Family Office

FEATURE: Recruitment At Single Family Offices: A Look At The Critical Issues

Eliane Chavagnon, Deputy Editor - Family Wealth Report, 8 November 2013

articleimage

In a client service-based industry such as wealth management, it is the people that make or break the business, says family office recruitment firm Agreus.

It is no secret that having a well thought-out
hiring strategy that takes into account the sourcing and training - as well as
retention - of staff is essential in the single family office space.

Indeed, in a client
service-based industry such as wealth management, it is the people that make or
break the business, family office recruitment firm Agreus says in a new report (this can be viewed here).

“There is a shortage of specialist family
office recruitment firms, so often when SFOs reach out to hire, they will use a
generalist recruiter who doesn’t necessarily understand the sector,” Paul Westall from Agreus told this publication.

But perhaps more crucially, SFOs often think they can “cut
corners” when it comes to recruitment, says Sebastian Dovey, managing partner,
Scorpio Partnership. “They can, but they
just increase the risk of failure.”

Dovey believes that
one of the main challenges is often that the SFOs themselves are “poorly
constituted,” with unstructured reporting lines, governance protocols and
oversight committees.

“This makes it tough
to attract truly good talent from the institutional market as they would be
uncomfortable in this environment,” he said.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes