How to Start a Family Office, step 8 of 12

Find the Right People to Build Your Family Office

In short. This step involves defining the roles and skills your office needs, then building relationships with potential hires before an urgent vacancy. Search professional networks, industry events, training programs, and relevant institutions. Consider compensation that fits the role and your goals, and give trust and fit time to develop.

By Richard C. Wilson, from chapter 8 of How to Start a Family Office

The people you hire shape how well your family office carries out its purpose. You may have a clear family compass and sound plans, but the wrong team can take the office off course. In my experience, talent search should start before an urgent vacancy arises.

A single family office often needs only a small number of senior professionals, though each may cover several responsibilities. Candidates with relevant experience are in limited supply, and trust matters. Define what the office needs, build relationships over time, and keep several ways to find candidates open.

Define the Work Before You Define the Hire

Start with the work the family expects the office to do. Consider investment oversight, reporting, administration, coordination with outside professionals, and family service needs. The right mix depends on your family's priorities and the office's operating model. A family office business plan can help connect those priorities to the capabilities you need.

Be specific about the responsibilities a new hire will own and the decisions they can make. A broad title does not clarify the actual job. Write down the skills and judgment the role calls for. Consider the discretion it requires and the communication style that suits the work. Then decide which work an employee must handle and which can stay with an outside provider. This keeps the search grounded in the office's real needs.

Some offices begin with one capable person who wears several hats. Others need more than one senior role from the start. The number of hires matters less than clear ownership for important work. For more on sequencing roles, see what roles a new family office hires first.

Build a Candidate Network Before You Need It

Family offices can be private, and many professionals in the field do not regularly speak with peers. That makes passive recruiting difficult. Start meeting people through professional networks and relevant events well before a position opens. LinkedIn can help you identify people who mention family office work or have experience in a nearby region. Industry conferences and workshops also create opportunities to meet people who may consider a future move.

Look beyond professionals already employed by a single family office. Candidates may come from multi-family offices and accounting or tax advisory firms. Other backgrounds include private equity, investment banking, and institutional investment organizations. Some professionals move into a family office after advising one over time. Each background brings a different perspective, so assess candidates against the work you need done, using their titles as one point of reference.

Training programs can help you find people who have made a deliberate effort to learn about family office work. They may help develop current staff and identify candidates. Treat a credential as one part of a broader assessment. Ask candidates to explain how they would approach the responsibilities of the role and handle sensitive information.

Executive search firms that understand family offices are another option. They can help reach candidates who are not actively looking. Weigh the cost and expected benefit against your own network and recruiting capacity. Your approach may combine direct outreach and referrals. Professional search support is another option.

Make the Role Attractive and Clear

Compensation can persuade a strong candidate to consider a move. Depending on the position and the office's structure, a package may include salary, performance bonuses, or participation in gains from work the professional helps complete. Any incentive needs clear terms, a defined measurement method, and an appropriate review process. Talk with your attorney and CPA about legal and tax specifics before putting an arrangement in place.

Compensation is one part of a candidate's decision. People may also care about the scope of responsibility and access to the family. They may consider the quality of the team and whether they can do meaningful work without unclear expectations. Explain how the role fits into the office and what success will look like. Be candid about privacy expectations and the pace of decision making.

A visible office may attract more applicants and create useful professional connections. Some families prefer to keep a low public profile. Choose a level of visibility that fits your family's privacy preferences. You can still build a professional reputation through selective participation in industry events and direct relationships.

Assess Trust and Fit, With an Eye to the Long Term

Technical ability is necessary, but it does not cover every need. The person may handle confidential family information, interact with multiple generations, or coordinate with outside advisers. Look for sound judgment and clear communication. Check that candidates respect boundaries. Use a consistent process to review experience and references. Ask how each candidate thinks through realistic work situations.

Clarify how the hire will work with family members and any governing or advisory groups. A role with authority but no clear reporting path can create friction. If the position will influence investment decisions, define where analysis ends and approval begins. The office's governance structure can help establish those lines.

Give the search time. The best candidate may not be actively looking, and a trusted relationship can take time to develop. Keep notes on promising people and stay in touch. Revisit the office's needs as its work changes. Hiring well is a continuing responsibility, not a single transaction.

Once you have the right people, give them clear processes and tools so they can do the work consistently. A team's effectiveness depends on both talent and operating discipline. See Step 9 on single family office operational processes as you plan the next stage.

Single family offices often require one to three senior executives who can wear many hats.