Answer: Until the financial crisis, conventional wisdom said that if you wanted a well-paying job with consistent job security, you headed to Wall Street and worked for one of the big banks or investment firms. Now, things have changed: Wall Street is home to mass layoffs and big compensation cuts. No one is suggesting this is a permanent reality, as the economy recovers, surely, Wall Street will once again award large bonuses and compensation packages and firms will be looking for talented professionals to fill those vacancies.
One bright spot of this dark time for financial professionals has been the family office industry which has seen impressive growth in the last few decades and provides a sort of shelter from the swings of the economy in that you are managing wealth for multiple generations and there is some stability in that compared to the grind of Wall Street. After taking a hit in their retirement savings and investment portfolios, wealthy families and individuals have a new-found love for family offices that know how to manage and increase wealth even in uncertain economic times like we see today.
More clients means expansion for many family offices and new hires to help manage the wealth for these new clients and so we at Family Offices Group expect a further increase in family office hiring. For job-seekers it’s a great time to be pursuing a family office career, especially as more family offices open up around the world, although family offices are highly selective in their hiring.
Download our free Family Office Report to learn more about the family office industry.