Practice Leader, Family Business Group

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure:
Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Location:

Chicago

Northern Trust Wealth Management is seeking to hire an individual to lead its Family Business Group. This individual would report to Northern Trust’s Director of Business Services. The Family Business Group consists of 16 professionals, including attorneys, accountants and valuation professionals. The team manages approximately 900 interests in closely held businesses held in trusts or estates where Northern Trust has been named trustee or executor, including situations where a trust or estate holds a controlling interest.

In addition, team members provide advice and consulting services to clients on a variety of business succession, family governance and pre-transaction planning issues.

Services that the Family Business Group provides to clients with respect to private businesses and closely held entities where Northern Trust serves as fiduciary include:

• Evaluate the business’ performance and overall strategic plan
• Provide recommendations on ownership and management succession best practices
• Oversee and restructure management teams when appropriate
• Evaluate offers to purchase and help manage sale processes
• Oversee the business valuation process for tax, sale or estate planning purposes
• Perform analyses with respect to tax elections and entity conversions
• Serve as officers and directors of entities the team manages, when appropriate
• Monitor the ongoing performance versus plan, benchmarks, etc.

Additionally, the Family Business Group is responsible for providing fiduciary oversight of the portfolio of private business interests, including supporting the Northern Trust’s regulatory compliance (for example, pre-acceptance screening of assets, asset onboarding, post-acceptance reviews, annual reviews and valuation updates).

Role and Responsibilities:

• Defining the long-term growth strategy and annual business plan for the group
• Supporting new business development by evaluating new business opportunities and playing an active role in prospect and client meetings
• Advising high net worth families on corporate governance and business succession strategies
• Marketing the group both internally to Northern Trust employees and externally to key industry groups, advisors and prospects
• Team staffing, hiring and training
• Operational processes and procedures for managing the group’s portfolio of assets
• Risk management oversight of the portfolio, including interaction with other internal groups (Risk Management, Compliance, Audit, etc.)
• Ensuring consistent client service standards
• Helping with managing vendor relationships
• Serving as one of Northern Trust’s subject matter experts, including opportunities to participate in speaking engagements and writing articles

Knowledge /

Experience:

• Significant (+10 years) experience in an advisory role to private businesses (for example, accountant, attorney, investment banker, wealth management professional)
• Deep understanding of family governance, corporate…