Family Office Recruiting Challenges

Family Office Executive
Search
Relationships with 1,000+ family offices +
The largest family office association with
over 72,000 global members = Leading Family
Office Executive Search Services

FAMILY OFFICE RECRUITING CHALLENGES

The Family Office Executive Search Process: The following is the process that
our 13 person team uses to complete thorough and confidential executive
search mandates for family offices globally.

FAMILY OFFICE EXECUTIVE SEARCH PROCESS

Family Office Executive Search Process

I wanted to explain to you a few family office recruiting challenges.
I think that the family office industry is one of the most difficult industries to
navigate if you are a career professional, but even more so to find great
talent that is experienced in the right types of way for your family office.
There are many different things that make it nearly impossible to easily find
people who are experienced in the family office space, especially if you're a
single family office.
Five Family Office Executive Search Challenges:
1. Many large family offices do not have websites. They do not want people
finding them and selling them things nonstop, they don't want regulators
looking at them more often than needed, and they don't want people
copying their business models. Most single family offices still have operating
businesses. For example, one commodity family office I know of has over a
billion dollars and they don't have a website because they don't want their
competition even knowing they have a family office.

FIVE FAMILY OFFICE EXECUTIVE SEARCH CHALLENGES

Five Family Office Executive Search Challenges

2. A couple other reasons it is really hard to navigate is that it can take a
long time to build up trust and get to know somebody, and some single
family office operations like to wait one year, two years, three years before
hiring somebody after they get to know them. And what that means is that
a lot of trust has to be built along the way and that can make the process
very slow and some people get impatient with that.

Connect with our Team: To get started on getting to know each other
please call us at (212) 729-5067 or email us at
Clients@FamilyOfficeExecutiveSearch.com.



3. Another challenge is that a lot of people see the family wealth
management industry as a place they don't want to work because of the
politics. There are things going on within a family office, maybe a patriarch
or matriarch changing their mind about something and it might totally
change the direction of the family office, even change the role of somebody
at the family office. And there is not much warning of that sometimes. I
know somebody who just recently quit a billion dollar plus family office
position, top three executive positions, because what they were promised
didn't happen at all. They were supposed to be able to manage a
discretionary portfolio of assets, and that wasn't the case at all. They were
basically treated like a junior analyst.




4. Compensation levels can be a real challenge within the industry. To get
the best talent that can wear multiple hats and move quickly and really
serve a family office well you often do have to pay close to top dollar and a
lot of family offices are ran by entrepreneurs that are somewhat thrifty and
have watched the dollar from the beginning to make sure it is not spent
unwisely. And they might not be comfortable paying $750,000 or $650,000
a year. So that can be a challenge just overcoming that hurdle can be a big
problem.




5. The last thing I wanted to mention was that because of the reputation
within the industry a lot of people are afraid to even go interview for a job
because maybe someone in that office building will recognize them and
realize that they are interviewing for a job and they are worried it will get
back to their current employer, they'll lose their job, and it could take them
a couple years to find another great job working at a large family office. It's
a very real concern, and the executives that come to me, one of the first
things they talk about is just being discrete in what they are looking for and
making sure we do not mess up their current career and the progress
they're making there.




I hope this advice is helpful to you if you are just getting into the industry or
trying to recruit people for the first time. I think that you will relate to many
of the challenges I'm talking about here. What we offer is a solution to
many of these headaches. The Family Offices Group is by far the largest
network of family office professionals in the world. Over 95% of family
offices in the United States have somebody on their team that is party of
our Family Office Association. Hundreds of Single family offices in the
United States and over 1,000 family offices globally are members. And we
are in about 70 different countries now and so what we can do is help you
with talent searches, recruitment, and executive searches for family offices.




Laser-Focused on Family Office Mandates is one of the only global family
office recruiting and executive search firms globally that exclusively focuses
on working with single and multi-family offices.
Global Family Office Talent Database: The advantage of working with us
here at Family Office Executive Search is that we have the largest database
of talent in the industry, with over 73,000+ professionals in our Family
Offices Group association.

We have met with over 1,200 family offices face-to-face in over 15
countries, and we have relationships with over 50 families through
our Billionaire Family Office division. Through our data research, bestselling
book on family offices, quarterly family office training workshops, live
webinars, training platform, and great brand recognition we have a marked
advantage both in reach and understanding.
To Learn more about Family Office Executive Search, visit our
website:http://FamilyOfficeExecutiveSearch.com/

FAMILY OFFICE EXECUTIVE SEARCH PROCESS

Family Office Executive Search Process

Family Office Recruiting Challenges

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