We have witnessed significant growth and professionalisation of Family Offices over the years. This has resulted in a rising demand for high-calibre Family Office professionals. However, Family Offices are often subject to challenges in the recruitment process due to the lack of information available in this area. This article will help you to establish a better understanding of how to recruit for your Family Office by looking into one of the most important stages of the recruitment process – preparing the job description.

A job description is the cornerstone of the recruitment process. It is a document that provides job applicants with an outline of the duties and responsibilities of the role. A well-written job description provides clarity to both the Family Office and candidates on the responsibilities and expectations of the role. An unclear job description will potentially create conflicts over responsibility, leading to dissatisfaction for both the employers and employees. By outlining the specific skills, qualifications and experience required, Family Offices will be able to identify the right candidate in an effective manner. Below are a few things to consider when constructing a job description for a role in a Family Office.

  • What is the title of the role?

Similarly to developing a job description for any other organisation, the process begins with specifying the job title. The job title should be an accurate reflection of the role and responsibilities. For example, a Chief Investment Officer is responsible for leading the investment management in the Family Office. However, it is important to note that a role in Family Office may be very different from that within the corporate world. Family Offices offer services that are tailored to the needs of the families they serve, and each family has their own specific set of requirements. As a result, working in a Family Office can often require staff to go beyond what the job title suggests. This may be a cultural shock for candidates from the corporate world, where job remits are relatively rigid. Therefore, it is important to make candidates aware of the particular nature of the Family Office when creating the job description.

  • What will the reporting line be?

The second thing to include in a job description is the reporting line within the Family Office. Family Offices tend to have dotted reporting lines, where employees are required to report to both family principals and Family Office seniors. Establishing clear reporting lines in the job description can further clarify the responsibilities of a role. It will also allow the prospective hire to have a glimpse of the organisational structure of the Family Office and how their position fits into it.

  • What are the key elements of the role?

It is in the best interest of the Family Office to develop a detailed job description that outlines the duties and responsibilities that are unique to the role. This will include the specific tasks that prospective hires are expected to do, such as overseeing investment, coordinating with external service providers or organising philanthropic activities. The duties and responsibilities listed in a job description should be detailed and concise, providing the candidates with an idea of what a typical day of work would look like, and all the expectations that are required of them.

  • What is the expertise, experience and the qualifications that are needed for the role?

This is another important component of a job description. A well-written job description will include the skills, educational level and working experience required for the role. You may start by developing a list of job responsibilities, and based on that, create a corresponding list of skills, knowledge, and experience that the candidate should ideally possess. This will also allow you to effectively filter out unqualified candidates in the early stages of recruitment.

  • What personality traits are you looking for? Have you considered the Cultural Fit of the employee?

As we discussed previously, Cultural Fit is arguably the most important element to look for in a Family Office candidate. Family Offices are by nature very personal and private workplaces, Family Office professionals are often required to work in small teams alongside key family members. Therefore, it is crucial that the job description expounds the culture of the Family Office and includes the purpose and beliefs of the Family Office or any idiosyncrasies and characteristics that are unique to the family. This will help attract candidates that share the same values and vision, ensuring the longevity of the Family Office and a healthy workplace culture.

To read more about Cultural Fit and EQ please access a full report here: https://www.agreusgroup.com/thecomplete-guide-to-cultural-fit/

Overall, constructing a job description for a role in a Family Office requires careful consideration. An unclear job description can result in a bad hire or significantly slow down the recruitment process. Considering that a lot of Family Offices lack the resources and knowledge to recruit, we believe that using external service providers can be immensely helpful. With the help of external recruitment specialists, you will be able to ensure a smooth recruitment process. Agreus is an established full-service resources and recruitment consultancy dedicated to working exclusively with Family Offices. We have successfully placed entry-level through to executive-level professionals within investments, legal, accountancy and finance and operational roles in Family Offices. For a more tailored conversation about hiring for your Family Office, please do not hesitate to get in touch.