Harris myCFO

Harris myCFO is the American wealth management unit of BMO Harris Bank serving high-net-worth individuals and families.[1] In 2002, Harris acquired certain assets of myCFO, Inc., founded by James H. Clark, in a $30 million deal.[2] Harris myCFO provides a variety of services including investment advisory and family office services. Harris myCFO managed over $18 billion in assets in 2011 and Forbes ranked the company seventh on a list of top fee-only investment advisors.[3]

Harris myCFO
Industryfinance
Founded1999 
FounderJames H. Clark
Key people
Joe Calabrese (president)
Servicesinvestment advisory
tax planning
financial reporting
expense management
estate planning
trust services
risk management & insurance advisory
philanthropic planning
family education
capital advisoryand
custom baking

Services

Harris myCFO

Harris myCFO is a brand used by Harris myCFO Inc. offering integrated wealth management with independent investment advisory services and the comprehensive capabilities of a multi-family office. These services include investment advisory, tax planning, financial reporting and expense management, estate planning and trust services, risk management and insurance advisory, philanthropic planning, family education, capital advisory, and custom banking.[4]

The president of Harris myCFO is Joe Calabrese, who has led the company since 2002.[5]

Harris myCFO Investment Advisory Services LLC

Harris myCFO Investment Advisory Services LLC, is a Securities and Exchange Commission-registered investment advisor and certain divisions of Harris N.A. are national banks with trust powers. Harris myCFO Investment Advisory Services, LLC works with affluent clients by integrating their investment planning and financial services.[4]

Craig Rawlins is the president of Harris myCFO Investment Advisory Services LLC. Harris announced the hiring of Rawlins in December 2009; he previously worked as director of client services at Russell Investment Group and held positions at Ernst & Young and Gresham Partners.[6]

Harris myCFO, Inc.

Harris myCFO, Inc. provides family office services. Family office services include financial planning and coordination, wealth transfer planning, tax planning, risk management and insurance, philanthropic planning, expense management, bill payment, family education, estate and trust services, liquidity strategies, and comprehensive financial reporting.[4]

John Benevides is a president of Harris myCFO Inc. overseeing Family Office Services for the company. Benevides' appointment was announced in October 2010; prior to his appointment at Harris myCFO, he was co-owner and President of Family Office Exchange (FOX).[7]

Recognition
  • Ranked 7th on Forbes, "Top 50 Financial Advisors" list (2011)[8]
  • Ranked 9th on Bloomberg Markets’ "Top 50 Family Offices" list (2011)[3]
  • Ranked 3rd on Forbes "Top 50 Fee-Only Advisers" list (2008)[9]

Locations

Criticism

In 2002 myCFO was implicated in a federal investigation involving questionable tax shelters.[11][12][13] In July 2005, the American Arbitration Association ruled against myCFO and its partners for its involvement.[14] On February 13, 2008, a federal trial court delivered a criminal conviction on Graham Taylor, a tax attorney associated with myCFO; Taylor had pleaded guilty on January 24, 2008, to conspiracy and aiding in the filing of a false tax return.[15] Taylor used to be with the LeBoeuf law firm, which was used by myCFO selling tax shelter products. The tax accountants and attorneys, including Taylor, convicted in 2008, had been indicted in November 2005 for conspiring to defraud the United States and to commit mail and wire fraud, including tax evasion and assisting in the filing of false tax returns.[16]

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See also

Bank of Montreal

References
  1. "About Us: Our Approach". Retrieved 2011-10-25.
  2. Festa, Paul (3 October 2002). "Netscape founder sells start-up myCFO". CNET. Retrieved 2011-11-29.
  3. Effinger, Anthony (8 August 2011). "HSBC Tops Family Office List as Money Firms Manage Rises 17". Bloomberg.com. Retrieved 2011-11-29.
  4. "Harris myCFO Company Profile". Retrieved 2011-11-29.
  5. "Joe Calabrese" (PDF). Retrieved 2011-11-29.
  6. "Craig Rawlins" (PDF). Retrieved 2011-11-29.
  7. "Harris myCFO Appoints John Benevides to Executive Leadership Position". Retrieved 2011-11-29.
  8. "Harris MyCFO Investment Advisory Services, LLC Ranks Seventh On Forbes' Top 50 Financial Advisors For 2011". Retrieved 2011-12-13.
  9. "Top 50 Fee-Only Advisers #3 Harris MyCFO". Forbes. 2008-10-06. Retrieved 2011-12-13.
  10. "Locations". Retrieved 2011-12-05.
  11. Browning, Lynnley (11 July 2006). "Focus Moves To One Shelter In Tax Inquiry". The New York Times. Retrieved 2008-04-08.
  12. Waldman, Peter (March 6, 2007). "2007 Wall Street Journal Front Cover Investigative Report on myCFO, with source reference links". Wall Street Journal.
  13. "2007 Reprint of Wall Street Journal Article about myCFO".
  14. "2005 American Arbitration Association ruling against myCFO" (PDF). Wall Street Journal.
  15. "2008 DOJ Release regarding myCFO-associated tax attorney Graham Taylor who plead guilty and was then convicted of conspiracy and aiding filing a false tax return".
  16. "2008 DOJ Criminal Conviction of multiple Tax Accountants and Tax Attorneys of conspiracy and aiding filing false tax returns".
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