The world of ultra-high-net-worth (UHNW) individuals is expanding rapidly. Deloitte's recent findings highlight that a significant portion of family offices - about 40% - are planning to hire additional staff this year, with 28% specifically targeting professional talent from outside the family circle. This shift towards professionalisation is reflected in the recruitment trends favouring candidates from financial services, accounting, and consultancy firms.

As UHNW wealth continues to grow across the globe, many talented professionals are seeking opportunities in family offices. There are a variety of reasons for this, but many joined the wealth management industry as they love investing and over the years we’ve seen the ability to make investment decisions being taken off the individual and centralised to committees. Located in premier financial hubs and desirable living spots such as London, Dubai, Monaco, Zurich, New York, and Geneva, family offices offer a unique blend of stability, investment freedom, and a reduction in corporate politics. They can also offer high standards of pay and therefore a good work/life balance to the experienced wealth management professional.

Success in a family office environment requires a blend of financial acumen, operational expertise, and strong interpersonal skills. Investment professionals with a strong background in diverse investment strategies, asset management, and financial analysis will find their skills highly valued. The ability to manage a multi-asset portfolio is crucial. Additionally, with real estate often being a significant component of family office portfolios, expertise in property investment, management, and development is a major asset. Although liquid and illiquid strategies are often separated, with real estate and private equity investing carved out from the equity and fixed income portfolios in larger family offices. That said, many family offices are SMEs and therefore candidates need to have a rounded set of skills to really thrive.

Operational management and compliance proficiency are also essential. Efficiency in managing the day-to-day operations of a family office may lie with a COO, but many are too small for a dedicated COO and therefore family office professionals can find themselves involved in a variety of tasks such as financial reporting, cash flow management, and to an extent administration. Navigating the local regulatory environment also requires a deep understanding of compliance, risk management, and legal frameworks. You will often be asked your opinion on a wide variety of issues, far broader than you could imagine working in a siloed private banking role.

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.

Fram specialises in wealth management recruitment and executive search, offering unparalleled access to top talent across various functions such as investment management, real estate, finance, operations, and compliance. We have worked with both SFOs and MFOs in helping them build their capabilities, often becoming a supplier of choice. We also have deep capabilities in advising families on succession planning and family governance.