Harris myCFO is a wealth management and family office advisory service that provides integrated financial planning, investment advisory, tax, estate and reporting services to high-net-worth individuals and families. The brand has historically been associated with the Harris banking franchise, which forms part of the BMO Financial Group, the Canadian-headquartered banking and financial services organisation.
Key facts
| Name | Harris myCFO |
|---|---|
| Type | Wealth management / multi-family office service |
| Industry | Financial services |
| Parent group | BMO Financial Group (Harris brand) |
| Primary clientele | High-net-worth individuals and families |
Overview
Harris myCFO offers a suite of services designed around the needs of affluent families, combining investment management with co-ordinated advice across taxation, estate and succession planning, philanthropy, risk management and consolidated financial reporting. The model is broadly described as a multi-family office, in which a single advisory team co-ordinates the various professional inputs that a wealthy family would otherwise have to assemble independently.
Service areas
- Investment advisory and portfolio management
- Income tax planning and compliance support
- Estate, trust and succession planning
- Philanthropic and charitable structuring
- Consolidated wealth reporting and performance measurement
- Risk management and insurance review
Background
The Harris name has long been used by BMO's United States banking and wealth operations, where private banking and trust services for affluent clients have been a core line of business. The myCFO concept extended this by treating wealth management as analogous to the function of a chief financial officer for a family, providing co-ordinated advice rather than discrete product sales.
Significance
As a multi-family office offering, Harris myCFO is part of a broader category of advisory firms that emerged in response to the increasing complexity of managing substantial private wealth across asset classes, jurisdictions and generations. Such services are studied as examples of the institutionalisation of family office functions, in which professional firms aggregate the needs of multiple families to provide a level of bespoke advice that was historically available only through single-family offices.
Related topics
- Wealth management
- Family office
- Private banking
- BMO Financial Group
- Financial planning
- Estate planning
References
- Wikidata entry: Q4044681