Financial professionals are expressing a growing interest in working for family offices. They are drawn to positions that offer diverse responsibilities and career paths, from taking a holistic approach to investments and tax planning to helping families navigate succession, estate planning and philanthropy.
Or perhaps they are tired of big financial firms and want to try something fresh.
The work can be quite different than what a candidate might have experienced at a mainstream financial institution, however. And family offices are hard to research, as they are traditionally media-shy. (This also works against family offices that might try to stand out from the pack and build a reputation outside the sector’s inner circle.)
In addition, these jobs are not for everyone. Duties at a family office can vary quite a bit from the job description. Executives might need to handle court settlements, pay speeding tickets or coordinate the purchase of a building. One recruiter lists a few attributes needed by staff at family offices: creativity, diligence, resilience, integrity and humility.
Plus, open positions might not even be posted, as some wealthy families prefer to use a trusted recruitment firm to fill positions.
Here are a few recent articles about working at family offices, from Canadian Family Offices:
Want to work at a family office? What you should know
A long previous career at a large financial institution doesn’t always result in a good fit, says Carolyn Cole, founder and CEO of Cole & Associates in Vancouver. “Getting into a single-family office can be very challenging,” she says.
On the other hand, recruiters say the direct relationship with a wealthy family can be rewarding. You have contact and conversation with the decision-makers, and your conversations are more likely to affect outcomes.
Check out the pros and cons of working in a family office in our article.
Compensation at family offices: What to expect
The family office scene in Canada is expanding quickly. But how much could you earn there?
A family office’s level of experience can affect compensation. Other major factors are the office’s size and complexity. For an executive, “at a larger scale, you’re going to have teams of dozens of people reporting directly or indirectly,” says Andrew Stockton of Gilmore Partners. Location can also make a big difference.
What can you expect to make? Check out our article here.
Strategies for attracting the right talent at the family office
Talent serves as the lifeblood of every family office. But how can these firms secure and retain the right top-tier talent?
Amanda Bassin, founder of Persuit Group Inc., offers some best practices and recruiting strategies that family offices can employ to make recruiting seamless and more successful. She covers compensation, benefits, investing incentives and the reasons that candidates might be scarce for your available positions. Check out the article here.
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