Insight Details Banner Image

Why family offices should work with recruitment agencies?

Monday 05 June 2017 by Gina Le Prevost

As a Single or multi-family office, you deal with the millions upon billions of pounds that your ultra-high-net-worth clientele have amassed over generations. As the often secretive industry continues to grow despite the 2008 economic downturn, so does the wealth involved.
Typically working with families worth at least £200 million, family offices are usually filled with teams of professional lawyers, financial analysts and property managers all dedicating their efforts to ensure the almost dynastic lines of wealth continue to be secure and prosperous. 
Most family offices take care of clients’ private matters, from concierge services and PA duties, to personal legal proceedings.
However, family offices businesses are usually secretive and complex. With each family having specific needs and requirements separate from their own private wealth management firms, finding the right talent to bolster your ranks can be tough. 
Single family offices are often described as a “who you know” business as each different family will have unique requirements. However, sometimes you’re not sure that you know the right person for the job and that is where the right executive search and recruitment agency can help.


Expertise


The dynastic wealth the family has built up over the years is being looked after by the single family office and with so much at stake, you only trust those with a wealth of knowledge and expertise. 
As AP Executive gets to know the intricacies of your business, it will study the intricacies of the office culture to find the best fit. While many of those working for single family offices tend to be desirable due to their extensive experience as lawyers or accountants, more senior staff may have direct links to the family, typically working for them in a past role. 
AP Executive understand the risks of a bad hire, especially when a family’s wealth is on the line. That’s why candidates will typically have experience and expertise in quality and quantity.


Loyalty


The level of wealth these families have accrued over the years takes a lot of effort from a business aspect. Understandably then, recruitment agencies who have worked with single family offices in the past claim that loyalty goes a long way. 
It’s no secret that these offices can be filled with those who consistently have the family’s best interests at heart. AP Executive look for candidates that share your goals and want to work hard to ensure the family’s wealth continues to grow.
Single family businesses typically operate in a traditional hierarchical way. We understand that this may bring complexities to investment banking and independent decision making in relation to potential set-up of hedge funds. However, we know that for those with a background within accountancy or the law, this type of control may already be familiar and that this could help them to fit the culture that currently exists at family offices.


Why use AP Executive?


With single family offices, much of the recruitment is based upon the relationships you build. Many employees within a single family office may have worked with the controlling family for many years before they were offered the job. 
However, there are plenty of events and members’ clubs that allow recruiters to network and build relationships within the sector. We completely understand just how much a bad hire can cost, so developing a relationship with trusted professionals who understand the intricacies of family office culture can lift a huge amount of pressure. 
Having AP Executive work in partnership with your family office can greatly aid your executive search and recruitment needs as well as boost internal practices. We understand the importance of getting it right first time and work to ensure every family office we work with is given candidates at the right level of their career ladder.
Finding the best candidates to join your team can be tough, especially so many candidates trying to establish a career in this industry. However, with the sector offering lucrative rewards, competitive remuneration packages and professionally satisfying challenges, a career in family office appeals to some of the best financial experts. 
Our search consultants understand the importance of discretion that many high-street agencies may not be familiar with. We maintain trust, reliability and bespoke partnership level function that excels the standard executive search practices. 
At AP Executive, we excel in placing exceptional candidates in a wide range of family office jobs including investment advisors, tax advisors, real estate specialists and corporate administrators. Visit our dedicated family office page to find out more about how our service can help your family office.