The five skills billionaire family offices hire for first
Built on Chapter 2 of The Single Family Office by Richard C. Wilson. Full chapter text: FamilyOffices.com.
People sometimes say every family office builds its team differently. In my experience, that is not true. There are variations, but the common ground is much larger than the differences. Most well-run single family offices hire for the same core skills, usually in a similar order.
What shapes the team
A few factors drive how a family office team looks:
- How much the family is worth.
- Whether the family still runs operating businesses.
- How many generations and family branches the office serves.
- How active the family is in direct deals and co-investments.
- How much work it hands to outside consultants versus doing in house.
A family that buys companies needs a different bench than a family that mostly picks fund managers. A family with four branches needs more reporting and governance help than a single founder does.
The core team
Most single family offices I know run with a small full-time team. A few senior people carry deep experience in one niche each, supported by analysts or associates. The senior people are where the family's money is really protected or lost.
The five skills families value most
1. CEO or CIO-level investment judgment. Someone who can set the overall portfolio, judge managers and deals, and keep the family's long-term goals in view.
2. Private equity or direct investing. Families that buy or back companies need a person who has done deals, run diligence, and sat on boards.
3. CFO and accounting experience. Ideally from another family office, a trust company, a private bank, or a wealth firm. Clean books and clear reporting keep the family informed and out of trouble.
4. Tax and trust and estate law. Wealth that is not structured well leaks away over generations. This skill protects the family's long-term plan.
5. Risk management and insurance. Large fortunes face lawsuits, property risks, cyber threats, and key-person risks. Someone has to see them coming.
Specialists beat generalists
The most common mistake I see from people hoping to work for a family office is showing up without a clear focus. I once met someone at one of our events who had worked in property, at a startup, and in sales and marketing. When I asked what single skill he would bring, he had no clear answer.
Families want the opposite. They want someone who is clearly excellent at one thing. Over time, that person's role can widen. A specialist who learns to wear more hats is far more valuable than a generalist who never went deep.
Find the job before the person
I follow the same rule in our own company. When we wanted to bring on a talented executive, we waited until we had a business unit for him to run. Talent without a defined job becomes overhead.
Build in the right order
For most families, the first senior hire is either a CEO to run the office or a CIO to run the money. The next hire fills whichever of the five skills the family lacks most. Many families start by outsourcing tax and legal work, then bring those skills in house as complexity grows.
Do not copy another family's org chart. Start with your mission and the work that needs doing, then hire to fill the most important gaps.
What to take from this
- Hire for the five core skills, in the order your family needs them.
- Favor specialists with deep experience over generalists.
- Define the job before you hire the person.
- Outsource early and bring skills in house as the work grows.
This page is general information, not legal, tax, or employment advice. Speak with an employment attorney before setting roles, pay, or hiring policies.
Questions and answers
What skills do family offices value most? Investment leadership and direct investing first, then accounting, estate law and risk management.
Should a family office hire generalists? Usually not at first. Specialists can grow into broader roles.
What is the first senior hire? Often a CEO to run the office or a CIO to run the portfolio.
Do family offices all build teams differently? Less than people think. Most share the same core roles.