Some readers may be surprised to learn that nearly 86 per cent of all UK businesses are family offices. This figure also represents 51 per cent of the private sector workforce, and it has been responsible for creating near 14 million domestic jobs.
It is therefore no surprise that these enterprises tend to be shining examples of successful wealth management. However, many families are just as interested in creating legacies and wealth capable of spanning multiple generations. From philanthropy and impact investing to sustainable environmental policies and effective in-house governance, these firms represent the very bedrock of the UK economy.
What positions tend to define these highly diversified enterprises, and why has professional recruitment continued to enjoy such a prominent strategic presence?
The Anatomy of a Modern Family Office: Key Roles and Their Unique Challenges
In some ways, the positions associated with family offices are not entirely different when compared to the standard workplace. Having said this, it can still be challenging to encounter the appropriate level of expertise for the task at hand. Let us examine some typical roles, and the relevant responsibilities.
Investment Managers
Generating capital is always a core concern, and this often involves taking advantage of lucrative investment opportunities. Financial specialists are tasked with analysing various possibilities, mitigating risk, and aligning their recommendations with long-term business models.
Accounting and Bookkeeping
Internal finances are just as important, and compliance with regulatory requirements could very well determine the success of any family-operated business. Employee salaries, tax obligations, and general accounting will all help to ensure that nothing is left to chance.
Security Consultants
Some businesses are rightfully wary about sensitive information falling into the wrong hands. This is even more of a threat when we consider how quickly the digital ecosystem is continuing to evolve. Security experts are currently in high demand, and the advantages of their services cannot be overstated. Core competencies may include cloud data management, physical protective measures (such as CCTV systems), and background checks when evaluating new employee applications.
On-Site Services
There are likewise plenty of traditional brick-and-mortar roles that family-run businesses will utilise on a regular basis. Private chefs, daycare agencies, and maintenance personnel, are three examples. Once again, these candidates need to boast cutting-edge skills that have been vetted by the appropriate authorities.
The Right People at the Right Time
We can now begin to understand why so many organisations choose to outsource their requirements to family office recruitment experts. These bespoke agencies appreciate the importance of building a rock-solid team from the ground up, and they adhere to stringent industry standards.
Businesses that hope to remain well ahead of the curve while leveraging the expertise of talented personnel should therefore consider working with such an agency. They will be able to tap into a talented labour force while simultaneously selecting the most appropriate household staffing candidates for the position in question.