Manages confidential firm records, files, data, contracts and agreements
- Manages information system security policies and processes
- Oversees the online presence of the firm.
- Articulates and maintains employee policies
- Oversees the hiring process for the firm
- Designs and directs the onboarding of new administrative employees
- Designs and oversees employee training programs
- Maintains personnel files and employee contracts and agreements
- Manages and implements incentive compensation plans
- Ensures compliance with state and federal employment labor laws
- Administers benefit programs.
- Oversees facilities management, including office maintenance and tenant relationships
- Manages corporate liability, errors and omissions and other insurance policies
- Champions the development, refinement, documentation and communication of the firm’s processes and procedures, ensuring that accountabilities are identifiable and enforceable.
Measures of Success
The COO is measured by the accomplishment of the firm’s strategic goals as they pertain to operations in the following areas:
- Management and execution of a budget
- Ability to maintain overhead expenses within a desired range
- Quality and efficiency of support provided to professionals as reflected in their feedback
- Functioning and utilization of vital information systems
- Overall performance of the support and administrative departments
- Healthy morale and culture in the departments under COO management as reflected in employee surveys and other feedback.
Knowledge, Skills and Abilities
- Proven leadership skills
- Strategic thinker
- Results-driven change agent
- Strong organizational skills and aptitude for detail
- Financial Services industry knowledge (a plus)
- Operations and IT knowledge
- Strong interpersonal and effective communication skills
- Possess personal qualities of integrity, credibility and commitment to the corporate mission.
- 7 to 10 years of experience of business management experience across a range of business disciplines
- Senior leadership experience, managing both staff and P&L
- Bachelor’s Degree in accounting, finance or business – MBA preferred
- May hold an advanced industry certification such as a CFP or CPA license
- Advanced Excel skills
- Knowledge of NetSuite Accounting software (a plus).