There is growing interest among professionals to work for Family Offices thanks to the diverse career paths within them, such as wealth management, estate planning, tax management and more.
Let’s uncover the lesser-discussed career paths within four major functions, and what progression could look like within a Family Office.
Investment
Family Offices prioritise investment, often allocating a significant portion of their portfolios to private equity, venture capital, hedge funds, real estate and more. They operate more flexibly than traditional investment firms, allowing for quicker investments and deployment of unique structures.
Because of investment’s importance within Family Offices, career progression is often faster than in other functions. Recruits can start out as investment analysts before becoming portfolio managers and eventually chief investment officers. Because of this, professionals are often willing to make the move from renowned firms, such as Goldman Sachs, BlackRock, and Pimco. Family Offices are also popular exit options for experienced investment pros, especially in later career stages.
Accounting and finance
Family Offices demand high-calibre accounting and finance expertise due to intricate financial and tax requirements. These roles oversee diverse financial reporting aspects, encompassing general ledger, back-office tasks, bill payments, and possibly investment-related accounting. Similar to regular businesses, Family Offices usually maintain in-house accounting and bookkeeping. Professionals often advance from bookkeepers to accountants, financial or management accountants, then potentially to Chief Financial Officer roles.
Legal
Family Offices, managing vast wealth, grapple with intricate legal issues concerning estate planning, trusts, governance, and compliance, which can be a major draw for recruits. In-house legal experts, often from major law firms, advise principals across various domains, including investments and succession. However, mobility is limited compared with other roles; legal professionals typically begin as paralegals or assistants, before having the opportunity to become in-house lawyers or counsels. Structures vary, with some offices outsourcing legal functions to external advisors.
Operational
Family Offices care for more than just the financial and legal needs of their families. They also require experienced professionals for day-to-day coordination of operational tasks, such as human resources, property management, lifestyle and general administration. These roles require strong communication and diplomacy skills for liaising with stakeholders from various industries around the world. Progression typically goes from operations manager to operations director and then onto chief operations officer. Unlike other functions, operational professionals often rise from within the Family Office environment due to its subtle nuances compared with equivalent corporate roles.
We should add that structures may vary according to the needs of the family and regardless of the function, career progression in a Family Office can be slower than in a larger company as most of them have fewer than five employees. However, that is balanced by other advantages. For example, Family Office professionals usually take on more responsibilities and grow horizontally within their roles and can make a larger impact with their work than those within far larger global organisations. There is also scope to be involved in holistic decision-making and have the opportunity to make a bigger impact with their work.
Working for a Family Office can also be financially rewarding. Family Offices are aware they are competing with larger corporations for high-calibre talent, so they are increasingly making changes to attract and retain key employees. Our 2023 Global Family Office Compensation Benchmark Report reveals how compensation for Family Office professionals can reach extraordinary heights. While the figures do differ depending on role type and location, seven-figure salaries are not uncommon.
We are an established full-service resources and recruitment consultancy for over a decade and are dedicated to working exclusively with Family Offices worldwide. Agreus has successfully placed entry-level through to executive-level professionals within investments, legal, accountancy and finance and operational roles in Family Offices across the world. If you are interested in a role in Family Office, please take a look at our jobs page. For a more tailored conversation, please do not hesitate to get in touch.