“Once you have seen one Family Office, you have seen one Family Office.”
Family Offices are as unique as the families that lead them. In small teams they manage extraordinary wealth and all the other needs of the Beneficial Owner and their family. This alongside an emphasis on cultural fit means there are no two Family Offices alike and makes for a steep learning curve for Family Office professionals making a move.
There are no textbooks, university courses or tons of opportunities to learn from others, outside of the Family Office, given the need for absolute discretion. With little learning and limited networking opportunities on offer, Family Office Leaders across the world are learning on the job. Everyday.
Fiona Spence-McNeil is a Director of Residences, Chief of Staff and Estate Manager for a Single Family Office in Florida. She said: “There are schools and academies for various skillsets that can certainly aid development but I think for most of us in this industry, we learn from the seat of our pants. We learn on the job for the most part because there are so many different and odd requests that no book or qualification can prepare you for. The biggest learning opportunity is community, speaking to others in the industry and if you looked at google searches for our industry you would probably see the craziest searches and it is because of these often crazy requests. We do train in many aspects and take time to learn and develop but it is mostly on the job and also, a lot of the time through failure. Failure in Family Office can be good because you learn what not to do next time. You are very much front and centre, there is nothing to hide behind. Especially at that top level, you are being seen. The housekeeper is seen by matriarch and patriarch every day and so you get better at everything. If you miss a spot they will tell you about it and you certainly will not do it again.”
Russell Grey is a Close Protection Officer who works exclusively for UHNW Families around the world. He said: “I train whenever I can. It’s difficult to maintain a routine, as there are times where I am required by a client’s side for 24 hours a day. But when I do have the time, I train incredibly hard to continually sharpen my skills. I have spent tens of thousands of pounds over the years on adding to or improving my skillsets. These courses will range anywhere from emergency first aid to defensive driving courses. Or from sitting in on a lecture on Cyber security, to travelling overseas to attend live firearms training. I have a strong background in martial arts and I repeatedly practice typical situations under fabricated stress to best prepare me to be able to react effectively in a given situation.”
Kedra Winter is a Legal Counsel for a Single Family Office in London. She said: “You are never too old to learn. The best skill you can have is to recognise the gaps in your own skill-set and try to fill them. You should also never be afraid to hold your hands up and ask for help. Ask a person to use small words to explain something you simply do not understand. The other thing is to never be afraid to examine your mistakes. Do not bear them as grudges, look at them and ask yourself what you could have done differently. It might not be one large blunder but lots of little mistakes. Learn from them and own them, especially as you progress up the ladder. With my legal team, if I screw up I tell them I screwed up. How can I expect them to be transparent and own up if I do not? No one person knows everything and if you think you are, you are not much use to anyone. As my mum always says, you’re as useful as a chocolate teapot in that setting.”
Do you think learning on the job is the best way to sharpen your Family Office skill-set?