Contrary to the title of this white paper, the Ideal Family Office Leader does not exist. How can they when the Ideal Family Office does not either?

What we have been able to evidence however through the quantitative and qualitative data presented in this report is that there are ideal competencies, qualities and even qualifications that you can look for in your next Family Office Leader to ensure they are a success. From career trajectories and cultural fit to values, aspirations and networks, there is no one-leader-fits-all approach to hiring for your Family Office but there is an exact science to finding them.

Starting with trajectories to the top spot and while no one career in Accountancy, Taxation or Law guarantees an Ideal Leader, our Family Office Leaders unanimously agree that a broad-based skill-set, knowledge and experience is vital.

A Family Office Leader has an incredibly diverse range of responsibilities and jurisdictions and so while a leader may not need thirty years in Practice on their resume, they do need to possess a basic understanding of all aspects of business from accounting and investments to people and change. As our Principal writes, ‘there are certain competencies which need to be demonstrable’ which means that background aside, technical skill-set is non-negotiable.

Another must-have in the Ideal Family Office Leader is Emotional Intelligence, something rated as far more important to Family Office Leaders than academic intelligence. Every leader that we spoke to emphasised the importance of personality, cultural fit and values. A Principal entrusts their leader with the legacy of their family name, not to mention extraordinary amounts of wealth and as a result they need to personally trust and have confidence in this individual which can only come with an alignment of interests and values. As our Family Office Leader wrote, ‘it is perhaps easy for leaders to work outside of the values of the Family Office to achieve the end goal but I do not think this will sustain the family’s wealth or organisation in the long term.’

While we have already established that the Ideal Family Office Leader should have a broad experience, technical skill-set, emotional intelligence and empathy, it appears they should also be an external hire.

Our data has so far suggested that Family Offices are most predominantly led by external hires as 60% of Family Office CEOs and Managing Directors currently derive from outside of the family. As part of this report, our thought-leaders took this one step further by stating that Family Office Leaders have to be external hires due to their objectivity, outside expertise and ability to remain confidential. This is not however to suggest that family members do not retain control over their Family Office as our leaders also stressed the pivotal role they can play in the success of a Family Office either from a Board, advisory or visionary perspective. Equally, they can play an incredible part in a specific area of a Family Office where they have a particular passion or subject matter expertise.

While no two Family Office Leaders will ever be the same with professionals adjusting to the Family Office it serves, this white paper should offer a comprehensive overview of what your individual Family Office requires in its next leader and why.

Not only have we presented a formula to finding this leader but we have presented invaluable advice for current and future leaders as well as the Principals hiring them which included taking a proactive approach to your learning, development and professional competency, setting boundaries, building a network of capable and willing professionals and asking for help.

Ultimately the decision over Family Office Leader is uniquely personal but what is universal is the concept of finding the right cultural fit in your next hire. If you focus on personality and alignment of values, you are on the right track to finding your Ideal Family Office Leader.

For a more tailored conversation around how Agreus can help, please do not hesitate to get in touch and to read the full Ideal Family Office Leader Report, please use the download form on this page.