Answer: If you are able to attract a good number of clients and satisfy them fully then a family office career can be highly rewarding in terms of job enjoyment and in terms of compensation. One question we have encountered from a few family office professionals is “How can I make more money as a family office professional?” Like any financial career, making more money is largely tied to your performance and how much your firm values your talents and skills.
If you are running a family office and would like to earn more money, taking on more clients is one way to increase revenue and, subsequently, compensation for employees. You can also offer different services that would allow you to charge more to your clients in return. However, family office clients will not pay more unless they are receiving world-class services and are satisfied with the performance of the family office, so be careful to communicate the value to your family office clients before increasing fees.
If you are working for a family office and would like a pay increase then you will likely have to demonstrate that you are undervalued and deserve higher compensation for the value that you provide to the firm. This may be done by showing your superiors the new clients you have brought to the firm, or how well your investments that you manage have performed, or the level of satisfaction among your family office clients. You can also strike out on new ways to bring more clients, money or exposure to the firm like writing a book on family office wealth management, or speaking at industry events or developing connections in the industry. These proactive moves will make it more likely that your firm and thus you, yourself, will make more money as a family office professional.
With all your actions, the focus should be first and foremost on providing the best experience for your family office clients as possible and never doing anything that will risk your reputation or that of your family office.
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