Why Family Offices Struggle to Recruit Experienced Staff

Richard C. Wilson speaks from Prague before a family office meeting, introducing a short video on recruiting challenges for single family offices.

Richard C. Wilson explains why recruiting experienced people can be difficult for single family offices. He discusses how these organizations present themselves to prospective hires and how the conditions inside a family office can shape a search.

In this video: Richard C. Wilson (Family office recruiter)

What they said

1. Family decisions can shift roles. Richard says a patriarch or matriarch changing their mind can alter the family office's direction and someone's role, sometimes with little warning. (at 1:24)
2. Promised authority can fall short. Richard recounts an executive leaving a top three position at a billion dollar plus single family office. The executive expected to manage a discretionary portfolio of assets but was treated like a junior analyst. (at 1:51)
3. Pay can limit the candidate pool. Richard says family offices may need to pay close to top dollar for talent that can wear multiple hats and move quickly. He gives examples of three hundred fifty thousand or six hundred and fifty thousand dollars a year as amounts some offices may hesitate to pay. (at 2:19)
4. Candidates worry about being seen. Richard says some executives fear that someone in the family office building will recognize them interviewing and tell their current employer. He says a candidate might lose their job and take a couple years to find another great job at a large family office. (at 2:47)

In their words

"they don't want people finding them selling them things non-stop"

"a lot of trust has to be built along the way and that can make the process very slow"

Why it matters if you are building or preserving great wealth

Richard says some offices wait one, two or three years after meeting a candidate before hiring, so a search can stretch well beyond the initial conversations.