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Family offices are built to grow in a rapid pace such as an ultra-rich look for individual services to manage their resources. But they fight to find money managers.
Until September last year, according to the latest statistics of Deloitte, 8,03030 thousand Family Departments, 8,030 Family Department, Deloitte’s latest statistics, managed $ 3.1 trillion in assets. Until 2030, under the leadership of the number of fairs, it is expected to increase by $ 5.4 trillion to $ 10,720.
“By 2034, the current consultant’s productivity level (wealth) consulting workforce will fall to the point where the sector faces about 100,000 consultants’ deficiency,” said McKinsey February.
According to North American Family Office Report In last September, RBC and Campden wealthy, the hiring of a large number of family representations was a “big problem” and had difficulty recruiting and employees. The same is the same for European family offices.
Meanwhile, as Singapore, Asian Wealth HUBS applies to family departments, workflows and external workflows, outsourcing Talent deficiency in the city-state.
Family offices also must compete with banks, private capital firms and hedge funds for the best talent.
Although the talent crisis is not only indebted to the absence of qualified candidates, but it is the ability to choose by family departments.
Trust issues
Although potential candidates have difficulty riding to the family office Bandwagon, some family departments may be special when it comes to choosing perfect compatibility. The main criteria: trust.
“Why did the boss give money for an accountant?
“The place in the family’s office is not a reliable person, not the best person for the job,” said CNBC. “If you trust $ 500 million, who do you trust? Who are you a decision to do,” said Prestel, which is a special discussion and investment forums for family offices in the world.
If you have $ 500 million, who do you trust? Who do you give the key to everything? This is not an easy decision.
Tobias prestel
Prestel and partner family office conference
Some families inclined to give a great emphasis on the trust factor on other criteria, said Reto Jauch, SZ & J. Although this can be a good thing, sometimes it can be harmful to work.
Family offices Often the roles are often considered to combine roles as many investors, here they hope to find the ideal right hand man, where full work and contract for family departments in Singapore Jenga founder Jenga.
“This is a very tall order. Or very few specialists are the desire to cover these areas and skilled.”
Wealthy steps their games to follow the talent they want. And sometimes it’s a “Trust Delta” or Wage Award, especially if the family wanted someone to work, especially In a climate that family controls will be ready to pay up to $ 190,000 per year for executive assistants.
European family offers both bonuses and other promotions such as household offices and investment management benefits and grow compensation packages to attract talents CAMPDEN reported separately by wealth and HSBC.
Family offices ‘risky?’
Young workers do not want to work as a clean corporate structure, as well as the “pension work”, as well as the “pension work”, as well as the “retirement case” and the industry companies in the industry.
Given the relatively informal structure, relatively informal structure, unknown reporting lines and the established career development, potential employees may seem “risky”.
XU added that in family representations is more difficult to fill in investment roles and turnover compared to other roles between two years.
“In the corporate world, at the end of the day, everything is a function, including CEO, including CEO,” said Sz & J’s Jauch.
There is a different person in such an environment: you need to keep your ego in the AGO office environment.
This is different from working for a family office of the family and permanent family, explained that it is planned for family departments and planning a consistency. Beck and call on a family call and call always require a complex balance that does not always stroke.
“There is a different type of personality that is good in such an environment: you need to check your ego in a family office environment, and you must be sure to bring your thoughts to the fore,” Jauch said.
“As a consultant with the family, the family is a consultant, as well as an understandable balance, but also understand that this will always be the decision of the family.
In mid-40s, a lawyer, who did not want to share the real name, said that he was a general advice in the family office in Singapore and said that it was a job offer to “a basket”.
“Perhaps you are really good with that person, maybe a career and different liabilities with a career and a different risk, it was a very personal risk because one person can decide the fire.”
John also expressed the lack of transparency and the process of compensation and propaganda discussions among other reasons to refuse the role.
At the moment, a lawyer working in an investment bank also had concerns in a family office in a relatively early stage of his career that complicates the return to the corporate world.
“You have to be part of something. And, despite the fact that your progress is more content and perhaps the quality and professional side, he said,” Jauch “, but also in terms of career steps.
