I understand that finding family office talent is difficult, but what tips do you have for overcoming that challenge?

I understand that finding family office talent is difficult, but what tips do you have for overcoming that challenge?

by Richard C. Wilson & Family Offices Group Association Team

Question: I understand that finding family office talent is difficult, but what tips do you have for overcoming that challenge?

Answer:  Family offices seeking to attract top talent would do well to remember that their desired employees will come from financial backgrounds.  In the finance and banking industries, employers often use a bonus and incentive-based compensation structure to retain employees and that model remains attractive to many professionals who would work for a family office.

Additionally, when seeking to attract top talent, you should be sure to translate the benefits of working for a family office in terms of managing many different aspects of a family office rather than only the tax duties or investing; rather it is more akin to running a business, which is often an attractive aspect to those considering a family office career.

Finally, one family office manager that I spoke with suggested that the best way to secure top talent is to start early by targeting young, bright graduates and MBA students or those just starting their financial career.  Although this method requires a certain amount of additional training, the rewards of having top talent for the life of that individual’s career can be great.

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