Family offices are generally referred to as having originated in the United States when affluent American families initially came up with the idea in the 19th century.

The need for family offices has increased dramatically in the U.S. as wealth has increased, notably in wealthy areas, including New York, San Francisco, Hollywood, Los Angeles, and Miami.

Family offices now offer a wider range of services, such as investment monitoring, estate planning, succession planning, risk management, lifestyle management, philanthropy coordination, and concierge services, in addition to more traditional financial services including accounting, tax planning, private wealth management, insurance, private banking, and back office operational support.

A family office’s workforce is crucial to its success; therefore, we make it our responsibility to ensure our clients find the best individuals for their specialized jobs.

What Is a Single Family Office?

A traditional single family office is a business run by and for a single family. Its sole function is to centralize the management of a significant family fortune. 

Single family offices look after the assets and finances of an ultra wealthy family. Families with hundreds of millions of dollars in investable assets usually create family offices. 

The advantages of a Single Family Office over a Multi-Family Office include complete control and discretion over their assets and less conflict within the organization. Single Family offices can offer specialized investment products, solutions, and advice to correspond with a family’s risk tolerance and financial objectives. These offices and their policies and objectives can vary widely depending on the family they represent.

A Single family office generally offers a family broader support outside of standard wealth management, financial services, and private banking, including assistance with legal matters, succession planning, governance, day-to-day money management, philanthropy,  asset management, and even psychological treatments to enhance family communication.

Family offices are a more recent occurrence, and they have grown exponentially over the last 20 years as a result of wealth being created more quickly than ever before by technology companies and the entrepreneurial revolution.

The need for family offices is increasing as more wealthy families see the value in a specialized service beyond what standard private banks or private wealth management companies can provide.

Some family offices offer assistance with family affairs administration on a daily basis, including staffing and family governance as necessary, in addition to financial services and private banking.

What Is a Multi-family Office?

A multi-family office is a smaller wealth management company that works with a number of ultra high net worth families. When compared to clients of a single-family office, these clients often have slightly fewer assets, and the businesses frequently engage with a small number of affluent families.

These often have structures that resemble EAMs (External Asset Managers). Families with significant wealth can take advantage of a shared or multi-family office’s pool of resources, staff, and investment connections without the need, knowledge, or reason for having their own family office.

Recruiting the Right People Is What Makes a Family Office Successful!

A family office needs knowledgeable, visionary executive leadership as well as skilled administrators and specialized support staff in order to survive and prosper. To handle issues that could arise from relationships and interactions among family members, all employees need to be highly diplomatic and sensitive to the family.

We partner with single and multi-family offices over the long term to help them identify executive and support staff. Furthermore, we look for people who will uphold the family’s beliefs, attain financial and other goals, and take care of and manage the family’s lifestyle demands.

The ability to retain seasoned family office staff members can be greatly influenced by culture and environment. Working with exceptional people throughout the years, we have seen that compensation is rarely the primary motivator—even when it is fair and competitive.

Why Is It Important to Hire an Experienced and Knowledgeable Family Office Recruitment Firm?

Family offices have developed to serve the ultra-high net worth community as multi-generational wealth has increased to enormous proportions around the globe. The ecology of single- and multi-family offices has rapidly expanded, posing particular recruitment difficulties for the industry.

We are aware that not all family offices are made equally and each has a unique future vision. Our professionals are skilled at determining the appropriate skill sets for various situations and are knowledgeable about the intricacies of various sorts of structures.

Given the private nature of the family holdings and often the scope, size, and number of family members being managed by the office, cultural fit is equally critical in this industry, if not more so. Our team has experience working with businesses of all sizes, from small start-ups to extremely established multi-generational businesses.

What Positions Can Family Office Recruiters Fill?

A few of the positions a family office recruitment firm can help fill include:

  • Family office executives – CFO, CEO, CIO, DOO, CTO
  • Chief Security Officer
  • Chief of staff
  • Asset manager
  • Legal, finance, and tax specialists
  • Estate manager
  • International properties director or manager
  • Administrative staff
  • Personal assistant
  • Executive assistance
hiring the best

Finding the Ideal Candidates

The best candidates have a high emotional quotient (EQ), are adaptive, and are very capable. They can easily switch between a variety of various roles while managing difficult work and delicate interactions with all family members across generations. Prioritizing the traits of a top-notch family office employee helps us filter out candidates who could view family offices as a way to settle down and unwind or who may have fallen for the concept of working for a billionaire for the wrong reasons.

Unique Selection Processes

We are professionals who offer a specialized service that includes getting to know your family office, your current team, and your objectives, unlike traditional family office recruiters. By doing this, we are able to identify a candidate who can carry out your goals in the long run. We carefully select the top talent in the wealth management sector to make sure you get an individual who will bring success to your family office.

Additionally, we thoroughly evaluate every candidate using our stringent family office recruitment process before introducing them to the family. By doing this, offices can choose the applicant who will support their long-term goals while reducing the risk of hiring someone who may be detrimental and less than extraordinary.

recruitment and hiring

Reliable Family Office Recruitment Services You Can Count On!

We recognize how crucial it is for a family office and the concerned families to retain total privacy. Therefore, we combine our experience with the utmost discretion to become experts in maintaining confidentiality. Additionally, we only recruit applicants who have a strong track record of dependability, and we accept nothing less than total confidence before recommending them.

Hire a Family Office Recruitment Firm Today!

If you’re looking for an efficient and reliable family office recruitment firm nationwide, The Quest Organization should be your go-to company! We have been in the industry for over 30 years and have a proven track record of assisting family offices to identify the market’s top talent. Our innovative approach to recruiting ensures that you receive only the highest quality candidates. Contact us today at (212) 971-0033 or for a free consultation!

Leave a Reply