Special Tax & Tech-NEW-logy Episode
June 2023
Show Summary
Jon Carroll, SFO consultant, Dawn Angermaier, SFO executive & thought leader, and Gary Mills, a leading family office technology consultant shed some light on the obscure and difficult area of processing K-1s. The program is moderated by Jon.
Jon Carroll, Single Family Office Advisor, Jon Carroll + Family
Jon Carroll has spent 30 years in the family office advisory business. Jon advises family members, family business owners, trustees and family office executives on how to grow and govern their single-family office. As a family office executive and consultant, Jon has worked with hundreds of enterprise families, trustees, and family offices.
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More about Jon
After spending 7 years working as a family office CFO and then COO, Jon founded Family office Metrics, a business management consultancy focused exclusively on single family offices’ people, process, and technology. EY bought Family Office Metrics in 2015. Jon spent the next 6 years supporting single family offices as member of the EY Family Office Advisory Services practice until his retirement in December, 2021.
Since 2022, Jon has been working as JC+Family with select single family office clients together with his daughter, Liz Loulan, and son-in-law, Clayton Loulan. both Liz and Clayton worked together with Jon in Family Office Metrics.
Jon holds an MBA in finance from the University of Colorado, Denver and a BA in history for the University of California, Berkeley. He is Certified Public Accountant in Florida and a member of the American Institute of Certified Public Accountants.
Dawn Angermaier, SFO Executive & Thought Leader
Dawn Angermaier recently accepted a new role in January 2023. She leads a newly formed family office supporting a Generation 1 family in New York City. Prior to accepting this role, Dawn was a senior member of the Private Wealth practice at Deloitte Tax LLP.
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More about Dawn
Dawn led the New York family office practice for over 12 years – helping clients navigate the complexities of tax, fiduciary responsibility, trust and estate taxation, philanthropy, wealth transfer planning and family office structures. She specialized in working with cross-border families - coordinating global compliance for their personal, charitable, business and trust entities.
Dawn holds double B.S. degrees in Business as well as her B.A. in English Literature. While working for Deloitte she completed a Masters in Taxation.
Gary A Mills, Founder, Gary Mills Consulting LLC
Gary Mills is the Founder and Consultant at Gary Mills Consulting LLC, a practice established to
assess, recommend, manage and deliver technology- and operations-based portfolio and tax
technology partnership and investment fund solutions to hedge funds, fund of funds, private
equity funds, private wealth family offices, fund administrators and accounting firms serving
these sectors.
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More about Gary
Gary leverages over 25 years working with many of the solutions serving these clients, translating client requirements into development specifications to deliver the portfolio and partnership accounting, investor relations and client web portal vendor software to deliver the solutions best-suited to address the needs of his clients. He served on investment industry group NICSA’s Alternative Investment Committee 2006-2016 (co-chair: 2008-2014). Gary has also served as Strategic Advisor for Technology to industry group Family Office Exchange.
Prior to his current role, Gary served as Managing Director – Digital Transformation & Innovation at BDO, overseeing the development pf their planned Partnership Tax Compliance software solution and led the effort to identify and evaluate prospective vendor financial accounting and reporting software solutions to support BDO’s Private Client Services’ Family Office Services practice.
Prior to BDO, Gary served as Director – Tax Technology at SS&C Technologies, creating the roadmap and leading the effort to build their end-to-end automated Tax Compliance solution.
Previously, he served as Senior Manager, Financial Services Office Tax Compliance and Tax Technology and Transformation at Ernst & Young LLP, where he led, owned or participated in the strategy, specification and development of Partnership Tax Compliance solutions. His accomplishments included the successful design, development, and rollout of the first EY solution to automate the capture/process of data from Schedules K-1, an electronic channel to distribute tax packages to clients’ investors, and a Trust Tax Schedule K-1 Processing tool, delivering data into Thomson Reuters ONESOURCE Trust Tax software to produce and file tax returns. Gary also was a Contributor to the EY Family Office Guide.
Prior to joining Ernst & Young, Gary served in Product Management at Backstop Solutions Group, providing product and market strategy for the firm’s investor relations, portfolio management, and web portal software solutions. Previously, he served as Vice President, Product Marketing in SunGard’s Alternative Investments group, focusing on portfolio and partnership accounting solutions and due diligence that led to their acquisition of their Investran and VPM products.
Gary also previously held management positions with fund administrator PFPC’s (now part of BNY Mellon) Alternative Investments Group, Shepro Braun Systems, Inc., Coopers and Lybrand’s Financial Services Consulting Group, and Reuters.
Relevant experience
Gary has presented at alternative investment and family office industry conferences (including NICSA, GAIM OPS Cayman, IIR’s Family Office Forum) on topics ranging from operational risk and due diligence to trends in investor relations.
Gary is familiar with the features and functionality of many of the portfolio and partnership accounting, investor relations, and client web portal vendor solutions used by hedge funds, funds of funds, and private equity funds, including SunGard InvesTier, Investran, and VPM, SS&C Total Return, AdvisorWare, and Intralinks, and Backstop InvestorBridge.
Show Breakdown
9:05 - Discussion of the pain-points and risks handling K-1s and tax reporting. Interplay between volume, timing, risk and risk tolerance. Maintaining compliance while working with incomplete information.
22:45 - K-1-related pain-points from an operational perspective. Automation vs human touch in the process of collection, logging, scanning, data capture and downstream processing. Cost-benefit analysis.
38:00 - What is the biggest unmet need and opportunity for solution providers: PDF alternatives, beyond page 1 and line 11. Prospects on uniformity.
52:40 - Some of the technology solutions.
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