New NYSSCPA Committee for Family Advisors

Dealing with family can be tough. Especially when it’s not your family—but, rather, when you’re the CPA charged with managing its wealth.

But a new NYSSCPA committee will serve as a sounding board for CPAs in this practice area, according to Mark B. Rubin the Family Office Committee, now part of the NYSSCPA's industry division.

Rubin, who was chosen by Society President David J. Moynihan to lead the committee in its inaugural year, said that interfamily disagreements require a CPA in this practice area to employ more than technical skill.

There are a number of practice areas in which a CPA may become a family advisor, including accounting or investment oversight, consolidated reporting, income or estate tax planning, fiduciary accounting, charitable or personnel oversight and family member education.

Rubin shared his vision for the committee at its first meeting in December, where he turned to members for potential topics of discussion. The group expressed interest in a number of different areas, including the development of a definition of a “full service” family office, issues related to philanthropy, art and other nonliquid assets, the development of better “soft skills” and liability issues.

Rubin’s appointment to chair the committee comes after 25 years of service in family businesses and family offices.