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Family Offices & Multi Family Offices
FINCO Search works across the wealth management and private banking markets, offering a full service solution to clients and candidates in to leading family and multi family offices in EMEA, GCC, APAC, US & LATAM.
No family office is the same, and most are structured to specifically cater for the needs of one family. It requires a thorough understanding of the family, their investment risk appetite and wealth management needs.
What is a Family Office?
Family Offices are wealth management and investment firms which handle the assets, growth and management of a wealthy family’s assets/finances. Generally family offices will work for families with 100’s of millions of dollars in investable assets. Family offices differ greatly dependent upon the family that they represent, offering tailored investment products, solutions and advice to align with a family’s risk appetite and financial goals.
Outside of traditional private banking and wealth management services, family offices often provide wider support to a family through succession planning, legal affairs, day to day money management and even psychological services to improve the communication within the family.
Family offices are a newer phenomenon and the growth of family offices has been exponential over the last 20 years as wealth has been created at a faster rate than ever before through technology firms and the entrepreneurial revolution. As more families increase their wealth, the demand for family offices continues to grow as they justify a dedicated service over and above what a traditional private bank or wealth management firm can offer.
Outside of financial and investment services, some family offices also assist with the day to day management of family affairs, including staffing and family governance where applicable. Whilst FINCO Search operates at the senior end of family office recruitment and actively cover the investment advisory, asset management and wealth management arm of the space, there are some family offices that cater to a much wider remit and present assistants, private jet pilots, real estate agents, sailors and butlers to the families which they serve.
Multi Family Offices refers to smaller wealth management firms that work with a small number of families. These clients tend to have slightly lower amounts of assets when compared to the clients of a single family office and the firms tend to work with a small number of wealthy families. The structure of these is often very similar to EAMs (External Asset Managers). Families with a large pool of wealth but without the need, knowledge or justification of having their own family office, benefit from a pool of staff, resources and investment relationships through a shared or multi family office.
Scott Gardener’s ‘Classes’
Family offices are sometimes referred to in classes to demonstrate the key responsibilities of the organisation. Scott Gardner separated family offices into four classes for ease of categorisation.
Class I Family Offices provide financial and estate planning services as well as daily management of illiquid assets and charge a flat fee for services to the family.
Class II Family Offices are known as Virtual-Family Offices (VFO) and assist in a range of financial advisory and investment products. They don’t sell products but offer advice to the family on estate and investments.
Class III Family Offices are often operated by other organisations such as banks and financial services providers. They primarily offer investment advisory services and can open up investment opportunities to the family outside of the family office scope. Generally do not deal with real estate or estate planning.
Class IV Family Offices are operated by the family and manage a range of staff offering administrative and estate monitoring services. Often work directly in/with the family at the main residence.
Largest Family Offices
Family offices often fly somewhat ‘under the radar’ and can often be very privately managed/operated, particularly when dealing with sensitive matters/structures within a family. Family offices can greatly vary in size, AUM (assets under management) and scope of responsibility. The largest family offices according to SWFI (by assets in billion $) are:
- Walton Enterprises LLC (167bn)
- Vulcan Inc (16bn)
- KIRKBI A/S (12.1bn)
- Point 72 Asset Management (11bn)
- Robert Wood Johnson Foundation (10bn)
FINCO Search – Private Banking, Wealth Management and Family Office Headhunter, Search Firm and Recruiter
FINCO Search recruits for exceptional family offices and external asset managers globally, offering a no-nonsense approach to recruitment and growth in the space. Our consultants work tirelessly to learn the culture, priorities and structure of the family offices that they work with, ensuring that we are aligning the principles and experience of our candidates with that of the family themselves.
If you are looking for a role covering family office wealth, please view our latest family office and wealth management jobs and careers. If you are a client looking to hire, we can help you recruit family office professionals here.
Family Office Positions
- Investment Advisory
- Real Estate Planning
- Succession Planning
- Portfolio Managers
- Relationship Managers
These are just a few examples of positions we recruit for. Other positions are available. Our team of experienced recruitment consultants can guide and advise both clients and candidates on their next hire in the family office arena with a sound knowledge and targeted network.
To see our latest vacancies, please click here – family office jobs