NEWSLETTER
Family office insights this week:
70 pieces of practical advice to boost your family office career
Are family offices thriving because private banks are faltering?
Why the usual โfollow your passionโ advice is a trap
Watch: Aswath Damodaran on alternative investing
Jobs: a fourth-generation Delaware single family office
The Best Family Offices Career Tips
Discretion, networking and more: advice that will boost your family office career.
A common request in DMs is for career tips from people starting out in family offices or those trying to break into the sector.
Family offices are unique environments. They typically operate with small teams, which means youโll wear multiple hats, be closer to decision-makers, and have a front-row seat to how wealth is managed and preserved across generations.
This also means your contribution, and your mistakes, are more visible than in a large organization, so adaptability, discretion, and initiative matter more than job titles.
Iโve tweeted about this before, and every time I do, I get fantastic feedback and a bunch of new suggestions.
So hereโs a list of 70 family office careers tips. Some relate specifically to working in family offices, others are broadly applicable in any industry.
But all should help those starting out in their family office career.
70 Family Office Career Tips:
Be discreet about your employer. Trust is everything and confidentiality is core to your credibility. Never share details about the family, assets, or internal decisions.
Aim to really understand the family. Understand their values, their goals, their weaknesses, their conflicts. Remember, wealth holders are not always rational.
Donโt focus on one generation, try to see the full picture across all ages and perspectives. Consider the implications and impact of decisions on all generations of the family.
The family of your boss should never have to chase you for updates or progress reports.
Network across the organization. The better you know the family office, the more value you can provide.
Develop a strong radar for conflicts of interest. Youโll often be close to vendors, advisors, and family members. Spotting potential conflicts early protects everyone.
Understand the family and the family office's priorities. Make these your priorities.
Donโt assume your boss can read your subtle hints. If you want something, ask for it.
Facetime is essential. The more time you spend with senior colleagues, the more they see your contribution.
Donโt get siloed. In family offices, expert generalists thrive. So whatever your role in the organization, educate yourself about other roles. Even if itโs not your core skill, you should understand how investments, operations, governance and reporting all connect.
Be prepared to leave. If youโre not getting the love you deserve, find it somewhere else (or leverage another offer). Family offices are not made equal and there are roles best for someone elseโs rรฉsumรฉ.
Donโt be embarrassed about pushing for a pay rise or promotion. Youโll think about it way more than your boss, just do it.
But donโt ask until youโve proven your value. This reeks of entitlement.
Master emotional intelligence. Family dynamics can be complex and emotionally charged. So you need to learn to sense moods, anticipate reactions, and adapt your approach accordingly.
Develop systems. If youโre doing a repetitive task, your default position should be to think how it can be automated or improved. Be creative, document and systemize.
On the subject of careers - last week we had a fascinating interview with a family office recruiter doing things differently. You can read it here.
๐ highlights
Let me know your thoughts on this one.
Founder skillsets and family office skillsets.
Based on their HNW price index, Julius Baer has published their top 10 cities for wealthy living.
ย ๐ผ where to work
Three notable family office job opportunities currently openโฆ
๐ what to read
The perfect book to complement his weekโs newsletter. Cal Newportโs So Good They Canโt Ignore You argues that the usual โfollow your passionโ advice is a trap. Instead, he makes the case that the ultra-successful build rare and valuable skills first, which give them leverage to craft fulfilling and lucrative careers.
๐ป what to listen to
In this episode of Family Office Intel from Dentons, host Neil Kreuzberger unpacks the hiring and retention challenges family offices grapple with. He explores how these private firms find and keep the right talent.
๐บ what to watch
Alternative Investing: Promise and Performance. A highly insightful lesson from value investing legend Aswath Damodaran.
And finallyโฆ
Coming up soon will be our first special Asia Edition newsletter. We have some incredible contributors lined up from Hong Kong and Singapore.
But calling on family office professionals elsewhere in Asia: Japan, India... Drop us a mail at [email protected] if youโd like to add your perspective.
And keep an eye out for an interesting email on deal flow.
Family Office Buzz will be back on Monday. Hereโs the last edition if you missed it. It had everything from family office pickleball opportunities to the case for small family offices.
Until next time, onwards!
X
Rate this week's newsletter
