Building strong relationships is paramount. Establishing and maintaining trust with family members and stakeholders involves excellent interpersonal skills, discretion, and a deep understanding of the family’s values and objectives. Families both use, and view, their private office in very different ways. This means that they also value the skills of those working in them differently, leading to huge variations in salaries and bonuses. A candid conversation before joining a private office should help this and we recommend that all parties take real time to get to know each other.

However, once you’ve joined a family office, adaptability is key. Family offices often require a hands-on approach and the ability to wear multiple hats. Flexibility and a willingness to engage in a broad range of tasks are important attributes. Also, many wealthy families are global. They have family members in multiple jurisdictions which may mean frequent travel for their family office teams to meet the various branches of the family. Some founders like to travel with their advisers, or to have them visit them wherever they may be in the world.

The transition from a private bank to a family office involves several notable differences. In family offices, professionals often enjoy greater autonomy in decision-making compared to the more restrictive environment of private banks. This can lead to more innovative and personalised investment strategies tailored to the family’s specific goals and risk appetite. Family offices typically have a less hierarchical structure, promoting a culture of collaboration and direct communication with principals, contrasting with the more formal and layered corporate environment of private banks.

A long-term focus is a defining characteristic of family offices. While private banks may prioritise internal targets, family offices often adopt a long-term investment horizon, aligning their strategies with the family's legacy and multi-generational wealth preservation. Working closely with the family means that your role will likely involve a more personalised approach, tailoring solutions to fit their unique circumstances and preferences. This can be both rewarding and demanding, requiring a high degree of customisation and attention to detail.

Building a strong relationship with the founder and family members is critical for success in a family office. This relationship is built on trust, confidentiality, and mutual respect. Understanding the family's vision, values, and long-term goals enables you to provide tailored advice and support that aligns with their aspirations. This deep connection can be highly fulfilling but requires a commitment to understanding and integrating into the family’s culture and dynamics.