WTF is a Personal CFO?
In the world of finance, CFOs are commonly associated with businesses—guiding companies through budgeting, cash flow management, and strategic planning. But what if you could apply that same level of expertise to your personal finances? Enter Sara Hobbs, a Personal CFO and founder of Forecastle Financial, who helps high-net-worth individuals and business owners streamline their household finances and optimize cash flow. In this exclusive interview, Jennifer Yousem of I Heart EBITDA explores the unique role of a Personal CFO and how Sara helps clients gain clarity and control over their financial landscape.
Jennifer: So, let’s start with this. I have been a corporate business CFO for my entire career, but you are the first personal CFO I’ve ever heard of, so WTF is a Personal CFO?
Sara: A personal CFO functions much like a business CFO, but the focus is on optimizing personal finances—we do all the same things, budgeting, cash flow management, expense tracking, cost reduction, financial analysis and risk management.
Jennifer: Tell me what that means when you say managing risk, what does that mean to you?
Sara: My goal is to ensure financial efficiency and long-term stability. Most of my clients are busy professionals, with little time to regularly review their finances. Without consistency, risks arise, ie: duplicate payments, bank errors, or even fraud, where small unauthorized charges go unnoticed and escalate over time. Risk management also means assessing how much money clients keep in their accounts. Some intentionally hold large balances, but part of my role is discussing whether reallocating funds to investments might be a smarter strategy.
Jennifer: When I meet with potential clients, I often sense embarrassment or hesitation about sharing their financials—like they feel they should have a better handle on their spending. Do you encounter that too?
Sara: All the time. One of the biggest hurdles to seeking financial help is shame—people worry they should be managing their money better or that needing help reflects on their intelligence. My clients are highly competent, it’s not about ability, it’s about protecting their time and allowing them to focus on what drives income and fulfillment.
That’s what makes the personal CFO role so unique. Business finances are black and white, but personal finances are deeply emotional. People spend differently in their personal lives, and those decisions require a more nuanced, judgment-free approach. As a personal CFO, I get a rare look behind the curtain, and I deeply respect the trust my clients place in me. Discretion is everything.
Jennifer: Money is often a major source of tension in relationships, I imagine you sometimes have to play the role of a financial therapist. How do you navigate situations where couples or families have different money philosophies?
Sara: Absolutely! I’ve even been called a financial counselor before. Everyone has their own reasons for how they spend, and when working with couples, I often take on a mediator role. Some clients just want me to handle the numbers, while others invite me deeper into their financial lives.
For those clients, I remind them that despite their different approaches, they share the same goal: financial health, stability, and aligning their money with their values. My role is to help bridge the gap and find a balance that works for both partners. Being involved at this level allows me to truly understand what matters to them, making me a more effective personal CFO.
Jennifer: How do you handle situations where partners in a family have different financial priorities?
Sara: It really depends on their personalities and circumstances. Factors like their business, environment, and personal history all play a role in financial behavior, so there’s no one-size-fits-all answer. Clients usually come to me with a specific issue—like reducing spending to pay off a tax penalty or managing cash flow after investing in a new business venture. But over time, as trust builds, deeper conversations emerge. That’s often when undisclosed accounts or credit cards surface, and I make sure to incorporate them into the overall financial picture.
My approach is to listen first and evaluate before offering guidance. Financial decisions are deeply personal, and I want to fully understand the situation before making recommendations. After all, there are always two sides to every story.
Jennifer: Are there specific events or triggers that typically lead people to seek your help?
Sara: Definitely—divorce and death are big ones. Often, the person who handled the household finances is no longer in that role, whether due to separation, loss, or simply burnout. Sometimes, they just don’t want to deal with it anymore and decide to bring in professional support. Many of my clients are what I call “emerging wealth”—typically in their early to mid-30s.
Jennifer: So a lot of your clients come from wealthy backgrounds, right?
Sara: Yes, and they’re already familiar with risk-reward concepts. They know the value of tracking every dollar but don’t have the time to manage it themselves. Since they often run businesses, they understand the benefits of outsourcing.
Many also come to me after receiving an inheritance or selling a business. With the ongoing wealth transfer, some are suddenly managing more money than they’re used to. They want an accountability partner—someone to ensure they’re making smart choices.
Because let’s be honest, when people find out you’ve come into money, they show up. My role is to be that objective third party, asking the right questions and raising concerns. At the end of the day, my clients make the decisions, but with my 24 years of experience, I can help them navigate the financial landscape wisely.
Jennifer: What does a typical engagement with you look like?
Sara: The engagement begins with an in-depth account review. This requires a lot of interaction to ensure accuracy—I don’t make guesses. Once the onboarding is complete, I provide a financial household report that lays out a full year of month-over-month financial data for comparison.
I create a structured system to track everything. They should always know their cash position, what’s been spent, how expenses compare to last year, and what’s projected for the future.
From there, it becomes an ongoing relationship. I review their accounts weekly, ensuring payments are correct, identifying potential fraud, and keeping everything categorized properly. Each month, I deliver a household financial report, and depending on the client’s preference, we meet monthly or quarterly to review their financial landscape and plan for the months ahead.
Jennifer: That makes sense. What type of clients aren’t a good fit for you?
Sara: Do-it-yourselfers. My service is designed to take financial management off their plate completely. Once onboarding is done, they shouldn’t need to touch anything—I handle everything behind the scenes. If they start making changes themselves, it disrupts the system and ultimately costs more time and money to fix.
Jennifer: I totally agree. We have a rule: don’t touch your books. It’s easier and cheaper to have us do it right from the start than to fix mistakes later.
Sara: Exactly. Another poor fit would be someone with just one or two accounts and minimal transactions. My clients typically have household expenses ranging from $50,000 to six figures per month—there’s a lot happening. I do have resources for those who need financial coaching or a DIY approach, but my focus is on high-complexity financial management.
Jennifer: Are your engagements structured to be long-term, or do they taper off over time?
Sara: Initially, engagements are set for six months. That gives me enough time to deeply understand a client’s financial landscape and for them to see the value of the service. It also allows both of us to assess if we’re the right fit. After that, it moves to a month-to-month engagement.
I would love to have clients forever—the longer I work with someone, the more history I have to help them. I can remember financial details from years ago that might be relevant down the line. That continuity is valuable. The only clients who have left were DIYers who ultimately wanted to handle their finances themselves.
Jennifer: So, unless there’s a major life event, does the level of involvement taper off over time?
Sara: Not necessarily. My role isn’t financial coaching—it’s hands-on financial management. Clients come to me for ongoing, day-to-day oversight of their household finances, not just guidance.
That said, throughout our work together, they often discover additional ways I can support them—liaising with their CPA, maintaining financial documents, staying on top of personal financial statements, and more.
Some clients initially think they need help managing debt, but most of mine aren’t carrying balances—they use credit cards for points and pay them off monthly. So, while financial coaching tends to taper off as people become more confident managing their money, my service is about execution. Clients tell me their goals, and I make sure they reach them.
Jennifer: When it comes to investments, you mentioned earlier that some clients are holding onto too much cash. Do you advise them on that, or do you partner with someone for investment guidance?
Sara: I’m not a financial advisor—I function solely as a personal CFO and account manager. But part of my role is identifying gaps and opportunities. If I notice that a client has excess cash sitting around, I’ll suggest they check in with their wealth planner to explore investment options. The same goes for other areas like taxes and insurance. For example, I’ll ask business-owner clients, “Do you have your kids on the payroll?” and often, they don’t even know that’s an option. I’ll encourage them to talk to their CPA.
I don’t handle estate planning, trusts, or insurance myself, but with 24 years in banking, I know what people should have in place to protect their assets. Most people are so busy with their day-to-day lives that these things fall through the cracks.
Jennifer: That’s really helpful. What’s something you think people should know about personal CFOs?
Sara: For me personally, I do this work because I care about my clients and want to see them succeed.
A personal CFO is a worthy investment if you’re consistently behind on taxes or don’t know how much money is coming in (and going out!) each month. Or if you’re a business owner unsure about how much to take in draws or you’re entering a new business venture, you need to understand your personal financial position.
Clarity is key—it allows you to make intentional, informed decisions rather than just reacting. Many people rely on credit cards as a short-term fix, but is that really the best strategy? If you knew your full financial picture, would you make the same choices?
A lot of people operate with financial stress in the background—kind of like having too many tabs open on your computer. You know you should be reconciling accounts, but it’s just another thing on your to-do list. When you hire me, that stress is gone. You don’t have to worry about managing the system—I take care of it.
Jennifer: I’ve spoken to many CFOs about the concept of applying the same concepts to their personal lives, most of them don’t even have a personal budget! It’s like the old saying, the shoemakers’ kids have no shoes! I don’t know if it’s because they’re naturally responsible and feel like they don’t need one, but I find it fascinating.
Sara: Absolutely! Some of my clients are CFOs, and I’ve done special projects for wealth planners. Even people in financial services need help managing their own finances.
Managing personal finances can be complex, especially for high-income individuals with multiple income streams. A Personal CFO provides not just clarity, but peace of mind. If you’re ready to stop worrying about your finances and start optimizing them, it might be time to bring in an expert.
If you’d like to learn more about Sara and how she works her magic, check out www.forecastlefinancial.com. You can schedule a complimentary consultation call or send an email directly to info@forecastlefinancial.com.
