Busy finance chiefs might find themselves wishing they could conjure a clone to assist with the heavy demands of the job. Such notions, CFOs will be delighted to hear, are no longer a distant dream.
The CFO Centre helps highly experienced finance executives offer targeted skills to in-house CFOs at large UK businesses on a flexible basis. This is different from an interim CFO or a consultant. “We call it fractional twinning,” says Sara Daw, chief executive of the CFO Centre. Daw has placed more than 700 finance chiefs across 30 industries.
With CFO tenures shrinking, responsibilities expanding and burnout rampant, Daw believes a fractional twin can help meet all the demands of the role that resident finance executives do not have the time or skills to do themselves.
The idea of one person being the expert in finance is no longer feasible
“The pace with which the list of CFO responsibilities is growing is relentless – they are expected to be superhuman. It is unrealistic to expect one individual to have all of the necessary skills,” explains Daw. “Fractional twins have tons of experience so they don’t need training, which allows the employed CFO to focus on where they can add the most value.”
There has been increased demand and acceptance for fractional professionals across the C-suite in recent years. Consultancy platform Catalant’s 2024 Mid-Year Trends Report reveals a 50% growth in fractional roles between 2022 and 2023. Finance accounted for just over 30% of these appointments.
“A fractional twin offers firms immediate access to talent, avoiding the long and costly process of hiring, onboarding and potentially un-hiring full-time employees,” Daw explains. “Crucially, they’ve been in the finance seat before, which means they can empathise with the existing CFO, acting as a sounding board and a mentor.”
The service not only reflects a growing trend toward flexible executive support, but also highlights how organisations are investing in retaining and upskilling top C-suite talent.
Where can a fractional twin help?
Fractional twins can provide support ranging from a few hours a month to several days a week, depending on business needs. Daw says they are often brought in to help manage change or lead specific projects, such as M&A processes, international expansion efforts and initial public offerings (IPO), working alongside existing CFOs. Businesses can choose to bring in someone with similar skills to their current CFO to accelerate key initiatives, or opt for complementary skills to fill experience gaps and introduce new capabilities.
“There’s been growing demand from CFOs seeking professional mentorship through a fractional twin, someone who can work alongside them, share seasoned expertise and provide hands-on guidance,” Daw says. “This kind of support is proving particularly popular for first-time finance chiefs.”
Daw says organisations are also leveraging these executive doubles to help cultivate the next generation of finance leaders. Building a healthy pipeline of finance talent remains a significant challenge for many companies, with 25% of firms surveyed in Deloitte’s 2Q 2024 CFO Signals report who said they did not have a CFO succession plan in place.
At the same time, a fractional twin will have useful connections through their expansive networks, having worked across multiple companies for shorter stints. “This allows them to spot emerging trends and offer fresh, strategic insights,” Daw says.
The right fit
While there are clear advantages to teaming up with a fractional twin, some executives may not be comfortable with the concept. “There can be reluctance to ask for help or fears around relinquishing control,” Daw says. “For successful implementation, there needs to be a clear division of responsibilities and strong communication between the existing CFO and their fractional twin.”
Daw says it’s essential for businesses to develop a strategy for how the fractional executive’s role is communicated to the wider workforce to prevent confusion. This should include details about what people can and cannot expect to see from them.
“It must be viewed as a partnership,” Daw says. “A fractional twin is there to self-manage, eliminate problem topics for the resident CFO and in no way become an additional burden.”
C-suite of the future
The rise of the fractional twin is part of a broader move towards agile talent strategies, allowing organisations to respond to market demands by accessing a “workforce in the wings,” Daw says. “The concept of the C-suite function itself has not been revisited since the 1980s. The idea of one person being the expert in finance across all its aspects, while also managing teams, technology, strategy and external relations, is no longer feasible.”
The perspective is shifting towards viewing the C-suite as a team requiring diversity of thought, integrative thinking and shared load, rather than siloed functions relying on one individual to possess all capabilities.
Busy finance chiefs might find themselves wishing they could conjure a clone to assist with the heavy demands of the job. Such notions, CFOs will be delighted to hear, are no longer a distant dream.
The CFO Centre helps highly experienced finance executives offer targeted skills to in-house CFOs at large UK businesses on a flexible basis. This is different from an interim CFO or a consultant. “We call it fractional twinning,” says Sara Daw, chief executive of the CFO Centre. Daw has placed more than 700 finance chiefs across 30 industries.
With CFO tenures shrinking, responsibilities expanding and burnout rampant, Daw believes a fractional twin can help meet all the demands of the role that resident finance executives do not have the time or skills to do themselves.
