In this Family Office Careers edition:

• Pro tips from a family office veteran

• Family Office jobs

• Family Office candidates

Family Office Careers

October 2024

The recruitment needs and challenges of an evolving industry

The family office sector is flying. With $ trillions under management, family offices are changing the financial sector. And as with any major disruption, opportunities follow.

Significant roles also come with significant compensation: family office CEOs can often earn seven-figure packages.

But despite the progress, the industry remains frustratingly opaque.  

This week, we spoke with Paul Westall, the cofounder of Agreus Group, a recruitment consultancy that works exclusively with family offices. He shares thoughts from over 13 years of family office recruiting on what makes the industry unique.

The need for efficient recruitment

Last year’s Global Family Office Compensation Benchmark Report produced by KPMG and Agreus Group showed the extent to which family offices are growing. 

With 40% of family offices worldwide looking to expand their team and 33% of family office employees planning to find new roles, there’s never been more need for efficient family office recruitment.

Culture is key

Last year’s global compensation report noted that 92% of family office professionals believe cultural fit is more important than qualifications in the hiring process, something Paul reaffirms.

“Cultural fit is the biggest difference when recruiting for a family office,” says Paul, “There is a greater emphasis on emotional intelligence, as you will be working for a wide number of stakeholders from various backgrounds, and often family members without financial acumen.”

Career limitations, shifting roles

Paul cites the lack of clear career progression as a major challenge for those in the industry, which makes sense since most family offices have less than five employees.

While for family offices and recruiters, finding suitable candidates to replace a long-standing employee whose role has evolved over time, can present a major hurdle.

Find your purpose 

Recognizing the differences in family offices and how this affects the recruitment process is crucial. Established family offices that aim to expand philanthropic activities are very different to new ones looking to develop an identity.

“Define what the purpose of the family office is,” says Paul, “Since all decisions will be based on this: from who to bring in-house, to how to structure compensation.” 

Professionalization and performance

He noted that while the industry is in different stages across global regions, the most common trend is family offices professionalizing and bringing on more expertise in-house. This also calls for tighter performance management.

“Family offices need to define what ‘good’ means and use this as a framework for yearly reviews. And make sure you include all stakeholders or decision makers in the interview process.”

Not always glamorous

For candidates looking for a move into the family office industry, a common misconception Paul sees is overlooking the hands-on element often required.  

“A lot of candidates are attracted to family offices through seeing wealth and glamor, and expect access to exciting projects, but teams are quite lean and therefore mean they will need to roll their sleeves up and do the mundane aspects of any role too.”

Loose lips sink ships

And a common mistake candidates make when engaged in the hiring process?

“Either talking too openly about their past experiences working with a family office, especially highlighting negative parts, or probing too much personally in the early stages of the interview process.”

Family Office Jobs:

(1) Family Office Accountant, Orange County, Single Family Office

Responsibilities include family office accounting for numerous entities including individual family members, investment partnerships, trusts, corporations and other special purpose entities. Also investment reporting and analysis, cash and tax management, inter-company loans as well as philanthropy. Role offers competitive compensation and a collaborative and flexible work environment. Apply for this role.

(2) Director, Finance & Operations, New York, Single Family Office

Family office is a private, multinational enterprise with diversified commercial and industrial business in the Middle East. With offices in the US, Europe, and the Middle East, the group invests in public and private equities, real estate, fixed income securities, and other specialized assets. This role will manage all operations, finance, and treasury responsibilities for the U.S. entities of the Family Office Group’s investment arm, which invests in listed and private equities and hedge funds as well as real estate assets. CPA required, plus 15+ years of relevant experience (financial services, preferably in public equity investments). Apply for this role.

(3) Accounting Clerk / Bookkeeping Specialist, New York, Single Family Office

Family office seeks an exceptional candidate to join their finance team and provide crucial accounting support. The ideal candidate will exhibit strong organizational skills, attention to detail, and possess the ability to navigate various accounting tasks seamlessly. Responsibilities include manage and organize contracts and data, execute general ledger entries, Record all incoming and outgoing payments, Conduct reconciliations between our event database and accounting records, Record intercompany balances for bill-back purposes, Assist in the management of supplier data and more. 5+ years of hands-on accounting experience plus knowledge of Quickbooks required. Apply for this role.

(4) Chief Executive Officer, Boston, Single Family Office

Established family office that serves a broad spectrum of family needs, across four generations and multiple households. The CEO will partner with the Board to determine the strategic vision and priorities for the family office and be responsible for the overall leadership, strategy, execution and operation of the family office and for the seamless delivery of all services to family clients. They will also serve as the senior trusted advisor to the family as a whole and to individual family clients and will proactively engage and serve current and future generation family members. They will report directly to the family office Board of Directors. Ideal candidates will have family office background (minimum 15 years) serving multi-generational families with a broad knowledge across the disciplines of wealth management. Apply for this role.

Family Office Candidates:

(1) Investment Principal, San Francisco, 12 Years Experience

Seeking CIO or Investment Director role. Previous roles include private and public investments at a $1B+ crossover fund, long/short equity analyst at a $5B+ fund, long-only equity analyst at a $2T+ investment firm, and investment banking analyst at a bulge-bracket bank. Industry expertise includes technology, media, and telecom. Top skills: portfolio and risk management, capital raising, thesis development/presentation, valuation analysis, financial modeling, team building. Open to relocation. Request resumé.

(2) Chief of Staff / Investment Lead, Seattle, 14 Years Experience

Seeking Chief of Staff or Investment Lead role. Previously worked at largest SBA Lender in Search/Sponsor group, VC/SMB/startups consultant for strategic finance/fundraising/sales (M&A Valuations), with multiple years as an Operations Manager for PE-backed education company as head of Bay Area teacher training. Launched a closed investment fund (anchored by SFO) in 2018 focused on intl small/mid cap public equities. Also bought/sold two companies in the medical/health space in past 4 years. Top skills are investment/risk analysis, valuations and structure, finance and budgeting, Operations / Finance system automation and data processes. Interested in direct investments, corporate development and overall diversification of portfolio. Open to travel. Request resumé.

(3) Head of Operations, Corsica, 4 Years FO Experience

Seeking Head of Operations or Chief of Staff role. Previous experience in yachting, luxury retail, and four years in role as Operations Manager for a French SFO that I set up. Strong focus on impact & philanthropy. Top skills are organizational and budgeting, property and yacht management, project management, human resources. French, English and Spanish speaking. Willing to relocate. Request resumé.

(4) Director of Investments, Austin, 13 Years Experience

Seeking a leadership role within a family office to leverage my experience in acquisitions, project management, and portfolio management across various asset classes, including real estate, endowment, and venture capital. As Director of Investments contributed to over $99m in CRE transactions and managed $500m AUM. U.Chicago MBA, Notre Dame BA. Skilled in due diligence, operations, and strategic analysis. Open to relocation. Request resumé.

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Until Friday…

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