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The secrets of connecting with Family Offices
It’s a multi-trillion dollar sector, it’s growing and it’s in big demand
Of course people want to connect with family offices
startups or fund managers want to raise finance
individuals want a career in a lucrative sector
service providers want to tap a growing market
family offices want to build alliances
But connecting with family offices is not straightforward. Traditionally, family offices have fiercely guarded access - but there are ways in
This week we will take a look at strategies and resources for connecting with family offices
We will answer two key questions
➡️ How to approach family offices
> Lead with value
> Be patient
➡️ How to find family offices
> Referrals
> Social media
> Conferences
> Directories (including a special offer 💥)
But first - why connecting with family offices can be tough:
Family offices are continually balancing privacy and openness
🔏 Traditionally, family offices are known for protecting their privacy, steering clear of unwarranted public attention and protecting themselves from scammers. At a practical level, family offices usually operate with relatively small teams and don’t want to be bombarded with unsuitable deal flow
🔑 But there is a growing recognition among family offices that in order to network effectively, attract the best talent and to source the best deals, they need to open up. This is particularly true for new family offices or those transitioning to younger generations
While this shift in attitude is good news, connecting with family offices can still be a major challenge, so here’s how to approach family offices
Part 1 - How to approach family offices
Lead with value
When you’re dealing with family offices, you need to build and finesse the relationship. This means you have to
1) lead with value; and
2) be patient
First up, park your sales pitch. Consider how to add value to the family office and take time to build a relationship
Our family office gets approached continually with business proposals and deals. These often come out of the blue, with no context and no personalization
A few people lead with value. And they stand out. This can be anything from sharing an article, some research, some constructive feedback, whatever… when people lead with value, family offices are far more likely to engage and start building a relationship. This is human nature, the power of reciprocation is real
To lead with value, you have to start with research. If you don’t know the family office you are reaching out to, it is impossible to know what they value
Understanding the family office will help you deliver the right value
But what does leading with value actually mean? 🤷♂️
Here are some practical examples:
1. Research: uncover trends and secrets - dive deep into the markets the family office operates in. Share valuable insights, insider knowledge, and identify emerging growth markets
2. Solve problems - recognize the challenges FOs face. Lead with solutions to demonstrate your problem-solving abilities. You can also identify problems that need to be solved, for example problems on websites or information in the public domain
3. Networking: bring people together - elevate both yourself and the family office by introducing high-caliber individuals from your network. Don't try to be the middle-man or gatekeeper, this only adds friction. Rest assured, family offices remember those who make great introductions
4. Lead with education: offer educational resources, host webinars, share valuable newsletters 👀, and conduct workshops. Become a font of knowledge!
5. Tech solutions: highlight tech solutions that enhance operational efficiency and streamline FO processes. Provide feedback on their existing tech
6. Philanthropic connections: this one is underrated. Identify the philanthropic priorities and initiatives the family office is focused on. Contributing or supporting the cause buys goodwill. So many family office connections are made through charities and philanthropic work
7. Share thought leadership: provide well-researched reports, articles, or white papers. Become their go-to source for insightful thought leadership
8. Identify risks: highlight potential risks the FO may face and propose mitigation measures. Show off your expertise in risk management
9. Performance Analysis: provide industry benchmarks for performance analysis. These are not always well understood by family offices. Understanding benchmarks is a sign you understand the industry or sector
10. Identify operational efficiencies: if you understand their business, you can sometimes make proposals for operational efficiencies, cost-saving hacks, and process improvements
11. Impact investing: if the family office favors impact investing, value can be added by contributing information, advice or insights. Focus on the areas the family favors
12. Regular updates: facetime - build a genuine connection through regular updates that convey, "I genuinely care!" Keep the conversation going without the hard sell. Staying in touch without an ask is massively underrated
Be patient
Family offices are not usually in a hurry, you shouldn’t be either
Whatever urgency you feel to close a deal or start some work, you can’t expect the family office to feel the same
Relationships can sometimes take years to develop
Years of coffees, lunches, informal meetings
But when the trust is there, things can snowball quickly
Part 2 -How to find family offices
Referrals
So you know how to approach family offices.. next task is to find them
The best way to connect with family offices is through personal referrals
Family offices value trust highly and rely heavily on personal introductions
Here’s how to leverage existing relationships for FO referrals:
Personal connections 👨👩👧👦 Reach out to people in your network; friends, family, and acquaintances, who may have connections with FOs or high-net-worth individuals. Share your goals and expertise, and ask for an introduction
Founders 💼 Connect with successful entrepreneurs and startup founders who have already partnered with family offices, as they may have valuable insights and may be able to refer you to their contacts in the industry
Lawyers ⚖️ Network with your lawyers. Reach out to those who have family office clients or experience in the sector
Bankers 🏦 Speak with your bank... request meetings with their private banking or wealth management division. Banks will often have connections with family offices and while they won’t disclose their client’s names to you without permission, they can pass on your details to their clients
Accountants 🧑💼 Reach out to your accountants. Do they work with high-net-worth individuals and family offices? Larger accounting firms are more likely to have an extensive network, allowing for greater opportunities and connections
Auditors 📝 Engage with auditors if they serve family offices or high-net-worth individuals
Other professional service providers 📊 Network with professionals who provide specialized services to family offices, such as insurance brokers, financial advisors, or real estate agents, as they can potentially refer you to clients in the space
How to connect to family offices through social media
LinkedIn:
• Enhance your profile: highlight expertise and experience
• Connect with family office professionals and advisors using personalized requests
• Participate in relevant groups
• Post insightful content
Twitter/X:
• Follow relevant accounts: Identify and follow family office professionals, wealth management firms, and industry influencers
• Engage in conversations: Respond to tweets, share interesting content, and engage in discussions to build rapport with the community
• Consider your personal brand when posting/debating
• For the best results: follow and engage with @MrFamilyOffice
(Watch out for an upcoming newsletter with a lot more on family offices and social media)
Conferences
Family office conferences can provide opportunities for networking and collaboration. Here's how to approach them effectively:
Prepare: Research attendees and define your objectives
Elevator pitch: Craft a concise introduction. Don’t be the person who takes 10 minutes to explain what they do - badly
Engage actively: Attend sessions and discussions, take the mic, ask questions
Focus on quality: Build meaningful connections, not the easiest connections
Respect privacy: Be tactful and respectful - the hard sell seldom works
Use the breaks: The breaks are when the magic happens. Use them to meet people for casual conversations
Follow up: Prompt, personalized follow-up is crucial - if you are following up effectively, you are doing more than most people
Stay informed: Keep up with industry developments. Read and research before the conference
Persistence pays off: That is - persistence to connect, not to sell
Lead with value: See above. Dial down the sales pitch, dial up the value
Approach these events with patience and an open mind. Focus on quality connections and as always, lead with value
Family Office Directories
(and a deal for Mr Family Office Newsletter subscribers 👇)
When used effectively, family office directories are an invaluable resource for connecting with family offices
Family office directories are databases of family offices around the world. The best databases include key information to help identify and research family offices
Contact Information * Websites * Key Personnel * LinkedIn profiles * Investment Focus * Assets Under Management * Services Offered * Client Profile * Geographic Focus
Creating and maintaining family office databases is not easy
Family offices are rarely static - new family offices are always opening, investment mandates change frequently and key personnel change jobs and roles
There are some great databases available, but there are also some outdated, poorly maintained services out there
Some databases target institutional investors, with starting prices around $20,000 p.a. others are targeted at startups and new funds with more accessible pricing
When you have found a suitable directory, here is how to use them:
➡️ The details provided by family office directories provide the starting point of your research
➡️ Use the database to identify and target the right family offices. A scattergun approach of mass-targeting of the family offices will not work. I’ve been on the receiving end of mass marketing - it’s obvious and the pitch rarely makes the short stack
➡️ Tailor your pitch to the family office. This adds time, but crafting bespoke pitches will increase your chance of success exponentially. Keep the initial pitch brief
➡️ If you can find a personal link to the family office, use it. If not, send an email or LinkedIn message with a brief introduction. Remember - lead with value
➡️ Maintain the relationship. Family offices are notorious for being slow-burners. Nurture the relationship, ideally in person, continue to offer value. Opportunities will present themselves over time, either directly with the family office or with someone from their network
Offer for subscribers
Family Office List stands out as an accurate and comprehensive family office database with accessible pricing
Designed as a tool to help people reach UHNW individuals and Family Offices, the database has more than 7,700 decision-makers from 4,187 family office firms with AUM over $6 trillion
It’s simple to use and provides a direct line to the best family offices
For Mr Family Office Newsletter subscribers, use the promo code MRFO30 for a 30% discount
Full disclosure: I get a small referral fee. This goes towards the upkeep of the newsletter
𝕏 highlights
The statistics that every startup should know about family office investors
How not to approach family offices
And finally, when the kids have flown the nest
📚 what to read
American Kingpin by Nick Bilton
A gripping true story of Ross Ulbricht, the mastermind behind the notorious Silk Road - a dark web marketplace for illegal goods. Bilton takes us through the rise and fall of Ulbricht, a seemingly ordinary guy turned criminal genius with a double life
📻 what to listen to
Infinite Loops - “Become a more nuanced thinker”
Host Jim O’Shaughnessy explores an eclectic range of thought-provoking subjects with fascinating guests. It’s impossible not to learn from the podcast and come away with new ideas
📺 what to watch
Painkiller on Netflix is not an easy watch, but I’m making my way through it slowly. A semi-fictionalized but all too real account of the family who did so much to fuel the US opioid crisis
📰 family offices news roundup
That’ll do for this week
So I hope that was useful
Did I miss anything? Let me know on X if I did:
I’ve had some great suggestions for newsletters. Some of these are already in the pipeline. If there is a topic you want to hear more about, let me know
Coming soon: A case study - how a startup connected with our family office, built a relationship and secured an investment
If you find the newsletter useful, you know what to do… lead with value and share it with your network 🙏🙏
Thanks for reading - see you on 𝕏
X
@MrFamilyOffice
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