So, you’ve seen a job advertised which you’re well qualified to fulfil, however it’s a role working for a Family Office. What are the differences between corporate life and a family office?
The greatest single difference between working for a business of any type be it anything from a sole trader to being the CEO of a listed company and working for a family office is the purpose of the organisation.
A business exists to create and sell a product or service of some description, in essence there is payment received from delivering something tangible to a customer, hopefully generating a profit. The purpose of a family office is to control and manage all the aspects of wealth already derived from the businesses, activities, and investments of the family.
Family offices come in two types, one being single family offices which deal with the financial aspects of a single family. It will deal with many different aspects of the family’s finances. This may include wealth management and investment, legal structuring of property, tax and inheritance planning, and property and asset management. The office will be involved in delivering new opportunities for investment, identifying new trends and directions for growth. There may be corporate structures needed for the ownership of properties or private aeroplanes or perhaps a superyacht that requires management and staffing. Multi-family offices provide all the same services, but they do so for more than one family group. To sum up, roles in a family office are not as strictly defined and the purpose of the organisation is not the same as a traditional corporation.
Single family offices normally grow out of family businesses and initially are normally helmed by a member of the family. This direct family involvement may remain, or a non-family member may be brought in to run operations. In both cases it is important to acknowledge the role that family dynamics plays in the direction the office takes. Families are generational and it is human nature that different generations and family members will have differing ideas about the direction the office should take, how their money is managed and who should manage it. If the wealth is first generation, then the approach to investment and growth is likely to be more entrepreneurial and aggressive while older wealth acquired through generations is more likely to be geared towards wealth preservation and consolidation. Managing the different familial expectations and needs is a crucial part of working for a family office. Multi-family offices where wealth has been pooled to reduce costs and generate greater shared benefits across the whole are a little different. There will be points of familial contact but on a lesser level. Multi-family operations are more likely to be managing pure investment strategies and tax structures etc rather than a family’s philanthropic endeavours for example.
Why should you want to work for a family office? Firstly, the working environment is likely to be intense but highly rewarding. The involvement you will have with projects and investments will be very much hands on. You will be interacting with family members who have created huge wealth and who will be relying on you to protect and grow that wealth. The rewards in salary and bonuses will be high and family office employees are rewarded for the diligence and discretion with good perks and benefits. Most importantly, you should want to work in a family office if you feel you’ve done well in the corporate world but that your entrepreneurial spirit is somewhat stifled by the structure you find yourself in.
If this sounds like you then please send your CV to info@platinumfamilyoffice.com
Platinum Family Office specialises in international executive searches and headhunting of c-suite executives, bankers, and senior family office personnel from lawyers and advisers to wealth managers, tax & fiduciary specialists for established and new family offices, private baking institutions, trust companies, law firms, accountancy practices, and other professional wealth management organisations.
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