The Family Office Sherpa Family Office Staffing and Pay
22 snips
Jul 26, 2024 Explore the complexities of staffing in family offices and the debate between insourcing and outsourcing. Discover the current challenges in recruiting mid-level finance and investment specialists. Unravel the intricacies of compensation rates and the importance of competitive pay structures. Learn about the unique advantages that can attract and retain talent in family office settings. The discussion sheds light on evolving leadership roles as investment management becomes increasingly complex.
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Staffing Evolution in Family Offices
- Many single-family offices start with staff from the operating business, forming an "embedded office."
- The initial focus is on investments, then operational, accounting, finance, and compliance needs arise.
Hiring Mid-Level Staff
- Mid-level finance and investment staff with 5-10 years of experience are hard to find.
- It's tough to pull them away from traditional career paths with established progression.
Pay Rate Uncertainty
- Pay rates in family offices are uncertain, especially with multi-hat roles.
- Those hiring often lack awareness of finance/investment compensation standards.