Family Office is a small and private entity that serves the financial or non-financial needs of ultra-high-net-worth families. Working for a Family Office is very different to working for other organisations, a role in a Family Office may not be a right fit for everyone. This article explores the ideal qualities a Family Office professional should possess and how the working environment of a Family Office differs from the corporate world.
The “family” element in Family Office is what differentiates it from other organisations. It is important for Family Office professionals to recognise that their role is to serve the family and achieve the Family Office’s purposes. In the Family Office world, the Principal and the family will always have the final say. Professionals may often find themselves in a position where they disagree with the decisions made by the family. After all, they are not the wealth owner, and the wealth they help generated does not belong to them. Resilience and adaptability are key to success in a Family Office. A competent employee should be able to work to the family’s specific requirements and act quickly based on the decisions of the Principal.
Family Office professionals should also be aware that there is very little hierarchical growth in the Family Office environment. Many professionals who come from standardised and benchmarked industries often get “culture shocks” when they first joined a Family Office. This is often a result of them being accustomed to the provision of many divisions, technical and administrative support teams, clear pay rises and promotion timescales to go up the corporate ladder. On the other hand, Family Office professionals are rewarded by growing horizontally. This means that they are likely to be given more responsibilities, and their breadth of remit and scope of the role will also increase. It is crucial for Family Office professionals to adjust their expectations before accepting a role in a Family Office.
Many professionals that come from the corporate environment are likely to prefer working in a large team as well. Family Offices are often boutique in size, some only have a handful of employees. Family Office manages the enormous wealth and sensitive personal information of ultra-rich families, therefore they value loyalty and longevity. Employees often stay in the role for a very long time. It is crucial to understand that a role in Family Office requires time, commitment and dedication. Additionally, the very flat structure and small teams in Family Offices mean that job functions are very diverse, this means that employees need to be comfortable to go above and beyond their stated job remit to serve the family. For example, investment in a Family Office can involve everything from philanthropy to various alternative assets. As a result, investment professionals may find themselves working on tasks that are outside their backgrounds.
Family Office professionals will also have to be a great cultural fit and possess a high level of emotional intelligence as they are required to work closely with family members. It is noted that the type of interpersonal skills the Family Office environment requires is very different from those of large corporations. Instead of facing clients and selling products, Family Office professionals handle investment or other personal matters for the family they serve. The professionals are expected to be empathetic and compassionate, as they will be reporting to a range of family members and stakeholders, all with their own differing personalities.
When interests are aligned and a cultural fit is established, working for a Family Office can be a financially rewarding and emotionally fulfilling job. 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 looking for a role in Family Office, or alternatively, hiring for your Family Office, please do not hesitate to get in touch.